How long have reverse mortgages been around?

Turn your equity into cash

A reverse mortgage allows you to turn the equity of your home into cash.

Money when you need it

Receive your money the way that works best for you. One-time lump sum or monthly payments.

Tax-free source of income

Increase your income without impacting your Old-Age Security (OAS) or Guaranteed Income Supplement (GIS).

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

This site provides further information and you can obtain a Free e-booklet on the Reverse Mortgage Advantage.

You can also call me direct at 250-861-8758

Neil “Mortgage-Man” McJannet

Neil was born and raised in Manitoba, Canada and as a result, is hardy in nature and does not give up until a deal is done. After graduating from Dakota Collegiate in Winnipeg in the mid 60’s he went to work at the TD Bank where he spent 28 years, with the last 10 years in their mortgage department in Toronto.