Blogs

More and more Canadians worry that they will continue working and never officially retire. According to data published for Canada 150 celebrations, about half of Canadians who are working past the age of 60 choose to do so - but the other half must continue to work to meet their essential expenses. And in the 2019 Sun Life Barometer survey, 47% of working Canadians of all ages believe they are at risk of outliving their retirement savings.

Mary, an 85-year-old widow, had fully paid for her townhouse but only received a limited monthly income unless she took in students each year. She wanted to travel and quit renting her property, so she came to see us. Auxilium secured a reverse mortgage for Mary. She now has $250,000 in cash that supplements her retirement income and gives her the freedom to travel.

A reverse mortgage can be a great financial solution for Canadian seniors to unlock the equity in their home during their retirement. There are still a lot of myths about this product, so our team of certified reverse mortgage specialists wants to set the record straight.