Reverse mortgages are not new to Canada, they have been around for some time now and are both practiced and popular in many countries. The main difference between a traditional mortgage and a revers mortgage is that instead of you making regular payments to some bank, the mortgage now pays you. Neither you or your spouse ever makes any payments for as long you or your spouse lives in your home.
Tax free money, this is another benefit of reverse mortgage the funds…
This mortgage is only available to homeowners that are 55 and over. This applies to both you and your spouse and you can receive up to 40% of the value of the home. This mortgage also offer you flexibility when it comes to how you would like to receive your money. You can also to take it all in one lump sum or take some now and more later and may take in a planned draws over a set time. No payments are required while you or your spouse are still living in your home. You only time you will repay the reverse mortgage in full is when your home is sold or move out.
Tax free money, this is another benefit of reverse mortgage the funds are not added to your taxable income, which means it will not affect your Old Age Security (OSA) or Guaranteed Income Supplement (GIS) if your are receiving or will be receiving these benefits from government.
With this mortgager, ownership and control of your home is always remain with you. No one can ask you to move out or sell your home to repay your reverse mortgage, all you have to do is maintain your property and stay up-to-date and current with any property taxes, fire insurance and/or condominium fees. All the remaining equity in your home stay with you, almost all homeowner’s who chose a reverse mortgage still have money left over an average of 50% of the home when it is sold.
If you are new to Canada, first time buyer, refinancing or having hard time to get a mortgage, get in touch with me so I can help you with any of these loans.
There is a mortgage, that is right for YOU and I can find it. Helping you with your dream home one mortgage at a time.