Reverse Mortgages being used as a financing option to aid family in the wake of COVID-19

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In one way or another we have all been affected by the corona virus, and will continue to be as the economy, and the housing industry continues to recover. One thing that has been growing in popularity over the years has been reverse mortgages. Reverse mortgages are a great way to give yourself access to cash in your later years that you might need it for like, travel, or repairs. It has been taking over the housing industry in Canada for a little while now.

Key Takeaways:

  • Millenials seem to be the worst affected by the coronavirus pandemic and its effect on the economy.
  • Some might want to withdraw retirement savings to help right now, but it should be done carefully.
  • Another good way to get some funds right now is to investigate a reverse mortgage.

“Reverse mortgages have been growing by over 28% annually across the country. In 2019, HomeEquity Bank reported a record $820 million in reverse mortgages originations, up from $309 million just five years ago.”

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