Mini-Case D: (1 mark) - Holly Holly is 62 years old and retired. She realizes that money is extremely tight and that she is not able to cover her needs just based on her Old Age Security (OAS) pension and Quebec Pension Plan (QPP). The mortgage on her home was paid off two years ago when she first retired at age 60. As Holly did not save sufficiently during her working years, she is now considering a Reverse Mortgage. (1 mark -.5 marks each) a) What is a Reverse Mortgage? (.5 marks each) ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________

b) Provide one pro and one con for a Reverse Mortgage. (.5 marks -.25 marks each) Pro: ________________________________________________________________________________________________________________________________________________________ Con: ________________________________________________________________________________________________________________________________________________________