You can take out up 55% of the equity in your home. Borrower age determines maximum loan amount.
Do I have to make any payments?
No monthly payments are required. It is a payment optional mortgage.
Can I lose my home?
You can never lose your home because you cannot finance all the equity in your home. You can only get a reverse mortgage for up to 55% of the equity.
How does a reverse mortgage compare to a home equity line of credit?
A line of credit you need to pay down. A reverse mortgage gives you a lump sum payment, an ongoing monthly cash payment or a combination of both.
Do I keep the equity left in my home?
Yes. You cannot lose all the equity in your home. A reverse mortgage allows you to access up to 55% of the equity in your home. The rest you keep. Plus, there is a guarantee of no negative equity from the lenders offering the product.
What about downsizing?
Downsizing is an option, however buying at today’s high real estate rates may mean you have to compromise on space, pay monthly condo fees, etc. Weigh out the pros and the cons with an expert like Marci.
Will my government benefits be affected?
No, your government benefits will not be affected.
