Some people have the mistaken idea that only the elderly need Wills and Powers of Attorney for property and health issues. However people can die at any age unfortunately. It saves money, stress and many problems if these matters were dealt with by everyone.
What is a reverse mortgage? They are pushed as the ideal solution for cash-strapped seniors. Companies advertise that if you are a Canadian homeowner over the age of 55, you can get up to 50% of your home’s value through a reverse mortgage. You will not be required to make any payments towards the principal or interest during your lifetime or for as long as you own the home; the mortgage is paid from the proceeds of the home’s sale.