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Article: The TV Commercia Isn't The Whole Reverse Mortgage Story
- Article from:
- Winnipeg Free Press
- Article date:
- March 2, 2008
- Author:
CopyrightCopyright F.P. Canadian Newspapers Limited Partnership Mar 2, 2008. Provided by ProQuest LLC. (Hide copyright information)
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face=+Bold; Wouldn't it be nice...?face=-Bold;
Darcy Keith
READY to spend some of your children's inheritance?
True, it might be a guilty pleasure, but it could end up making you a lot happier during your golden years. And maybe the kids will be just fine on their own, and it'll teach them a good lesson in self-preservation.
This is where a reverse mortgage comes in. As the name implies, it's a mortgage turned on its head. After years of writing cheques to the bank to pay off your mortgage, the bank will write a nice big cheque out to you.
Essentially, it allows anybody 60 or older to borrow money against the value already built up in their home.
In most cases, it'll get repaid when a ...