Is a Reverse Mortgage a Good Option For You?
A reverse mortgage is a loan that allows you to get money from your home without having to sell your home. This could be a part of a retirement strategy for some people. It allows them to convert their home equity into tax-free cash. At the same time, it allows them to remain in their home for retirement.
Reverse mortgages are available in Canada. They are regulated by the Financial Consumer Agency of Canada. Certain restrictions apply. For example, you may only be able to borrow up to a certain percentage of the current value of your home.
Unlike a traditional mortgage, a reverse mortgage doesn’t need a down payment. It also does not have monthly payments to the lender. The loan amount depends on the current value of your home minus your mortgage or other debts.
The information above is very general about this topic. To learn more about reverse mortgages we recommend you contact a professional. See our “Associates” page for the contact details of the qualified professional.
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