If you’re a Canadian homeowner, 55 years or older, and are looking for a way to fund your retirement to supplement your current income, a reverse mortgage could be the solution you’ve been looking for.
How Does a Reverse Mortgage Work?
A reverse mortgage is a long term solution to your financing needs. You’ll use the equity you’ve built up in your home to gain access to either a one-time advance or recurring advances of cash. You retain ownership of your home but won’t need to make payments until your mortgage is due.
Reserve Mortgage Benefits
- Tax-free cash
- Access up to 55% of the value of your house
- No payment until mortgage is due
- Keep your home
- Fund the future you deserve
- Appreciation is yours if the value of your house increases
With a reverse mortgage, you won’t need to make any payments until your mortgage is due. This means, as long as you stay in your house, there are no payments to make. If you sell, transfer ownership, move, pass away, or default, then you’ll need to pay off your reverse mortgage.
How to Qualify For a Reverse Mortgage?
In order to qualify for a reverse mortgage, you need to be a Canadian homeowner and 55 years of age or older. Aside from this, there are a few factors that most reverse mortgage lenders will take into consideration, including:
- Value of house
- Type of house
- Home equity
Use a Reverse Mortgage to Plan For Your Future
A reverse mortgage is a great way for individuals and couples to plan for their future and for retirement. But, one of the biggest benefits of this type of financing is that you can use the money for any current or future expenses you come across. Whether that’s to pay down debt, renovate your home, or travel, a reverse mortgage can help you achieve your goals and cover the costs of any expenses along the way.