Reverse mortgages are continuing to gain popularity for homeowners above the age of 55 in Canada! For Canadians looking to retire, high debt, ongoing expenses, as well as a reduced income can be a challenge.
This is where reverse mortgages can help! It is a NON taxable event meaning there is no risk of pension claw back.
This product is also a great option for,
- Anyone wanting to assist their elderly parents
- Navigating divorce
- People wanting to help their kids secure a future down payment or wedding costs
- Buying a second home
- Buying your downsized home well before selling generating more income for your family
- Help with end of life comfort
- Longer lasting investments
- Keeping the property in your estates
The goal of the reverse mortgage is to allow Canadians over 55 years to tap into the equity of their home which would assist in comfortable financial living.
However, with a reverse mortgage, borrowers are not required to make regular payments. This allows them a considerable inflow of cash without having to pay off what they owe! This means that the only time payment will be required is when you sell or move out of your home.
Furthermore, reverse mortgages are designed to allow one to access up to 55% of one’s home’s equity allowing the equity to turn into cash. This can be done as either a one-time lump sum payment or in the form of monthly payouts, or a combination of both.
Reverse mortgages have additional benefits beyond what we have discussed!
- No monthly mortgage payments
- No income or credit qualifications
- Very low / little paperwork required
- Title and ownership of property remain in homeowner’s name
- Flexible options to break the term early if needed or even the option to FULLY open if buying before selling
- Penalty waived in the event of death or care home placement to preserve the estate
Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.
Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.
For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at firstname.lastname@example.org or 604-802-3983.