A reverse mortgage is a loan for homeowners who are 55 years old or older. The equity in your property, which is the difference between the value of your home and the unpaid debt of any present mortgage, is used to arrange a reverse mortgage. This is a one-of-a-kind programme that allows homeowners to get cash without having to sell their home.

Reverse mortgages are extremely well-marketed. The portrayal appears to be indisputably credible.

Keep your financial freedom by “staying in your house – remaining independent.” Now is the time to enjoy your money; you’ve earned it. Renovate your residence. Give the money to your children and family. Your home’s worth will continue to rise, offsetting interest charges and any equity loss.

Attractions:

• There is no requirement to make regular loan installments (Principal and or Interest).
• There’s no need to sell your home.
• Borrowing money is a tax-free source of income.
• The Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits are unaffected by the money borrowed.
• You continue to be the owner of your home.
• You have the option of receiving the funds in one of three ways: a lump-sum payment, a loan to set up planned advances that give you a regular income, or a combination of the two.