Never Too OldSeptember 27, 2022
Happy Thanksgiving!October 7, 2022
In many cases a conventional mortgage or a home equity line of credit (HELOC) is out of reach for retired Canadians, as your income may not be enough to qualify. But with a reverse mortgage that does not apply, because there are no monthly mortgage payments as long as you live in your home. The loan amount and accrued interest is due only when you move or sell your home.
Another helpful point to remember is that you can never owe more than your home’s market value, which makes a reverse mortgage quite attractive, especially to those with cash-flow issues.
Ahh, sit back and relax, enjoy the financial freedom of zero monthly mortgage payments! 🙂