Reverse Mortgages for Health Care Costs
Healthcare costs for aging Canadians is a topic that many retirees have underestimated. In fact, in the 2014 Sun Life Canadian Health Index, 44% of Canadians didn’t expect to pay anything for the medication in their later years, thinking that these expenses were covered by their provincial health insurance. However, many were unaware that without…
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Reverse Mortgage Facts You Need to Know
Reverse Mortgages have been available in Canada for almost 25 years now however there are still many myths about what it is exactly. Let us help you distinguish fact from fiction. What is a Reverse Mortgage?A Reverse Mortgage is a loan available only to homeowners 55 or older who own their own home. The amount…
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What is the true cost of a Reverse Mortgage?
Reverse mortgages are commonly mistaken for charging a lot of upfront costs. In reality, the CHIP Reverse Mortgage has many of the same costs as a regular mortgage in Canada. Interest RatesReverse mortgage interest rates are posted and updated regularly, similar to the bigger banks. And while they may be a little higher than that…
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