Reverse Mortgage
Has anyone had a bad experience with reverse mortgage in Canada?
I am considering a Reverse Mortgage on my home. I’ve done my research, but I’ve never heard if anyone has had a bad experience.
If reverse Mortgages in Canada are similar to reverse mortgages in the US, then you shouldn’t have a bad experience with it as long as you do your research. The loans can be pricy if they’re used for short term needs. Also, if you blow all of your money on vacations and non-essentials, that’s probably not the best use of your home equity. However, if you carefully plan and incorporate a reverse mortgage into your overall retirement plan, you shouldn’t have any bad experiences. Its a great product for some people, but its not for everyone.