Ipsos survey commissioned by HomeEquity Bank, over 93% of Canadians desire to “age in place”. This growing trend, coupled with the country’s rising property prices has led to a surge in the popularity of reverse mortgages.
Meet John and Mary, a retired couple living in Toronto. They had saved diligently for retirement but as they aged, their expenses increased, and their fixed income became insufficient. They cherished their home; which was filled with memories of raising their children, and were hesitant to downsize. Instead, they opted for a reverse mortgage, allowing them to access the equity in their home without having to move.
As Canada’s population ages, more and more retirees are seeking ways to maintain their standard of living while staying in their homes. According to an
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