Source:www.theglobeandmail.com

The more financially unprepared you are for retirement, the more likely it is that there’s a reverse mortgage in your future.

Sadly, we seem to be poised for big growth in reverse mortgages.

“Seniors today are living longer, they’re spending more and they’ve saved less,” said Greg Bandler, senior vice-resident of sales and marketing at HomEquity Bank, the country’s sole provider of reverse mortgages (under the name Canadian Home Income Plan). “They also have so much of their net worth tied up in their home, a very illiquid asset. We’re all about helping them unlock that asset and provide some liquidity so they can have some cash flow and do the kind of things they want to do.”

Last changed: Nov 28 2011 at 10:22 AM