(November 10 – 10:05 ET) –
National Bank is joining forces
with the Canadian Home Income Plan
to offer residential reverse
mortgages to Québec seniors,
30% of whom own their own homes.
The reverse mortgages will be
available through National Bank’s
branches. Seniors over the age of
62 could get reverse mortgages for
up to 40% of the appraised value of
their home.
National Bank says that the
product’s greatest strength is
“unlike a conventional loan or
line of credit, no payments are
required on the capital during the
homeowner’s lifetime. Instead, the
principal and interest are repaid
by the homeowner if they decide
to sell the home and move, or by
the estate.”
The Canadian Home Income Plan
began in B.C. in 1986. So far it
has enabled approximately $200
million worth of reverse mortgages.
It expects to make reverse mortgages
available in every province by this
January. It also sells direct to
Canadians through a toll-free
number, 1-800-563-2447.
-IE Staff
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