Reverse Mortgages

If you're a homeowner over the age of 55 and want to tap into your home equity, a reverse mortgage, also known as "equity release", may be the right solution for you. 

With a reverse mortgage: 

• You can access up to 55% of the equity in your home as a tax-free, lump sum or monthly cash deposits. 
• The maximum amount you are able to borrow will depend on: your age, your home's appraised value, and the lender. 
• No mortgage payments are required and you maintain ownership of your home. 
• Repayment of the loan and interest is only required once you move or sell the home. 

Whether you’re looking for a financial cushion to live comfortably, funds to cover monthly expenses, pay off debt, renovate or fund your children’s education, you can use the funds from a reverse mortgage in any way you want without restrictions! What’s more, is if the home goes up in value, it doesn’t affect the reverse mortgage. This means that all equity gained is yours! 

Have a discussion with your mortgage professional to find out if a reverse mortgage is the right solution for you.