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Making Sense of Reverse Mortgages
Manage episode 399287524 series 3502376
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A reverse mortgage is a financial tool that allows homeowners aged 55 and above (in Canada) to borrow against the equity in their homes. A reverse mortgage could be beneficial in scenarios such as funding home renovations, helping adult children with down payments for their own homes, or supplementing income for seniors with high healthcare expenses.
Reverse mortgages do not require income verification or stress tests, and repayment is flexible, with no payments required until the home is sold or the last homeowner passes away. Remember ALL homeowners on the title must be over 55, and the property must be well-maintained and in a good location to qualify.
Listen For
3:06 The Differences Between Canadian and U.S. Reverse Mortgages
5:07 Eligibility and Family Considerations
6:52 Using the Reverse Mortgage for Home Renovations and Creating Rental Units
12:36 The Flexibility of Repayment
Contact Nicole Lopez
Real Estate Agent
Royal LePage Credit Valley Real Estate, Brokerage
Email | Website
35 episodes
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