10 Facts You Need to Know About Reverse Mortgages

More Canadian seniors are looking to reverse mortgages to help them plan a great retirement. There are many misconceptions about reverse mortgages and it can be difficult to get the education you need to help you make the right decision about this option. Are you thinking about getting a reverse mortgage but not sure how to decide if it’s a good idea for you? We have helped countless people experience a better quality of life while setting up a great financial plan for the future by helping them understand how to use a reverse mortgage to their advantage.

We are here to help you evaluate all your options to choose the best financial arrangement for your home financing needs. If you are thinking of a reverse mortgage, here are 10 reasons why it might be perfect choice for you:

  1. When you get approved for a reverse mortgage that means you are approved for life.
  2. You can get approved for a reverse mortgage even if you have low credit or low income.
  3. Many of our clients with reverse mortgages still hold approximately 50% of their home equity. A reverse mortgage does not mean that you lose all your home equity.
  4. Getting Independent Legal Advice is a requirement prior to getting a reverse mortgage, which means that you can be assured that you are receiving a financial arrangement that best suits you.
  5. Getting a reverse mortgage is simple! Many Canadian seniors say that their reverse mortgage was the easiest financial arrangement they have ever made.
  6. You can get low rates for reverse mortgages. Depending on the market, you can get a reverse mortgage rate at as low as prime + 1.25%!
  7. Reverse mortgages are a great tax planning tool as the money received is tax free.
  8. There are no changes to qualifications or payments if your spouse passes away.
  9. Many Canadian seniors are choosing reverse mortgages as a great way to diversify their portfolio.
  10. Reverse mortgages are different in the US, so look to Canadian lenders to learn more.

If you are a Canadian senior who is considering a reverse mortgage as part of your financial plan for the future, speak to one of our mortgage specialists today to discover why more Canadian seniors are discovering reverse mortgages as a way to reduce financial stress, stay in their home longer and enjoy retirement more than ever before!

Thanks for reading!

Mike De Sousa and Mindy Small

Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671

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