What are Reverse Mortgages?

Zoltan PadarFinances, Free Advice0 Comments

The reverse mortgage.

Considering retirement while coping with a high debt load, ongoing expenses, and reduced income can be challenging for many Canadians. Reverse mortgages can be of great assistance in this situation!

Anyone looking to assist their elderly parents can also benefit from this product. 

Reverse mortgages can be an excellent way to pay for in-home and ongoing care costs rather than selling the home and moving into an assisted living facility.

Over 55 years old, Canadians can tap into the equity of their homes with reverse mortgages, helping them live comfortably financially. However, borrowers are not required to make regular monthly payments with a reverse mortgage. Consequently, they can borrow considerable money without paying off any debt! When you sell your house or move out, you will only have to make a payment.

Your home equity can be converted into cash through reverse mortgages since you can access up to 55% of it. This can be done as either a one-time payment or structured to receive monthly payouts. 

Besides the fact that you can cash out your home’s equity, reverse mortgages offer a wide range of other benefits, including:

  • Mortgage payments are not made every month
  • You do not need to have a credit or income qualification
  • In terms of paperwork, there is very little to do
  • It is the homeowner’s responsibility to maintain the title and ownership of the property
  • Flexible options are available for breaking the term early, necessary
  • The penalty will be waived if there is a death in the family or if the estate is placed in a care facility

Contact me anytime if you have financial difficulties, or even if you just want a little extra equity on hand to pay off existing debts. Give money as gifts to family members, run a business, or simply increase your investment portfolio. We will be pleased to discuss the possibility of a reverse mortgage in further detail with you to ensure that it is the right product for you and that you are satisfied with it.

No Monthly Payment Second Mortgages! Another option to get cash!

New Homeowners equity-based private second mortgage program with pre-paid option will provide You with no payment 12 months term. Get instant pre-approval with our 45 minutes quiz now: https://pre-app.myprivatelender.com/

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