Reverse Mortgages and Home Equity in Oshawa
10,000 Boomers reach the retirement age of 65 every single day in Canada, and that will continue for the next 10 years. The numbers are astounding. Unfortunately, many Canadians have no income for retirement other than what they get from government pensions. The high cost of living and lack of retirement planning has left many Canadians in need of added income to support their lifestyle. A reverse mortgage can answer the need.
We’re Here to Help
By age 65, most Canadians have either paid off their mortgage or only owe a small amount. Reverse mortgages can provide tax-free income by accessing the equity in a home without a monthly payback. With the help of sound financial planning, the equity can be invested and a tax-free income can be drawn on monthly. For many seniors, reverse mortgages are a way to enhance their enjoyment of life.
How to Apply
Adults 55 or older can apply for a reverse mortgage and a maximum of 40% of the house’s equity can be accessed. The homeowner never makes a payment and can stay in the home as long as they wish. The house is always registered in the name of the homeowner.
Mortgage Intelligence is partnered with HOMEQuity Bank to provide reverse mortgages in Ontario to our clients. Let us help you decide if a reverse mortgage is right for you.