An excellent option for homeowners 55+
This can be a great option to help you stay in your home while maintaining a consistent income after retirement.
Reserve mortgages are becoming increasingly popular in Canada and can be applied for by homeowners ages 55 and older. We increasingly prefer to maintain ownership of our homes for longer than ever before. In addition, the cost of upkeeping our homes has also increased. With people being in better health in their senior years, many people are traveling and seeing the world in ways they haven’t had the time to do before retirement. Whatever the reason, a reverse mortgage could be for you!
A reverse mortgage allows access to up to 55% of your home’s equity. This equity is paid out in multiple ways, as a lump sum or monthly payouts. Throughout the life of your reverse mortgage, you’ll enjoy no monthly mortgage payment, flexible options to pay your mortgage off early, along with a guarantee of no early payout penalty in the event of death or home care placement.