A reverse mortgage is a type of home equity loan that is most effective for Canadian citizens who are aged 55 or more. The reverse mortgage is very much similar to a second mortgage, and basically is a loan that you have secured against your home’s value. Reverse mortgages provide homeowners with the ability to have access to some of the home’s value, without having to consider options of selling or moving. The best feature that makes a reverse mortgage triumph over a second mortgage is the fact that the homeowner is not required to make regular payments on the reverse mortgage until he/she decides to sell the property or move to a new location or house.
Some of the advantages of opting for a reverse mortgage include:
- You retain your home’s title
- You are not required to pay any regular and monthly payments on your reverse mortgage
- You are not required to show a dependable source of income in order to qualify for a reverse mortgage
- You are not required to provide any repayments until you sell your home or move to a new location
- You can avail as much as 55% of your home’s appraised value under a reverse mortgage that is completely tax-free cash
Regardless of the benefits that reverse mortgages have over second mortgages; it is wise if you hire a professional to help you navigate the different processes involved with securing a home equity loan of this kind. We at Best Capital Bonds are experts in the field and promise to help you in the most professional manner, securing you from losses and unnecessary costs. Contact us to utilize our immaculate services and start enjoying a reverse mortgage on your property as soon as possible.