Are you worried about the alarming rise in living costs in Canada as well as how you are going to cope with them as a soon-to-be retiree? A reverse mortgage may be just what you need since it equips you with an excellent way to monetize your property so that you can continue living life on your own terms. The greatest advantage of securing a reverse mortgage is that it may provide you with as much as about half (55% to be just precise) of the financial worth of your house and the entire amount is not subjected to any kind of taxation.

Since the sum of money that you will receive by reverse mortgaging your home is not included in your taxable income, doing so will not affect any federal benefits that you may already be entitled to, including Guaranteed Income Supplement (GIS) and Old Age Security (OAS).

You have all the liberty to spend the money as you wish. With a reverse mortgage, you will be able to pay for any unaccounted expenses and enjoy your retirement without any financial constraints. Perhaps you are planning a major home upgrade without being broke or simply want to help a loved one sans depleting the savings of a lifetime.

The only thing that you must do at the earliest possible opportunity is to use the money obtained from reverse mortgaging your house to pay off any existing loan secured against the same, such as a Home Equity Line of Credit (HELOC) or your current mortgage. However, keep in mind that only homeowners aged fifty-five years or over are eligible for a reverse mortgage, and the age requirement applies to both spouses.

Feel free to speak to one of our consultants for any queries or further information on how you may benefit by obtaining a reverse mortgage from us!