The truth is, debt in retirement use to be a faux-pas, but today, more and more Canadians are entering retirement with growing debt. The average life expectancy is higher than ever and the cost of living is often greater than pension incomes.
A reverse mortgage allows Canadians 55 and older to unlock up to 55% of the value of their home to assist with any financial need. The money received from a reverse mortgage is tax-free, there are no health checks to qualify for and no payments required -interest or principal- for as long as at least one borrower lives in the home.
Why would you want a reverse mortgage?
• Pay off or consolidate debt;
• Supplement your income;
• Finance home renovations or repairs;
• Pay for unexpected medical or emergency expenses;
• Financially aid a family member(s)
If you think this may be something you would be interested in or maybe have some questions, contact us to book an appointment and review your options.