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What is a Reverse Mortgage?
Unlike a traditional mortgage where you make payments to a bank or someone else, a reverse mortgage pays you. You can use the money in anyway you see fit and live your retirement comfortably knowing you don't need to leave your home.
The biggest benefit of a reverse mortgage is that you are not required to make regular payments for as long as you or your spouse lives in your home.
Wouldn’t it be nice if you had the money to do more of the things you want to do? A Reverse Mortgage could be just what you need. It’s the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on your terms.
Benefits of a Reverse Mortgage?
You receive the money tax-free. It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.
You can use the money any way you wish. Maybe you want to enjoy your retirement or cover unexpected expenses. Perhaps you want to update your home or help your family without depleting your current savings. The only condition is that any outstanding loans (e.g. Existing mortgage or home equity line of credit) secured by your home must be paid out with the proceeds from your Reverse Mortgage.
No regular mortgage payments are required while you or your spouse live in your home. The full amount only becomes due when you and your spouse no longer live in the home.
You maintain ownership and control of your home. You will never be asked to move or sell to repay your Reverse Mortgage. All that’s required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
You keep all the equity remaining in your home. In many years of experience, 99 out of 100 homeowners have money left over when their CHIP Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.