Reverse Mortgages are a completely different mortgage solution for Canadians that are 55 or older.
Benefits of reverse mortgages:
- A reverse mortgage allows you to access and utilize the Equity you have built up in your Home.
- Many seniors cannot qualify for standard mortgages due to their income no longer being as high as when they were working. Reverse mortgages DO NOT use income to qualify.
- You maintain full ownership of your Home.
- Reverse Mortgages never require you to re-qualify after you enter the product. Mortgages can require you to ‘re-qualify’ at maturity, which can be difficult for fixed income retirees.
- There are no interest or principal payments for as long as you or your spouse live in the house.
- You can even have your house write you a cheque every month to improve your monthly cash flow.
- You qualify based on the Equity in your Home.
There are two providers of reverse Mortgages in Canada, and your Worry Free Mortgage Agent has access to both of them.
