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New Reverse Mortgage Option

seniors Canada will soon have a 2nd company offering reverse mortgages.  Seniors Money International (SMI) will launch Monday in Toronto and then go national next year. 

Canadian Home Income Plan Corp. (CHIP) is the only mainstream reverse mortgage option currently available in Canada.  CHIP has 6,560 reverse mortgages outstanding.

SMI will compete in several ways with the biggest difference being its roughly 0.75% lower interest rates.

It will be interesting to see how CHIP responds.

Toronto Star Article