Reverse Mortgages
Reverse mortgages present a unique financial option for homeowners aged 55 and older. By leveraging the equity built up in their homes, individuals can access tax-free funds while retaining ownership of their property. With the potential to supplement retirement income, cover expenses, or pursue lifelong dreams, reverse mortgages offer a pathway to financial freedom and a more secure future. Discover how a reverse mortgage can unlock the value of your home and provide the flexibility needed to embrace the next chapter of life.
What is a Reverse Mortgage?
A reverse mortgage is a financial product designed for homeowners who are at least 62 years old. It allows them to convert a portion of their home equity into tax-free funds without selling their property or making monthly mortgage payments. Instead, the loan is repaid when the homeowner sells the home, moves out, or passes away. The amount of funds available through a reverse mortgage is based on factors such as the homeowner's age, home value, and current interest rates. This type of mortgage provides retirees with a way to access their home's equity to support their financial needs during retirement, whether it's to supplement income, cover healthcare expenses, or improve their overall quality of life.
Benefits of a Reverse Mortgage
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Continue living in your home
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Turn your home equity into cash without having to sell it
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Don't have to make any regular loan repayments back
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Doesn’t affect the Old-Age Security (OAS) or Guaranteed Income Supplement (GIS)
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Flexible money to use how you wish
What can a Reverse Mortgage be used for?
Stay in your home
Continue living in your home without the worry of having to move, sell, or rent.
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Increase Cashflow
Help manage everyday expenses and support yourself amidst the rising cost of living
Renovate Your Home
Invest in your home and yourself. Your home has taken care of you, take care of it.
Cover Expenses
Sometimes there's unexpected costs during retirement: medical, dental, etc.
Support Family
Help support your loved ones going through a hard time.
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Support Your Dreams
You've worked hard to retire. Now you'll have extra income to live your dream life!
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