Reverse Mortgages for Canadian Seniors
Reverse Mortgage Secrets Revealed
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What is a Reverse Mortgage?
A reverse mortgage is a simple way to turn a portion of your hard-earned home equity into tax-free cash – with no ongoing payments required for Canadians aged 55 and older.
If you’re looking to improve your cash flow, pay off your existing mortgage, clear balances on existing credit cards and loans, do home improvements or gift a down payment to a loved one a reverse mortgage may be for you.
With no monthly mortgage payments, retaining the home you love and receiving tax-free lump sum payment or regular payments over time you can borrow up to 59% of your home’s equity.
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How a Reverse Mortgage Works
If you're like many other 55+ Canadians, much of what you own fits into two categories, the equity in your home and the money you've saved. Access up to 59% of the value of your home. We can help make the Reverse Mortgage Process easy!
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Reverse Mortgage Myths
There are many speculations & myths out there from sources with no credibility. Don't become a victim of ignorance and bad information. Here are some of the myths and facts.
Myth #1
You Do Not Own Your Own Home
Many believe that with a reverse mortgage the bank owns your home. This is not true.
FACT: You always maintain title, ownership, and control of your home, as long as you continue to meet your mortgage obligations of maintaining the home and paying your property taxes. The reverse mortgage lending bank simply has a first mortgage on the title, exactly the same way as a traditional mortgage.
Myth #2
You'll Owe More Than the Value of Your Home
Many believe that the equity in your home will erode to less than the home's worth
FACT: It is federally mandated all reverse mortgages come with a "no negative equity guarantee." This combined with lending practices ensures your home equity is protected. The amount you owe will never drop below the amount of the reverse mortgage. These two things ensure your investment and equity is protected.
Myth #3
A Reverse Mortgage is a "Last Resort" Solution
Many financial planners today agree a reverse mortgage has turned into a viable piece of a retirement plan and a good financial tool for Canadians over age 55.
FACT: A reverse mortgage allows Canadians to take money out of their own home to reward themselves for the years of saving and owning a home. With a home being the most valuable asset owned by most Canadians it should be used to help fund retirement or prepare for retirement. It allows Canadians access to their own money.
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Designed specifically for people over 55 like you!
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