Competition in the reverse mortgage market is intensifying, bringing new advantages to GTA homeowners aged 55 and older. New lenders like Equitable Bank and Bloom Finance are challenging industry leader HomeEquity Bank, leading to lower rates, cash-back incentives (up to $4,000 in some cases), and innovative products like fixed-for-life rates and reverse mortgage credit cards. This increased competition empowers seniors to shop around for better deals, potentially saving them money and improving their financial flexibility. Experts emphasize the importance of comparing rates and terms, especially at renewal time. For more detailed information, read the full article on Financial Post.
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