Reverse Mortgages are valuable financial solutions for a number of Canadian seniors. You are only limited by your imagination when it comes to what you can do with the proceeds.
Some of the common uses for a Reverse Mortgage are pay-off debts, handling unexpected expenses, increasing your daily cash-flow, helping your children or grandchildren and maybe taking that vacation you always wanted to take.
Here are the top five features of a Reverse Mortgage:
Relieve financial stress. This is arguably the biggest feature of a Reverse Mortgage. With up to 55% of the equity in the home available, you can use the proceeds of a Reverse Mortgage however the wish! Increasing your daily cash-flow will remove so much of the stress that comes from money matters.
No Monthly Payments. There are no regular monthly payments required until you decide to move or sell the home. This can’t be overstated enough. You receive tax-free money today to use however you desire without having to make a single monthly payment!
Keep homeownership. You can stay in your home and community for as long as you choose to stay. You maintain complete ownership and control of the home.
Take control. For many people finally having the ability to do this is such a wonderful feeling. You can get your finances under control and gain the freedom to set your own plans and priorities.
Enjoy retirement. Once you receive your tax-free money you can have the retirement you deserve knowing that this will not affect your CPP, OAS or any other pension you may receive.
Where have you always wanted to go but couldn’t afford to go? Now you can. What have you wanted to do but have never been able to afford, now you can. Whatever it is, that one thing you have always wanted, now you can!
It’s your retirement and your money!