If you’re over 55 and want some extra cash for retirement, you can tap into the value of your home with something called a reverse mortgage. It’s a simple way to use the money you’ve built up in your house without having to leave. You only need to pay back the loan when you decide to move, sell your home, or stop living there.
With a reverse mortgage, you can get tax-free money without selling your house. Canadian seniors can get up to 55% of their home’s value while still owning and controlling it completely. Plus, you don’t need a high income or good credit score to qualify.
Unlike a regular mortgage, you don’t have to make monthly payments with a reverse mortgage. Instead, you’re charged a low interest rate, and the interest gets added to the loan balance. You only have to pay back the loan when you and your spouse no longer live in the house.
How Can the funds from a Reverse Mortgage be used?
Thousands of Canadians are accessing the wealth in their homes through a reverse mortgage. They are using the funds for things like:
At Top Diamond Mortgages we have access and expertise in the reverse mortgages provided by most of the lenders. We make sure that you get the most suitable reverse mortgage solution at the lowest cost to you in the market.