How Reverse Mortgages Can Help Canadian Seniors

How Reverse Mortgages Can Help Canadian Seniors

Many of you have probably heard of a reverse mortgage and may be wondering what, exactly, it is. Put simply, a reverse mortgage is a loan that's secured based on the equity you have in your home. However, unlike a typical mortgage or loan, you are not required to make any payments for as long as either you or your significant other live in your home. Seniors who take advantage of Reverse Mortgages in Canada can get up to 40% of the value of their home, but the specific amount you can receive is based on your age, where you live and what your home's appraisal rate is.

Naturally, there are some requirements that need to be met before you can apply for Reverse Mortgages in Canada. In order to qualify, you and your significant other must be at least 60 years old. This is a mandatory rule. You must also own your home in Canada. You will not be able to take out a reverse mortgage on a home you do not own, or on a home that you own outside of Canada. You also need to have some equity in your home. Essentially, the mortgage you still owe must not be more than 40% of what your home is worth.

There are a great many benefits to looking into Reverse Mortgages in Canada. For starters, you can unlock the equity that has built up in your home and once you are approved you can then decide how much money you want to take out and when you want to receive it. You have the option of taking all the money at once or take a little at a time as you need it. With a reverse mortgage you also keep ownership of your home and can sell it or move to another home one day if you wish.

The good news is, you can use the money you receive from Reverse Mortgages in Canada to do anything you wish. Pay off any loans so you can get out of debt and free up your monthly income. You can also plan on renovating your home, which will help to increase its overall value. Finally, you can use the money from your reverse mortgage to create a tax efficient monthly income.

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