What Is A Reverse Mortgage In Canada?
Posted by Frank Polsinello on
A reverse mortgage is a loan product that enables seniors to convert the equity they have built up in their homes into tax-free cash. This type of loan is designed to help seniors maintain their standard of living during retirement, without having to sell their homes. A reverse mortgage can be a valuable financial tool for Canadian seniors, as it allows them to tap into the equity in their homes and use the funds for any purpose, such as paying for healthcare expenses, home renovations, or debt consolidation.
To be eligible for a reverse mortgage in Canada, a senior must be at least 55 years old and own their home outright or have a small mortgage balance. The amount of money that a senior can receive from a reverse mortgage is determined by their…
340 Views, 0 Comments