One of the first questions homeowners ask about reverse mortgages is simple: how much money can I actually get?
If you are a Canadian homeowner aged 55 or older, the answer depends on a few key factors. Here is what determines the amount you can access from your home equity. What determines how much you can borrow :
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A reverse mortgage can be a powerful financial tool, but it is not the right choice for everyone.
If you are a Canadian homeowner aged 55 or older, here is an honest look at the pros and cons so you can make an informed decision.
The advantages
No monthly mortgage payments, which improves cash flow in retirement.
Tax-free funds that do not count as taxable income.
Stay in your home rather than downsizing or selling.
You keep ownership of your home.
Flexible use of funds for whatever you need.
Continue reading “Reverse Mortgage Pros and Cons for Canadian Homeowners 55+”
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