Reverse Mortgage

2022-11-18 | 09:17:13

Getting to Know the Reverse Mortgage
A reverse mortgage is designed to allow Canadian homeowners age 55+ to access up to 55% of their home’s value and turn it into tax-free cash without having to move or sell. The best part? There are no monthly mortgage payments required! If you are looking towards retirement, or have elderly parents that could use some extra cash, the reverse mortgage might be the perfect choice for you! Below is some more information to help you understand the value of this great mortgage product:

Benefits of a Reverse Mortgage
Many retirees take out a reverse mortgage to boost their retirement income, pay for home renovations, pay for health care expenses or to help them pay off debt while staying in their current home.

Value of a Reverse Mortgage
The value of your home has grown over the years and makes up a good portion of your net worth. Utilizing a reverse
mortgage gives you access to up to 55% of your home’s equity, allowing you to turn it into tax-free cash!

Cost for a Reverse Mortgage
Reverse mortgages are commonly mistaken for charging a lot of upfront costs. However, it is much the same as a
traditional mortgage in Canada. The costs of which include an appraisal fee, legal fees and an administrative fee.

Plus, you get tax-free cash upfront without the requirement of monthly mortgage payments!
If you are interested in learning more about a reverse mortgage, or if you are not sure if this is the right option for
you and your family, please do not hesitate to contact me today! I would be happy to take a look at your current
financial situation and walk you through your options to help you make the best choice.