Home / Mortgages / Should I sell and rent or get a reverse mortgage? + MORE Jul 7th

Should I sell and rent or get a reverse mortgage? + MORE Jul 7th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Record-low interest rates drove mortgage debt 9% higher on an annual basis in 2021, its fastest pace since 2008.

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The odds of the Bank of Canada joining the “75-bps club” grew on Monday following the release of two Bank surveys that show inflation expectations on the rise.

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I’m an 82-year-old widowed woman, and my savings are depleting fast. I feel privileged, as I have the luxury of owning my own two-bedroom, one-bathroom condo.

I have two options: to selI and rent a one-bedroom apartment, probably starting at $2,000 a month, or staying in my home and getting a reverse mortgage. Do you recommend reverse mortgages in spite of high interest? I wouldn’t be eligible for a HELOC as I have no income, other than my pension and what I take out of my RRIF. 

Most people recoil at the idea of a reverse mortgage. I have been searching for independent advice on this subject, but most advisers have a vested interest in selling me something, i.e. the bank, mortgage brokers, etc. 

–Laurie

Why retirees might consider a reverse mortgage

I’m sorry to hear you are struggling with this decision, Laurie. I can imagine it is stressful. I will try to walk through the considerations of selling versus a reverse mortgage. 

As an 82-year-old woman, you have a 50% probability of living another 10 years…

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