Episode 4: Did you know that almost 75% of Canadians live in debt? In fact, 1 in 6 Canadians spend way more than they can earn. Stat shows that 25% of Canadians or 1 in 4 uses personal loan to pay for groceries and gas. The high cost of living brought about by the rising inflation has made Canadian scrambling for cash and has to resort to their dear plastic cards to survive. Refinancing mortgages and Home Equity Line of Credit are resources that many Canadians are hoping to tap on but because of the high interest rates, many are surprised to know that they can’t qualify anymore. As a last resort, many Canadians are looking to do a reverse mortgage. the question is, Is it for you? Today, we’ll talk about Reverse Mortgage, what is it, who is it for and do you qualify, in this episode of Let’s Talk House, your go-to resource for all things real estate, mortgage and beyond in the Greater Toronto Area, in Canada.
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