As many of Canadians are older than 55 and wanting options. With the reverse mortgage you can access up to 55% of your home with no payments. The tax free funds from this mortgage can be used in any way you wish. Your money your freedom. This mortgage has many options for you – you are in control! Contact me for a full understanding of this great mortgage.
What is a reverse mortgage?
A reverse mortgage is a financial product that allows homeowners aged 55 or older to borrow money against the value of their home, without having to sell it or make monthly mortgage payments. In Canada, reverse mortgages are offered by the Canadian Home Income Plan (CHIP) and are only available to homeowners who have fully paid off their mortgage or have a low balance remaining.
With a reverse mortgage, the borrower receives a lump sum of money or a series of payments, and the loan is repaid when the borrower sells the home or dies. The borrower retains ownership of the home and is responsible for maintaining it and paying property taxes and insurance.
Reverse mortgages can be a useful financial tool for seniors who need additional income to supplement their retirement savings, but they also come with some risks and drawbacks. Because the borrower is not required to make monthly mortgage payments, the loan balance can grow over time, which can reduce the equity in the home. It’s important to carefully consider the pros and cons of a reverse mortgage and seek financial advice before making a decision.