| You are able to borrow up to 55% of the value of your home in tax free funds. You can choose to take a lump sum payment, monthly income or a combination of the two. There are no monthly payments and you can use the money for anything you need. |
| You maintain 100% ownership of your home. |
| If you currently have a mortgage on your home, part of the funds will be used to pay off the existing mortgage and the remaining funds can be used for whatever you need, whether it be for travel, renovations, help cover medical expenses, a new car or even a home purchase. |
| The traditional banks do not provide the option of reverse mortgages and clients are referred to Home Equity Bank as an option for those in need. I am certified Reverse Mortgage Specialist with Home Equity Bank and I am here to help. |
| The amount of funds you receive is based on your age, the location of your home and the value of your home. I can assist you in determining that amount. |
| Interest accrues until the loan is paid off and that interest is added to the original amount. The rate for a Reverse Mortgage is higher than a traditional mortgage but the lender is taking more of a risk due to not receiving a regular payback on the mortgage. |
| The qualification for a Reverse mortgage is much less stringent than a traditional mortgage. In most cases, all you need is proof of income/CPP/OAS, proof of insurance, current tax statement, statements of debt currently secured by your home and valid identification |
| The home you are using to secure a reverse mortgage must be your principal residence. |
