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6 Dec

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Are you considering getting a reverse mortgage on your house? If you’re not familiar with the term, a reverse mortgage is a loan you can get from an Ontario reverse mortgage lender using your home equity.

In Canada, the maximum amount you can borrow using a reverse mortgage is 55 percent of the value of your home. You don’t have to pay the loan back until you sell your home or the last borrower on the loan dies.

We’ll tell you more about the pros and cons of reverse mortgages to help you determine if a reverse mortgage is right for you. And if you’re looking for an Ontario reverse mortgage lender, we can help you at Mortgages, Mortgages!

What are some of the pros of getting a reverse mortgage?

If you’re considering getting a reverse mortgage from an Ontario reverse mortgage lender, then you must be aware of both the pros and cons of getting a reverse mortgage. 

Here are some of the pros of getting a reverse mortgage:

  1. You can continue to stay in your home – your most valuable asset – while also accessing the equity from it.
  2. You can continue to benefit from any rise in real estate values since you still own your home when you get a loan from an Ontario reverse mortgage lender.
  3. You don’t have to leave the neighbourhood where you know all your neighbours and have strong roots.
  4. You have control over how you receive the loan from your Ontario reverse mortgage lender. You can decide between getting a lump sum all at once or a series of cash advances.
  5. Since you don’t have to cash out your registered savings or other investments you can avoid being heavily taxed on your withdraws.
  6. A reverse mortgage loan comes with no strings attached – you don’t have to spend the money on a specific item as you do with something like a car loan. You can spend the money on anything you want. So if you wish to take the trip of a lifetime or help your kids pay for college, you’re free to spend your reverse mortgage loan however you want.
  7. The money you borrow from an Ontario reverse mortgage lender is tax-free! It will not impact how much you can receive from the government for your Old Age Security (OAS) or Guaranteed Income Supplement (GIS).

As you can see, if you need to come up with a lot of cash quickly, there are a lot of benefits to getting a loan from an Ontario reverse mortgage lender.

What are the cons of getting a reverse mortgage?

We want you to be sure that a reverse mortgage from an Ontario reverse mortgage lender is right for you, so we’re all covering the cons of a reverse mortgage in this post as well. 

These are the cons of getting a reverse mortgage:

  1. With a reverse mortgage, you generally pay higher fees and interest than you would with a traditional mortgage or a home interest line of credit. However, the fees and interest for a reverse mortgage are still generally lower than for other forms of credit such as personal loans and credit cards. 
  2. When you get approved for a reverse mortgage, additional setup costs such as a home appraisal fee and application fee will be deducted from the amount you’ll receive from an Ontario reverse mortgage lender.
  3. If you pay back the reverse mortgage loan within a few years of getting it, you may be subject to an early repayment fee.
  4. If you don’t make interest payments on your loan, the loan balance will increase over time.

How can Mortgages, Mortgages help me as an Ontario reverse mortgage lender?

When you come to Mortgages, Mortgages to learn more about getting an Ontario reverse mortgage, we can answer important questions you may have, such as:

  1. What conditions apply to getting a loan from an Ontario reverse mortgage lender?  When you come to see us at Mortgages, Mortgages, we can provide you with all the details you need to know about this, but the primary qualifications are that you must be 55 or over and have some equity in your home.
  2. What impacts how much I can qualify for from an Ontario reverse mortgage lender? The most significant factors that will affect how large a loan you can be eligible for are; your age, how much equity you have in your home, and the appraised value of your home.
  3. Is a reverse mortgage the best option for me? We can talk to you about any concerns you may have about how a reverse mortgage works and whether or not a reverse mortgage is the right choice for your needs.

We want you to have the financial stability you deserve as you approach your retirement years. A reverse mortgage loan from an Ontario reverse mortgage lender can free up some much-needed cash and give you peace of mind you’ll have the resources you’ll need to live the life you want.

A Reverse Mortgage Can Give You Financial Freedom

Now you know about some of the great benefits a reverse mortgage from an Ontario reverse mortgage lender can give you. With a reverse mortgage, you have quick and easy access to a lump sum of cash (or individual advances if you prefer) that you can spend any way you want. A reverse mortgage also has the benefit of not impacting your ability to qualify for OAS or GIS!

We want to be your number one choice when choosing an Ontario reverse mortgage lender, and we’re happy to answer any questions you may have about how much of a loan you may qualify for and whether or not a reverse mortgage is right for you.

Contact Us to Learn More About Getting a Reverse Mortgage

We want you to be able to live out your retirement dreams – and a reverse mortgage can help you do that! To learn more about reverse mortgages, give us a call at 866-417-8805 or contact us online.

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