Reverse Mortgage news for Seniors!

HomeEquity Bank the provider for Reverse Mortgages in Canada has reduced the age of Income Plan to Canadians from 60 to 55years

This is especially beneficial where one spouse is a bit younger than the other. HomeEquity Bank wants to appeal to those Boomers that plan early retirement.

Mortgage Brokers have increasingly connected Boomers with the CHIP program helping them pull as much as 40% out of their Equity. This helps seniors stay in their homes longer and has become a new option for those who have most of their net worth tied up in their home.

As with any form of borrowing, it’s important to weigh the benefit of taking out a Reverse Mortgage, but it does give Boomers more options. A Reverse Mortgage should be implemented as part of a sound financial plan.

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