Friday, November 30, 2018

Are you considering a Reverse Mortgage?

How does paying 6.59 per cent interest on a mortgage grab you? If that sounds high, it should, because Canada’s average five-year fixed mortgage is only 3.47 per cent. Yet thousands of seniors will pay that higher 6.59 per cent in a reverse mortgage, a loan secured against home equity where you make no payments until you move or sell your home. At those rates, a reverse mortgage doubles in size every 11 years.

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-thinking-of-a-reverse-mortgage-heres-how-that-compares-with-a-heloc/

Mortgages Red Deer at http://shoplocal.ly/01YT7l

Posted at 08:27 AM