Reverse Mortgage

03/27/2024

Did you know?

With a reverse mortgage, regular payments aren't required. Your lender typically permits payments up to a maximum limit, and you also have the choice to repay the principal and interest in full whenever you prefer.

03/26/2024

Advantages of a reverse mortgage:

1. No regular payments required
2. Opportunity to access home equity without selling the property
3. Continued ownership of your home
4. Flexible options for receiving fundsI
5. Borrowed money is tax-free
6. Does not impact Old Age Security (OAS) or. Guaranteed Income Supplement (GIS) benefits

Disadvantages:

1. Interest rates exceed those of typical financial products such asmortgages and HELOCs.
2. Accumulating interest may decrease the equity in your home.
3. Upon your death, your estate must repay the reverse mortgage and accrued interest within a specified timeframe.
4. Estate settlement time may exceed the reverse mortgage repayment pperiod.
5. Potential reduction in estate value for your heirs or beneficiaries.

03/25/2024

What is a reverse mortgage?

A reverse mortgage is a loan for homeowners, typically aged 55 or older. It lets you borrow money from the value of your home without having to sell it.

Typically, you can borrow up to 55% of your home's current value.

03/21/2024