Reverse Mortgage for homeowners who is 55+
May 9, 2021 | Posted by: Alex Vinarski
Want to enjoy a financially stress-free retirement? I can help.
Do you have the funds to live the retirement you've been dreaming of? If you're like many Canadians, you may find yourself house rich but short on funds. The good news is that if you're a homeowner who is 55+, there's a solution to help you live the life you've always imagined. This is a mortgage without income verification. Mortgage amount based only on property value and age of the borrowers. This is better option than private mortgage, as rates start from 3.39%.
Access up to 55% of your home's value with the Reverse Mortgage, or even buy new property without any income verification.
What exactly is a reverse mortgage? It's a loan secured against the value of your home, while you continue to own and enjoy living in it.
Here are the great benefits of the Reverse Mortgage:
You retain 100% ownership of your home. The title and ownership of your home belong to you, not the bank.
The money you get is tax-free. It also doesn't impact your Old Age Security or Guaranteed Income Supplement. Meanwhile, keep your investments growing without being taxed for withdrawing from your portfolio.
You decide how to spend the money you get. You can use the net proceeds from your Reverse Mortgage to make home renos or retrofits, pay unexpected expenses, financially help children or grandchildren, purchase a second property, even take a dream vacation.
There are no regular mortgage payments required, but there is an option to pay monthly interest and annually principal. Many borrowers don't know that they can pay monthly interest on the mortgage. The same way as with private mortgages. Borrowers can even pay up to 10% of the balance annually.
No negative equity guarantee. You will never owe more than the fair market value of your home with the Reverse Mortgage.
With all of these advantages, it's easy to see why thousands of Canadians 55+ have benefitted from the Reverse Mortgage. You can too. Let's talk about the retirement fund potential of your home. Give me a call to find out more!