Recently, Office of the Superintendent of Financial Institutions (OSFI) filings show that the total balance of reverse mortgage debt hit a new all-time high – The balance reached $2.99 billion in July, up $29.74 million from the month before.
In case you are not familiar with Reverse Mortgage, it is a mortgage loan secured over a residential property which allows borrowers to access their equity and it typically does not require monthly mortgage payments. In this week’s Hot Property Online we will talk about reverse mortgage too. Stay tunned!
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