I wanted to take a moment and share some information with you about a product that is becoming popular with Canadians aged 55 and older.
This unique financial tool offers many benefits that no other product can offer. With Reverse Mortgages in Canada, you’re able to access up to 55%* of the equity in your home, tax-free. The money you receive can be used in a variety of different ways, including:
- Eliminating debt repayments
- Increasing your monthly cash flow
- Helping a child or grandchild
- Early inheritance
- Unexpected health care costs
- Home repairs and improvements
- A dream vacation
- And more!
By accessing the equity in your home, you are able to accommodate any financial obstacles and goals you have, without having to move or sell your home
One question I often receive is: How do reverse mortgages work? Reverse mortgages are a loan secured against the value of your home. However, unlike a traditional Home Equity Line of Credit (HELOC) or a second mortgage, you are not required to make monthly mortgage payments for as long as you live in your home. And, you will maintain ownership and control of your home.
If you would like to learn more about the facts about reverse mortgages in Canada, CLICK HERE.