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Reverse Mortgage

Reverse mortgages can be an excellent tool for some individuals and retirees to provide them with a better financial quality of life. During the past 10 years the cost of living has increased but not as quickly as home prices. A reverse mortgage allows for the maintenance of your current lifestyle while utilizing your home equity.

What Is A Reverse Mortgage?

A reverse mortgage in Canada allows Canadians over the age of 55 to borrow up to 55% of the market value of their home. Unlike a traditional mortgage that is paid down over time, a reverse mortgage requires no principal and interest payments because interest accrues on the amount owing and grows with time. Reverse mortgages are equity based lending programs rather than the traditional method of qualifying for a mortgage using income and credit history.

Will I Keep Ownership Of My Home?

Yes! You keep ownership of your home. Your reverse mortgage can be paid out if you decide to sell your home or have the desire or ability to pay what owed, although you are not obligated to if you haven’t sold your home.

What Are The Advantages Of A Reverse Mortgage?

It allows individuals to own their own homes further into their retirement. But it also allows individuals to:

  1. Maintain their independence
  2. Stay close to your community friends and family
  3. You can use the funds for whatever you desire

Common Myths Regarding Reverse Mortgages

In the past reverse mortgages have been seen as a disadvantage to the homeowner. These common misconceptions are simply not true in this current economy.

  1. You will owe more money that your home is worth in the end – False
  2. Failure to make payments will results in an eviction – You do not make payments on a reverse mortgage- False
  3. You will not be able to pass on your home to your children- False

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