Canadian homeowners age 55 years old or over, you can access up to 55% of your home equity with a reverse mortgage. A reverse mortgage loan is unlike traditional bank mortgages. With a reverse mortgage, you never have to make a payment until you sell or move.
There are two main differences between a reverse mortgage and a traditional mortgage.
- You never have to make a payment if you or your spouse live in your home
- With a reverse mortgage you must live in your home to qualify
You can use your reverse mortgage to do anything your desire: – renovate your home, pay medical bills, early estate planning by gifting funds to your children, travel or to cover daily expenses.
A reverse mortgage is not an income, it is a loan against your property like a line of credit so any advance you take is not taxable. You can use it to pay taxes you may owe on your CPP benefit, LIF/RRIF income, property taxes etc.
Whether you have good or bad credit if you have the equity in your home you could qualify for a reverse mortgage. So if you are like most Canadians who have built up equity in your home over the years, use the equity in your home to live your retirement your way and get tax-free cash upfront without the requirement of monthly mortgage payments with a reverse mortgage.
Turn your home equity into cash today by:
- Calling to get an estimate of how much money you can get
- A Sunlite Mortgage Reverse Mortgage Specialist will answer all your questions to get you approved
- Once approved you will receive the money you need in one lump sum or multiple payments
- No monthly payments are required. The full amount becomes due when you no longer live in the home
Call a Sunlite Mortgage Reverse Mortgage Specialist today at 1-877-385-6267 Ext.106 today for your free reverse mortgage estimate.