How long have reverse mortgages been around?

How long have reverse mortgages been around?

Reverse Mortgages in Canada have been around since the late 1980s – believe it or not.

Some of the main uses that clients have used the equity in their home by way of a Reverse Mortgage include:

1. Upsize or downsize a home to stay in the same neighborhood and still have a nice financial cushion to enjoy everyday life. OR Purchase a Vacation home in Canada or use the funds to purchase a home in a warmer winter climate with a family wanting to visit more often in their cold seasons.

2. Improve cash flow to enable the easier management of living expenses and still have that little extra for those things that matter.

3. Stay in the home that you have lived in for so long and keep those memories alive.  In order to stay in the home, you may also require funds to re-model to ensure you have a safe home care environment.

4. Be able to afford that extra Care support by hiring a part-time aid or having funds to install technological improvements to provide extra care when needed. Currently, there are so many technical products to turn lights on/off, adjust heat automatically, provide surveillance, and also many Google/Alexa components to cover almost any need you have.

5. Banks sometimes run out of programs to help you, often due to income reduction, and can leave you in an uncomfortable position that a Reverse Mortgage could solve.

6. We hate to think of it but a Reverse Mortgage can also help in the settlement of a Grey Divorce.

I hope this article has answered your question about how long have reverse mortgages have been around. Click Here to discover 7 common uses of reverse mortgages