Most people don’t realize that the canadian reverse mortgage product has been around for decades. The legislation related to this type and structure of mortgage financing has been in place since the 1960′s in both the U.S. in Canada.
The real difference in the last few years is the amount of advertising that has been done by the main lender for reverse mortgages, that being the CHIP program.
In fact, in Canada, this is the only mortgage lender offering a reverse mortgage product to the public which will likely change in the coming years as seniors become a larger market segment.
