Seniors in Canada have been leveraging home equity at a rapid pace in that country, as Canadian reverse mortgage debt held by the nation’s seniors has topped $4.3 billion (roughly $3.3 billion USD) even as demand appears to have slowed slightly. This is according to filings from Canada’s Office of the Superintendent of Financial Institutions […]
Canadian seniors have been tapping home equity through the use of a reverse mortgage at record levels, and now the nation’s collective reverse mortgage debt has topped $4 billion for the very first time. This is according to the Canadian Office of the Superintendent of Financial Institutions (OSFI), reported by Better Dwelling. “OSFI filings show […]
HomeEquity Bank, the largest reverse mortgage lender in Canada, posted record originations in 2019 as Canadian retirees continue to seek out financing options designed to fill in for the increasing rarity of traditional retirement funding, such as pensions. Additionally, HomeEquity Bank’s recently-entered rival in the Canadian reverse mortgage space has seen its own business grow […]
The reverse mortgage business across Canada is continuing to prosper, as evidenced by a notable increase in balance figures of more than double compared to figures from 2015. This is according to original reporting by Bloomberg. “Outstanding balances on reverse mortgages have more than doubled in less than four years to C$3.12 billion ($2.37 billion), […]
After changes to the Home Equity Conversion Mortgage (HECM) program were handed down by the Department of Housing and Urban Development (HUD) and the Federal Housing Administration in October 2017, the American reverse mortgage industry has had something of an uphill battle to climb in trying to recover a large amount of lost volume. Some […]
