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Since the middle class has been taught to pay off their mortgage as fast as possible, taking out a new mortgage needs a major change in the way they think. How many wealthy people have their property paid off? They would never let the money sit there only appreciating at the rate of the current real estate market.They would invest the equity of their home to make even more money. This is part of the wealthy's financial plan for three generations as compared to the middle class plan for next week. Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. Weve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients. Even worse is what happens to the money borrowed in a Reverse Mortgage over a relatively short time. The Reverse Mortgage is an investment for the bank NOT for the homeowner.The rule of 72 lets us determine the length of time it takes for an investment to double. The rule says to take the interest rate and divide it into 72 and that will tell you how long in years it will take to double the money invested.The interest rates on reverse mortgages are higher than a regular mortgage by at least 3 or 4 %. If your home is appraised at $200 000 and you are near 62, you are allowed to take a reverse mortgage for 40% of that value.That means you would get $80 000 less the expenses and fees.For example purposes, we will do the doubling art an interest rate of 4 and 6% which would be close to a regular mortgage as well as 8 and 10% which would be close to the rate for a reverse mortgage. This will show how long it takes to make the amount of the mortgage owed double what was originally borrowed. reverse mortgage loans Therefore, if you feel you are old enough and always remain worried about your financial condition, then please do not worry anymore. As we all know, evolution is mandatory, all these evolutionary concepts are here to help you solve all your problems. Therefore, begin the second innings of your life with the help of reverse mortgage in Canada. Being a homeowner can be rewarding in many ways, and being able to utilize the money in your home is one of them. Always research terms and conditions of any mortgage, and always borrow from a qualified, trusted source. The amount of money you can borrow is based on a different set of formulas than the traditional mortgage qualifications. Your age, the value of your home, the current interest rates, and the loan costs impact the amount. Older individuals with more valuable homes in lower interest rate environment can borrow more.