FAQ's ABOUT REVERSE MORTGAGES

Q: HOW DOES A REVERSE MORTGAGE WORK?
Fact: A reverse mortgage allows Canadian homeowners age 55+ and older to unlock a portion of the equity they have built in their homes.  With the assistance of a mortgage professional, they can assist you with the reverse mortgage process to turn the equity into tax-free cash - all while you stay in the home you love.  From application to release of your tax-free funds, getting a reverse mortgage is easier than you think.  It all starts with a FREE quote.

Q: CAN I STILL GET A REVERSE MORTGAGE IF I HAVE AN EXISTING MORTGAGE?

Fact:  Yes, a reverse mortgage can be used to consolidate existing mortgages balance however, some conditions do you apply, schedule a FREE Consultation with Karen John, your mortgage professional to learn more.  If you have existing debts, these would need to be paid off and included in the new reverse mortgage. The remainder of the funds can be used however you choose.

Q: HOW CAN I USE MY REVERSE MORTGAGE FUNDS?
Fact: You can use your tax free cash for a long awaited vacation for you and your spouse, purchase an investment property, complete home renovations towards a new kitchen and bathroom, assist a family member as a first time home buyer with down payment towards the purhcase of their new home, purchase a new car, the list goes on how you wish to use your funds. 

Q: IS A HOME EQUITY LINE OF CREDIT (HELOC) A BETTER OPTION THAN A REVERSE MORTGAGE?
Fact: You should explore all your options before making a decision. HELOCs are a good short-term borrowing option for people who can pay the interest and loan back in the near future. Whereas a reverse mortgage is a long-term financial solution that doesn’t require any monthly payments and provides the ability to prolong retirement savings.

Q: WILL MY SURVIVING SPOUSE BE STUCK WITH PAYING THE LOAN AFTER I PASS AWAY?
Fact: As long as your surviving spouse is on title, they can choose to remain in the home without having to make a repayment.

Q: WHAT DO I DO NEXT TO GET A FREE QUOTE OR APPLY FOR A REVERSE MORTGAGE?
Fact: To learn more about a reverse mortgage and how much you may qualify for as a lump sum payment or option of installment payments, tax free, with no monthly mortgage payments schedule a FREE Consultation with Karen John, your Mortgage Broker today or Click, Apply Now to complete your online application.

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