Money 123: Weighing the costs and benefits of reverse mortgages

Reverse mortgages have recently increased in popularity as nearly one-third of Canadians are approaching retirement with little or no savings. In this edition of our Money123 series, Erica Alini looks at the pros and cons of this form of lending.

• The pandemic housing craze is fuelling another boom: reverse mortgages
• More seniors expected to turn to reverse mortgages due to COVID-19
• New mortgages up 63% among Canadians aged 73-93: TransUnion