Reverse mortgages in Canada are regulated and less risky compared to those in the U.S. Seniors can access tax-free cash based on their home's value without monthly payments, repaying the loan upon selling the home or passing away. Key points include the need for independent legal advice, potential fees, and the requirement to maintain property taxes and insurance. While they offer flexibility and do not require proof of income, they can reduce home equity over time. Understanding the terms is crucial before committing to a reverse mortgage.
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