Review Mortgage Lenders

are reverse mortgages bad

Reverse Mortgages are BAD!

Reverse Mortgages are BAD! Aren't they? Get the facts before you decide.

Mortgage spectrum including the reverse option

It’s a common problem, one that it is so apparent it is often a popular political topic. This issue of national concern is about the welfare of the aging population. Many of whom have worked hard their entire life but only seem to be receiving a small government instituted pension. This is not to be confused with a public servant pension which can provide quite a comfortable living; it’s those other two inadequate amounts of CPP and OAS that, for many, is all they receive. 

Even these government income sources, coupled with other pension or investment income, may not be enough to live in our world of fast-rising costs of goods and services, but when all you have is the basic government support it can be tough.

Fortunately, if you’re in this bracket, you’re of an age that can qualify for different income supplement strategies. Instead of investments or work-related retirement income, you may have a completely unencumbered home that you paid very little for 40-50 years ago. It has appreciated exponentially over the years and you worked hard to pay the mortgage off as soon as possible. You’ve allowed it to grow without the burden of interest on your debt and that is a pillar of pride in your lifebut you may be struggling with paying bills or feeling limited in your enjoyment of life due to your lack of monthly income.