A reverse mortgage
can be a great way to replace income during retirement, or help pay bills when a pension or savings isn’t enough. With a reverse mortgage there are no payments, and you can choose between a one-time advance, recurring advances on a monthly basis, or both. The funds can be used as you wish and the interest accrues until the home is sold or you and your spouse pass or move out, you can never owe more than the home is worth and burden your family with unexpected costs.
With a reverse mortgage you can re-model your home, cover monthly expenses, pay for your children/grandchildren's education, take a holiday, or pay off existing debts. To learn more read our article on 8 Interesting Ways To Use Reverse Mortgages
We also have a complete reverse mortgage tips guide and you can get your copy today by getting in contact with us!
Home Equity - What Is It And Why Is It Important?
Home equity is the actual value you have in your home. It is the difference between the market value of your home, and any debt, such as a mortgage, that you owe on your home. For example, if your home is worth $500,000, and you have a mortgage of $100,000, your equity is $400,000. This is the amount that you actually are entitled to when all is said in done and lenders are considered. The great thing about home ownership is, that as house prices increase, so too does your equity. Although traditionally you can’t access this equity until…
Current Rate Levels
Reverse Mortgages are becoming a popular way for Canadians 55 and over to access the equity in their home. And its no wonder – they allow you the financial freedom of seeing consistent loan amounts, without ever having to pay back the principal or interest until you either move or sell the home. Backed by a federally regulated bank – HomEquity Bank – this means that rates are at historical lows at present. The Latest Reverse Mortgage Rates For the latest rates and how they work, check out our article on reverse mortgage rates. Examining The Rates Yes, the rate…