Canada\u0027s skyrocketing home values are shining a spotlight on reverse mortgages
A reverse mortgage can fix that, by letting you tap your home for whatever cash you need in your later years. And, you won’t feel forced to sell your house before you’re ready to let it go — along with all the memories you’ve created there.
If you’re curious about reverse mortgages, here’s what you need to know about how they work — and how you might benefit from one.requires you to make payments that build equity in your home, a reverse mortgage lets you borrow from that home value. “As long as you meet your mortgage obligations, you are guaranteed that you or your estate will never owe more than the fair market value of your property,” explains Deborah Wyman, a reverse mortgage specialist at Verico Fair Mortgage Solutions in Hamilton, Ontario.Only a few financial institutionsoffer reverse mortgages in Canada, including the previously mentioned HomeEquity Bank, with its “CHIP” reverse mortgages, and Equitable Bank, which offers reverse mortgages in select major cities.
Once your loan is approved, you have the choice of receiving the money as a single lump-sum payment, or you can access some of your equity upfront and dip into it periodically over time. Maybe you need cash for something as straightforward as a family vacation, or a badly needed new roof for your home.Article content
A reverse mortgage allows homeowners to continue benefiting from surging home values. In fact, properties in many Canadian cities are appreciating at levels that dwarf the interest rates attached to most reverse mortgages.Article content
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