Q: My wife and I retired 3 years ago at the age of 62. We have modest pensions and have just applied for our Canada Pension and Old Age Security benefits. While we own our own home outright, we don’t have a lot of savings on hand. We had to subsidize our living expenses until we turned 65 and qualified for government pensions and benefits. We’re in need of a new car and we would like to fix up our home. We spoke to a representative about a reverse mortgage and we may qualify for a mortgage of up to $200,000.
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Q. I’m a stay at home mom and my husband’s been on short term disability for almost a year, recovering from an injury. We managed ok for a while but now I’m looking for work. However, my husband isn’t well enough yet to look after the kids and daycare would be very expensive. We were turned down for a consolidation loan at our bank, even though we own our home. Then I see ads that say if we own our home, we can get a loan to pay off our debts. How can that be?