everse mortgages are only applicable to homeowners aged 60 or over. They were developed as a way for those that have retired or have health problems to stay in their homes despite skyrocketing property taxes and inflation in Calgary. The idea is essentially to unlock the stored value of years of home ownership and make the most of your time today.
If you are considering a reverse mortgage, contact Mortgages By Candice. We can offer a number of options to ensure you are getting what you want from refinancing.
Whether you would like to take a long vacation or pay off some high-interest debt, a reverse mortgage could be the solution for you. The advantages of reverse mortgages are: you do not need to make regular payments on the loan, the money you borrow is tax-free, and it also does not affect your Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits.
A few factors determine if you are eligible for a reverse mortgage, the largest of which is much equity you have in your home. The appraised value of the home, current interest rates, and the location will all be taken into account as well.