Frederick Vettese

So the great thing about a reverse mortgage is that you don't have to pay any of it back as long as you live in the same house until death.

And so it'll be your estate that worries about paying it back, and there obviously will be the equity in the home to pay it back.

Obviously, you don't want to pay more interest than you have to, but yeah, the interest rates on a reverse mortgage are going to be higher than on a basic or regular mortgage, but...

That's still something you can afford.

Once again, just like an annuity, I would say don't consider a reverse mortgage until sometime in your 70s because you want to make sure that you're actually going to stay put.

You're not going to think about moving again if you're going to buy the reverse mortgage.

And you don't want to use that last lever until you really absolutely have to.

I don't know if you saw my last chart in the Global Mail.

I

This is what came out last week.

And this is based on looking at the most recent actuarial report on the Canada Pension Plan that came out six months ago.

Anyway, they have a chart in there that shows what percentage of Canadians actually start their CPP at age 70.

And it was always less than 1% up until about 2016, which I always knew.

And that's why in my books, I always keep on saying people don't do it.

They should do it.

There are reasons why they should do it.

But then all of a sudden, it started going up in 2016, very slowly at first for a couple of years.

And then it jumped up.

And now it's about 7%.

Now, that may not sound like a lot, but it used to be like one half of 1%.