Opinion

If you’re unfamiliar with a reverse mortgage, you probably don’t watch Canadian network television.

Indeed, younger generations — who prefer consuming content on their handheld devices — are likely unacquainted.

No matter, reverse mortgages aren’t for them.

They’re for greying Canadians with substantial equity in their homes, allowing them to borrow with no repayment until the home is sold. And a growing number of homeowners age 55 and up are using them.

HomeEquity Bank — owned by the Ontario Teachers’ Pension Plan Board — is the largest purveyor of reverse mortgages in Canada.

It has more than $5 billion in mortgages through its CHIP (Canadian Home Income Plan), which accounts for roughly 40 per cent of its business, says Niary Toodakian, vice-president of brand and public r

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