Myth #3: "You’ll owe more than the value of your home."
This one’s easy to tackle! Canadian reverse mortgages come with a No Negative Equity Guarantee—meaning you’ll NEVER owe more than the fair market value of your home as long as you keep up with your mortgage obligations.
Picture this: You borrow $1 million on a Canadian Reverse Mortgage, invest it wisely, and if the housing market dips below that amount, the bank takes the loss. Not you! They can’t touch your other assets, properties, or investments. Here’s the big takeaway: this **powerful protection** allows you to make the most of your home’s current value without risking your other assets, a unique benefit Canadians enjoy.
Myth rating: 100% FALSE! Rest easy knowing your home’s value is safeguarded.
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Catch Myth #4 coming up!
Alexander Gasenko - your trusted Toronto & GTA mortgage broker. Dominion Lending Centres Maple Mortgage Group Independently Owned & Operated — FSRA# 13415