Reverse mortgages in Canada can be a lifeline for seniors who are cash-poor but asset-rich, but they are best suited for those planning to stay in their home long-term. They should be considered carefully, factoring in interest costs, reduced equity, and inheritance implications.
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Using home equity to pay off credit card debt can be a smart move if you’re disciplined and confident in your ability to repay. However, the risk of foreclosure makes it a high-stakes decision. If you’re unsure, explore unsecured options first or consult a mortgage professional to weigh the trade-offs
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