Specialized lending update: Reverse – pros and cons, Landmark year, HELOC usage, More

HomeEquity Bank on reverse mortgage pros and cons

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09 December 2021

HomeEquity Bank on reverse mortgage pros and cons The product type comes with unique advantages and drawbacks Lendesk's landmark year continues Recent months have seen the fintech launch Finmo Pro at no monthly cost and introduce new industry-first product features Client: Mrs. Holland – Brampton, ON – 127,000. Mrs. Holland was struggling with her finances, even though she was working part time and receiving money from her OAS and CPP. She went to her bank to discuss her options and they suggested Income Advantage as a way to increase her monthly income and cover her obligations. Accessing the equity in her home allowed Mrs. Holland to reduce her financial stress and enjoy her retirement doing what she loves HomeEquity HELOC usage continues to accelerate – BoC HELOC debt has also increased at a much faster rate compared to GDP, official figures indicate What's next for Canada's reverse mortgage space? The sector has boomed in recent years – and could be set for further dramatic growth in the future Insurance fintech and Calgary brokerage cement alliance The partnership will allow consumers to find their desired mortgages and insurance rates simultaneously OSFI: Growing HELOC usage comes with considerable risk The superintendent said the rise of non-traditional products could substantially impact lenders

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