Is a reverse mortgage right for you?
If you are short on cash, have limited income, and have substantial equity in your home, a reverse mortgage may be an option to consider.
- Available to homeowners 62 or older, with limits on the amount that can be borrowed determined by your age and the value of your home.
- An attractive feature of a reverse mortgage is that no repayment is required while the homeowner is alive and living in the home.
- Money can be taken as a lump sum or as a periodic income stream.
- Interest accrues on the amount that has been borrowed, thereby reducing the equity in the home over time.
- Interest rates and loan charges for most reverse mortgage products tend to be higher than conventional mortgages or lines of credit.
- Compare a conventional line of credit as an alternative way to access cash from your home, when needed.
We would be pleased to meet with you to help determine if a reverse mortgage is appropriate for you.