“I understand that we could take out a reverse mortgage worth up to 55 per cent of the value of our property, but we don’t want that much,” said Grace. “Ideally, we’d like about $300,000 to pay off our current mortgage and penalty costs for early repayment, deferred property taxes of $70,000, and set-up costs for the reverse mortgage, which will be at the higher interest rate of 6.59 per cent for five years. The rest would be used for travel.”