Wouldn’t it be nice if you had the money to do more of the things you want to do? A Reverse Mortgage could be just what you need. It’s the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on your terms.
Receiving money tax-free through a Reverse Mortgage doesn’t affect government benefits like OAS or GIS. The use of funds is flexible, allowing you to allocate money based on specific needs.
No regular mortgage payments are required while you or your spouse live in the home. Repayment becomes due only when neither resides in the home. This deferred payment structure ensures financial ease during occupancy.
With a Reverse Mortgage, you maintain ownership and control of your home. There’s no need to move or sell to repay the mortgage, as long as you uphold responsibilities like property maintenance and taxes. This prioritizes homeowner autonomy.
You keep all the equity remaining in your home. Experience shows that 99 out of 100 homeowners have money left over when repaying a Reverse Mortgage, often averaging 50% of the home’s value. This safeguards a significant portion of your home equity.
The Reverse Mortgage is exclusively for homeowners aged 55 and older, applying to both you and your spouse. This age-specific qualification ensures eligibility for the intended demographic.
The calculation of how much you can receive—up to 55% of your home’s value—depends on factors like age, location, type, and current appraised value. Reach out to us for a quick estimate of potential approval, offering clarity on the financial benefits of a Reverse Mortgage.