NLIC.org

Eugene Said:

In Canada, what is a reverse mortgage?

We Answered:

basically a reverse mortgage allows you to pull some of your homes equity in cash. In other words if your house is worth $250000 one of these reverse mortgage company could give you, lets say $50000 in cash, then you still own 80% of your home.

I'm not recomending anyone actually do this, but I don't know if its bad either, but I would maybe do a little more thorough research to make sure it is the right thing.