How to go about securing the best Retirement Plan in Canada.
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“We’re well off in retirement. How can we pay less tax?” + MORE Aug 29th
Ask MoneySense
Both my wife and I are retired. My wife is 72 years old and I am 68. Our combined incomes are based on CPP, OAS, RRIFs and dividends (both from our non-registered investments portfolio and corporate dividends that we both get quarterly from a holding company that manages the corporat.... More »
Is AI the ultimate retirement hack? Jun 13th
There’s an interesting new book just published called I Am Not a Robot: My Year Using AI to Do (Almost) Everything. The author is Joanna Stern, who was a personal technology columnist for the Wall Street Journal for 12 years. As the subtitle of her book reveals, she spent a year using ar.... More »
Should you hold gold in a RRIF? + MORE Aug 9th
Ask MoneySense
I have a RRIF (registered retirement income fund) and I am looking to shift it to gold. I am 65 years old. Is this safe and does this make sense?
—Audrey
Investing in gold for retirement in Canada
Gold prices have surged recently, rising 26% over the past year. Silver has .... More »
In Your Corner: My house is my retirement plan. Am I doomed? + MORE Aug 24th
Owning a home is a great investment but we all should have other investments socked away for retirement — ideally inside a Registered Retirement Savings Plan (RRSP), says this week’s expert..... More »
Russ Dyck financial advisor Nov 8th
Meet Russ Dyck
Russ Dyck, a Certified Financial Planner and founder of Finovo, specializes in financial planning for professional couples and young professionals. He is passionate about helping clients navigate complex financial decisions with clarity and confidence, tailoring each plan to meet t.... More »
What happens at the end of a reverse mortgage?
– moneysense.ca
When you get a reverse mortgage, you tap the equity in your home without having to sell it. There are several advantages to having a reverse mortgage, for those who qualify: For one, you gain access to part of the cash value of your home, increasing your liquidity. Setup and legal fees are rolled into the loan amount, and aren’t due until the end of the mortgage (be aware that interest will accrue). And you can remain in your home without having to make monthly loan repayments, as you would with a home equity line of credit or a standard mortgage—so your monthly expenses will not increase as a result. (This article shares additional details and can help you decide if a reverse mortgage is right for you.)
But what happens at the end of a reverse mortgage? A common myth is that the lender can take your home when the loan is due; that isn’t the case. Let’s look at what actually happens.
Three common ways for a reverse mortgage to end
A reverse mortgage usually ends in one of three ways: either the homeowners die; they sell their property and move away; or they move into a retirement residence or long-term care…
But what happens at the end of a reverse mortgage? A common myth is that the lender can take your home when the loan is due; that isn’t the case. Let’s look at what actually happens.
Three common ways for a reverse mortgage to end
A reverse mortgage usually ends in one of three ways: either the homeowners die; they sell their property and move away; or they move into a retirement residence or long-term care…
