Popularity of reverse mortgages jumps despite still being seen as a ‘last resort’

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“We have reached the point at which there’s a much broader understanding of the product than there has ever been,” says Steven Ranson, president and chief executive officer of HomeEquity Bank in Toronto. Homewise gets roughly 3 per cent of its revenue from reverse mortgages, he says, noting that it’s “still a big leap from zero” since the company only started offering those products six months ago.

“When I raise [the topic of reverse mortgages] with people, it does give them a pause and, mostly, my clients still see them as a last resort,” Mr. Walhout says. “In the same breath, though, not a lot of retirees say they definitely want to leave a million-plus-dollar estate in the form of a property to their kids.”published in December showed that including home equity as a source of retirement income can help limit volatility risks that come from drawing down other securities such as equities.

bad idea your giving your life savings to the bank .

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How a reverse mortgage works in Canada -- and why you should consider oneCanada\u0027s skyrocketing home values are shining a spotlight on reverse mortgages Article gets me thinking of a 10 year period where no payments are made, later paying the mortgage and a higher rate of interest. Is this an advertisement or a newspaper article. Hard to tell. This would be the worse thing you could do if you own a house. Is this a joke? These things are such a scam.
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