Why Reverse Mortgages Are So Cool
What Is A Reverse Mortgage?
You’ve made your payments and paid down your mortgage, and now you have a substantial amount of equity in your home. A reverse mortgage allows you to take advantage of this equity without having to sell your home. The money you receive is tax-free and yours to use as you wish including:
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Pay down or off debts,
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Handle unexpected expenses,
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Gift a down payment to your children or grandchildren,
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Increase your monthly income,
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Take a trip,
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Complete renovations.
No regular payments, no taxes on the borrowed money, and any Guaranteed Income Supplement benefits or Old-Age Security is not affected that you could be getting.
When is a Reverse Mortgage Paid Back?
Reverse mortgages are typically repaid either when you move out of the home or when the last borrower passes away. However, the loan may need to be paid back sooner if the home is no longer your principal residence, you fail to pay your property taxes or homeowners insurance, or do not keep the home in good repair.
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REVERSE MORTGAGES
Eligibility & Qualifications
Two Primary Requirements
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You must be a Canadian homeowner
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You must be 55 years or older (if you have a spouse, both of you must be at least 55 years old to be eligible)
Reverse Mortgage Assessment Factors
Reverse mortgages are typically repaid either when you move out of the home or when the last borrower passes away. However, the loan may need to be paid back sooner if the home is no longer your principal residence, you fail to pay your property taxes or homeowners insurance, or do not keep the home in good repair.