Should Milo and Maeve take out a reverse mortgage on their house?

Should Milo and Maeve take out a reverse mortgage on their house?

Ash Nayler/The Globe and Mail In their 60s with their house their main asset, Milo and Maeve are finding it tough to get by on government benefits alone. Maeve is age 66, Milo 69. They both earn a little extra working part-time.

“There is about $410,000 in equity in our home, but we are low income seniors and can’t get a line of credit,” Maeve writes in an e-mail. “We have no private pensions, investments or dividends.” Their situation is not unusual.

They are hearing conflicting reports about reverse mortgages, “but for a couple like us, with no kids to worry […]

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