What’s one big mistake that can be made in deciding to arrange or avoid a reverse mortgage, as well as when you’re planning your future ("retirement" or whatever you call your decades-long extended living)?
Confusing this thinking about your future with vacation planning.

Thinking outside the box means leaving "retirement" and "aging" stereotypes behind, and broadening your horizons to visualized extended productive living decades and decades into your future ... << MORE >>

Reverse mortgage issues are the issues of life and money.

Even when reverse mortgages are not mentioned, topics relevant to finance, lifestyle, and home equity management are usually relevant. Get in the habit of reading reverse mortgages into what you read, watch, hear about and talk about, and you’ll discover why I say, "Reverse mortgages (RMs) are not as complex as the financial, lifestyle, wealth management issues involved." For instance, the American Association of Retired Persons (www.aarp.org) publication, AARP The Magazine, doesn’t mention RMs, but it features many topics relevant to home equity conversion and management... << MORE >>

Understanding mortgages is an important step toward understanding reverse mortgages.
Merely, having been a mortgage borrower at some time, and even paying one or two off, may not mean you understand the contractual terms and responsibilities involved.

What you don't understand and what you unconsciously assume about mortgages, can make the subtle differences of reverse mortgages harder to appreciate:
The differences are where advantages lie. The similarities are where liabilities and responsibilities lie. For instance, qualification for a mortgage is based on income...not a reverse mortgage, it's based on... << MORE >>

How did you learn about mortgages and home equity management? Traditional education rarely touches on mortgages—the greatest debt that most Canadians will willingly, if not eagerly, take on. Reportedly, mortgages represent approximately two-thirds of total household debt in Canada. Would you like to raise your level of financial understanding, so you'll know how to lower the balance owing on your mortgage? For more on this subject and The "Canadian Mortgage Market Primer" ...<< MORE >>

Globe and Mail Real Estate Reporter STEVE LADURANTAYE added depth and perspective to the TD announcement to switch to collateral-charge mortgages, when he wrote "TD overhauls mortgage program as housing market slows ." Ladurantaye reports that mortgage brokers also see TD’s move in a negative light: “The move has sparked anger among the country’s independent mortgage brokers, who see the change as a direct shot at an industry that has been gaining market share from the big banks by competing fiercely on mortgage rates.” Reverse mortgage borrowers face many of these issues since...<< MORE >>

On October 8, Editors Melanie and Rob McLister announced on CanadianMortgageTrends.com that after October 18 “TD Mortgages To Become Collateral Charges” while Mortgage Broker and Editor of CanadaMortgageNews.ca labelled this news as “Introducing the new TD mortgage…hand-cuffs included.”...We repeat the caution here: Banks and other mortgage lenders are in business to make the most profit possible, with the minium amount of hassle, in the fastest possible time.<< MORE >>

In the US, reverse mortgages have gone hand in hand with scams. Typically, reverse mortgages are used as problem solvers, so borrowers do not want to compound their problems by being taken advantage of. How could you become victim to fraud or scams (for home equity conversion or anything) when you don’t consider yourself greedy or a financial “babe in the woods”? Sales is professional persuation. The techniques and language used to persuade you to act against your best interests have been perfected over decades. Even trained salespeople can fall prey to their lure, so outside, independent advice is the best antedote...<< MORE >>

Eric Lascelles, Chief Canada Macro Strategist for TD Securities, was prompted to compile this “so what’s it all about?” overview of Canada’s mortgage market to satisfy growing interest from over-seas clients. Lascelles explained that the Primer explains “the real details, the plumbing of this market.” He emphasized that the point was not to argue that the market was good or bad, but to clarify financial basics, reveal the elements of stability, and explain how everything fits together. << MORE >>

HUD ANNOUNCES NEW REVERSE MORTGAGE OPTION Lower upfront premium makes FHA Home Equity Conversion Mortgage more affordable...In Canada, how much you actually receive after fees, initial and ongoing, is a vital issue to establish before signing up.<< MORE >>

The more comfortable you are with contracts the more prepared you'll be when faced with deciding whether to sign on the dotted line for a reverse mortgage. Reverse Mortgages: Best Friend, Worst Enemy...Your Choice! explains what contracts are, and what to look for, and to look out for in a reverse mortgage contract. For an inside look at contracts gone wrong in the context of renovations and homeownership...<< MORE >>