“Over the next 20 years, Canada’s senior’s population — those age 65 and older — is expected to grow by 68%.”
A reverse mortgage is a loan that converts a portion of the equity in your home into 100% tax-free cash without having to sell or move. Your maximum borrowing amount will be age-dependent along with your home’s appraised value and your lender. The older you are, the likelihood may be that you have more equity in your home and therefore qualify for more money. The life expectancy in Canada has also increased, and government and company pensions are changing or falling to the wayside, so financial stressors for the ageing population are becoming more and more prevalent.
Reverse Mortgages are for people 55 and older. With Canada’s growing ageing population, those seeking retirement are considering reverse mortgages at a higher rate. It is essential to understand the pros and cons of a reverse mortgage to make the most beneficial decision.
Find out if a reverse mortgage is the best financial move for you. The pros do tend to outweigh the cons for a reverse mortgage, but let’s see what will best suit your situation. We have a wide variety of solutions to help you.
Call Deborah (905) 870-5726 and arrange a meeting to see what will work for you!