Mortgages For Seniors: Understanding your Options

Are you looking for options to stay in your home through retirement, to improve your financial situation or help finance your retirement?   A Reverse Mortgage may be one of the most misunderstood mortgage products in Canada, but may be the option you are looking for!

Let’s look at the facts for a Reverse Mortgage in Canada:

• Up to 50% of the home’s value can be accessed and the money is tax-free.
• Unlike a traditional loan, no payments are necessary until it’s time to move or sell the home.
• Once you are approved, you are approved for life.
• You can qualify for a reverse mortgage regardless of your credit rating or income level
• You will still have equity left in your home.
• You can’t sign final documents without first receiving Independent Legal Advice.
• Money is of course tax-free, and can help you lower your overall tax liability.
• If one spouse dies, there are no changes to the terms of the reverse mortgage. The loan does not have to be repaid and you don’t have to requalify.
• Reverse mortgages provide you with an opportunity to diversify your retirement portfolio.

What can a reverse mortgage do for you?

• Relieve Financial Stress
• Keep Your Home
• Enjoy Retirement & Travel
• Maintain necessary renovations
• Pay off Debt
• Retain your Investment Portfolio
• Pay for in-home care
• Cover medical expenses
• Help Children or Grandchildren
• Improve cash flow

We believe all seniors in Canada deserve to live a better retirement. While your traditional bank may not be able to qualify you on today's tight financial guidelines, we can tailor a solution to meet your individual needs. Whether that means accessing money as a one-time lump sum, as monthly payments or both, you have options. Reverse mortgages are based on the homeowner’s age and the location and type of home as well as the home’s current appraised value. Take control of your retirement. Call today to speak with one of our certified reverse mortgage specialists at The Mortgage Advisors to discuss your options.