When most people think about reverse mortgages, they tend to picture someone using the funds to help cover basic living expenses or stay in their home longer.

While that’s certainly true, it barely scratches the surface of what’s possible. Today, I want to highlight a few lesser-known (but powerful) ways Canadian homeowners are using this tool to create more freedom, flexibility, and peace of mind in retirement.

1. Upsizing in retirement? Yes, it’s possible

One of the often-overlooked opportunities with a reverse mortgage is the ability for homeowners to actually upgrade their living situation—even after they’ve retired.

Here’s a great example: A 73-year-old couple in Kelowna decided it was time to move on from their older townhouse. They wanted a more modern, spacious home that better suited their lifestyle and needs. With a reverse mortgage approved for $400,000, they were able to complete the purchase of a beautiful new........

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