Downsizing vs reverse mortgage: which option is right for you? Feb 2nd

There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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When are tax-deferred and tax-free accounts actually taxable? + MORE Feb 9th

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What happens at the end of a reverse mortgage? Mar 9th

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 in.... More »
For many Canadians approaching retirement, their home is by far their largest asset. With detached homes in major cities selling for well above $1 million, it’s not surprising that owners expect to tap into that equity to help fund their golden years, prompting the common refrain: “My home is my retirement fund.” 
To make this strategy work, homeowners have a couple of options: 

sell your home, buy one that’s cheaper and pocket the difference (also known as downsizing); 
or, if homeowners are 55 years and older, take out a reverse mortgage, which provides up to 55% of the market value of a primary residence, tax-free. 

Although a reverse mortgage charges monthly interest on the amount borrowed, you don’t have to make any payments—neither interest nor principal—until you sell the house, move out of your house, default on the loan or the last homeowner dies. 
Each approach has its advantages and disadvantages. Here are some of the factors that you should consider before deciding which one is best for you…

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