Reverse mortgage from Bank of Montreal
Money Digest, August, 2000
The Bank of Montreal and Canadian Home Income Plan have formed a partnership to offer reverse mortgages to homeowners over age 62.
Reverse mortgages allow seniors to access up to 40% of the appraised value of their homes. No payments will be required on the principal during the homeowner's lifetime. Also, the property title remains in the name of the owner. Bank of Montreal representatives will provide information to interested customers and refer them to the Canadian Home Income Plan.
COPYRIGHT 2000 Money Digest
COPYRIGHT 2008 Gale, Cengage Learning
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