10 Things to Know Before Getting a Reverse Mortgage

A reverse mortgage in Canada is available to homeowners aged 55+, allowing borrowing up to 55% of the home's value with no monthly payments. Interest rates are higher than traditional mortgages, and the loan balance grows over time, reducing home equity for heirs. Borrowers must pay property taxes, insurance, and maintenance. Repayment occurs when the home is sold or the borrower leaves. Consider other equity options before deciding.