High interest on credit cards and lines of credit can quietly take a significant share of a fixed retirement income.
If you own a home and have built up equity, a reverse mortgage may help combine several debts — credit cards, loans, or an existing mortgage — into one loan. This can simplify your financial situation and reduce your monthly burden.
You keep ownership and continue living in your home. Many programs do not require mandatory monthly mortgage payments. However, interest continues to accrue, so the overall loan balance may increase over time.
Reverse mortgage funds are generally not considered taxable income and typically do not reduce OAS/GIS. Be sure to discuss this with a qualified professional based on your situation.
Terms depend on your age, home value, financial position, and chosen lender. Fees, other costs, and repayment requirements may apply.
Want to understand your options calmly? Book a no-pressure consultation: www.ReverseMortgageOutlet.ca