Would you like to help your children with a first down payment or pay for your grandchildren's education — without selling your home, moving, or becoming financially dependent on your family?
If you are 55+ and have significant equity in your home, a reverse mortgage may be one way to access part of it. The funds can be used to support loved ones, for renovations, everyday expenses or other goals — while you keep ownership and continue living in your home.
Important: a reverse mortgage is a loan. Interest accrues on the amount, and the balance grows over time. Repayment is usually required when the home is sold, when you move out, on the death of the last borrower, if the contract terms are breached, or in other circumstances set out by the lender. Regular monthly payments may not be required, but your obligations under the contract remain.
The available amount, requirements and costs depend on your situation and the program you choose. Some programs may cover appraisal costs, lender costs and legal fees — check the conditions in advance.
We will explain everything in plain language and help you assess whether this option suits your family.
Learn more: ReverseMortgageOutlet.ca