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A reverse mortgage lets you borrow money by using your house as collateral. This option gives you access to about 55% of the current appraised value of your home in Toronto if you’re ever in need of cash. In return, interest and fees are added to your loan balance each month, causing your mortgage loan balance to increase and home equity to decrease. Unlike a traditional mortgage, you only pay back the reverse mortgage if you move from your home – because of death or selling the home. Althou...