Canadians can access the equity in their home, by turning a portion of it into an additional source of money for today!Learn more today
A reverse mortgage is a loan for Canadians aged 55+ that enables them to unlock money from their home’s equity without having to sell their home. With loans up to 55% of the value of their homes, without any monthly payments (interest accumulates over time), it is a great way to utilize the cash value they have been building in their home to enjoy today.
At Homewise, we work with multiple lenders, to find the best reverse mortgage option for your unique needs. Further, you will be set up with a personal Advisor from our team to help explain everything at each step, provide unbiased advice and help you get the right option.
Our team will also help you decide if a reverse mortgage is right for you, or if a different mortgage option like refinancing or a line of credit (or no option at all) is best for you.
If a loan is needed, some will consider a Line of Credit. Unlike a reverse mortgage, however, a line of credit often required monthly payments as well as income for qualification. For Canadians looking to access tax-free money, without the need for salary or monthly payment, reverse mortgage may be the right choice.
A reverse mortgage is a great way to unlock finances, but it may not be for everyone. It is a large financial decision and the accumulated interest increases over time. It should always be discussed with loved ones and advisors. You can also learn more in our FAQ section:
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