The value of your home will have increased over the years, and while this is good news, you really can’t access that equity. And what if your pension does not cover all your bills each month? A Reverse Mortgage may allow you to convert a portion of that equity into 100% tax-free cash to supplement your income. The money you receive can be in one lump sum, single advances or recurring advances and does not affect any government benefits you may be receiving, including but not limited to Old-Age Security (OAS) or Guaranteed Income Supplement (GIS). You will retain ownership and control of your home with no monthly mortgage payments. Repayment is only required once you choose to move or sell your home.
All you have to do is maintain your property and pay the taxes and insurance. As you discuss this with your family, you’ll be better prepared to make the decision that’s best for you.
The choice is yours.
The Reverse Mortgages we offer are backed by some of the most reputable and stable banking institutions in Canada. Like other banks in Canada they are strictly regulated by the Canadian government. And just like other banks you will be charged interest on your mortgage. Because no payments are required until the mortgage is due, the interest rate on a reverse mortgage is slightly higher than a regular mortgage.