Canadian seniors today want to live in their home for as long as possible. Homeowners have built up equity in their home, which they can access tax free. There are no monthly payments. The funds can be used in different ways, such as renovating the home, go back to school, help a family member, start a business, buy another property. However, some homeowners are only looking for some income to increase cash flow. Sometimes life does not turn out how you expected and there are unexpected expenses such as medical or the high cost of living is creating low cash flow. Using the equity in their home will give them that extra money without monthly payments and provide a financial peace of mind.
A reverse mortgage may be a solution. It is a simple way to use the equity in your home and get tax-free income.
- borrow up to 59% of your home's value
- no monthly payments
- receive your tax-free money as a lump sum or over time
- keep the ownership of your home
The loan is paid back when the homeowner no longer lives in the home.