Reverse Mortgage for homeowners who is 55+ at Best rates

July 27, 2022 | Posted by: Alex Vinarski

Reverse Mortgages for borrowers 55+ at best rates in Canada. No income verification. 

Mortgage amount based on property value and age of the borrowers. Purchase or refinancing. 

I have access for a few different lenders and can get best rate and lowest set up fee in Canada.  

Here are the 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. 

 

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