REVERSE | NO PAYMENT

**Reverse Mortgage Solutions** are designed to help homeowners, typically aged 55 and older, access the equity in their homes without having to sell. Here’s an overview of how reverse mortgages work and their benefits:

### What is a Reverse Mortgage?

A reverse mortgage allows homeowners to convert a portion of their home equity into cash, which can be used for various purposes, such as supplementing retirement income, covering medical expenses, or funding home renovations. Unlike a traditional mortgage, where you make monthly payments to the lender, with a reverse mortgage, the lender pays you.

### Key Features

1. **No Monthly Payments:**  

   Homeowners do not need to make monthly mortgage payments. The loan is repaid when the homeowner sells the home, moves out, or passes away.

2. **Access to Cash:**  

   Borrowers can receive funds as a lump sum, monthly payments, or a line of credit, providing flexibility based on their financial needs.

3. **Stay in Your Home:**  

   Homeowners can continue living in their homes as long as they maintain the property, pay property taxes, and keep up with homeowner’s insurance.

4. **Retain Home Ownership:**  

   Borrowers retain ownership of their home, and the loan amount is repaid from the sale proceeds when the homeowner no longer resides in the home.

### Eligibility Requirements

To qualify for a reverse mortgage in Canada, homeowners must typically meet the following criteria:

- Be at least 55 years old.

- Have sufficient equity in their home.

- Occupy the home as their primary residence.

### Benefits of Reverse Mortgages

- **Financial Flexibility:**  

  Provides a source of income for retirement, helping cover living expenses, healthcare costs, or other financial needs.

- **No Impact on Government Benefits:**  

  Funds received from a reverse mortgage do not affect government benefits like Old Age Security (OAS) or Guaranteed Income Supplement (GIS).

- **Tax-Free Income:**  

  The money received is generally tax-free, allowing for better financial planning.

### Considerations

- **Loan Costs:**  

  There may be fees and interest associated with reverse mortgages, so it’s essential to understand the total costs.

- **Reduced Inheritance:**  

  Because the loan must be repaid from the home’s sale proceeds, it may reduce the inheritance left to heirs.

### Conclusion

Reverse mortgage solutions can provide valuable financial support for seniors looking to access their home equity while staying in their homes. If you're considering a reverse mortgage, we can help you understand the options available and guide you through the process. Contact us today to explore how a reverse mortgage can fit into your financial plan!