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Mortgages Explained – Reverse Mortgages

Unlock your home's equity with a Reverse Mortgage.

Access your home's equity without selling your home with a Reverse Mortgage and enjoy your retirement with financial security.

What is a Reverse Mortgage?

A Reverse Mortgage is a type of loan that allows homeowners who are 55 years or older to access the equity in their home without selling it. With a Reverse Mortgage, you can receive a lump sum payment or regular payments, depending on your needs. You don't have to make any payments on the loan until you sell your home, move out, or pass away.

How does a Reverse Mortgage work?

A Reverse Mortgage is based on the equity in your home, which is the difference between your home's value and the amount you owe on your first mortgage. The amount you can borrow with a Reverse Mortgage depends on your age, the value of your home, and the lender's requirements. The loan balance increases over time as interest accumulates, reducing the equity in your home.

Is a Reverse Mortgage right for you?

If you're a homeowner who is 55 years or older and you want to access the equity in your home without selling it, a Reverse Mortgage may be the right choice for you. However, it is important to consider the risks associated with this type of loan. The loan balance increases over time, reducing the equity in your home. Additionally, the interest rates for Reverse Mortgages are typically higher than traditional mortgages.

Unlock the value of your home with a Reverse Mortgage and enjoy your retirement with financial security. Apply online today and take advantage of this unique financial tool to achieve your goals.

Steve Futyer, Mortgage Broker, is your local Kitchener-Waterloo mortgage broker, with offices in Waterloo and Toronto. Check our low mortgage rates, the types of mortgage loans we provide, and use our mortgage calculators to check your mortgage affordability. Answers to your mortgage questions are here and you can contact Steve any time for a free consultation.

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