The spike in home prices makes recently originated reverse mortgages more risky in a downturn
Man fined and banned for 15 years for misleading investors
The bank has partnered with Coast Capital
Offering available in Alberta, British Columbia, Ontario and Quebec
The deceleration was led by slower growth in mortgage borrowing
Canadians been told time and time again that, at the very least, their goal should be to retire debt-free. Many are struggling to pay off their debts, and for those who do, there's the allure of the reverse mortgage.
Canada’s leading provider of reverse mortgages is the target of a takeover. The board of HOMEQ Corp. is recommending shareholders accept an offer of $9.50 per share from Birch Hill Equity Partners.
The list of detractors of reverse mortgage has another name added to it: David Chilton, otherwise known as ‘the wealthy barber’, after the title of this famous book on personal finance.
A record number of reverse mortgages in Canada has sparked concern, with some in the financial industry expressing fears of homelessness. However, the more pragmatic in the industry are quick to offer reassurance that it's not all gloom and doom.
The need for an improved cash flow in retirement is leading to record number of reverse mortgages in Canada, according to a HomEquity Bank study.