Navi just retired at age 65. She quickly realized that retirement would be difficult as she had little in savings as she believed that the Old Age Security (OAS) pension and Quebec Pension Plan (QPP) would cover her needs. Thankfully her mortgage on her home was paid in full three years ago. Navi is considering a Reverse Mortgage.

a) What is a Reverse Mortgage? __________________________________________________________________________________________________________________________________________________________________________________________________________________

b) Provide two pros and two cons for a Reverse Mortgage. (1 mark -.5 marks each)

Pros: __________________________________________________________________________________________________________________________________

Cons:

________________________________________________________________________________________________________________________

Answer rating: 100% (QA)

a A Reverse Mortgage is a financial product designed for older homeowners typically 55 years and old... View the full answer