A reverse mortgage is a type of loan made to senior citizen homeowners, allowing them to use their homes as collateral to get cash. No payments on the loan are due until the homeowner dies, or the home is sold or abandoned. Interest is added to the loan balance over time and the amount owed rises substantially over time. This project examined what reverse mortgages are and the legal framework surrounding reverse mortgages in British Columbia. It also made recommendations for enacting legislation that specifically addresses reverse mortgages.
Keywords: mortgage, reverse mortgages, housing, tenancy & neighbours, buying or selling a home, condos, debt, foreclosure, consumer, consumer protection, credit and personal finance, cost of credit disclosure, seniors, older adults, loans and lending, equity release products, financial institutions, planning for retirement, annuities and income, mortgage brokers, legislation
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