Have you seen reverse mortgage ads and want to know more about them? Simply put, reverse mortgages are a way for you to access the equity in your home without having to sell it.

We’ll explain three of the top benefits of getting a reverse mortgage.

1. You can continue to enjoy your home

With a reverse mortgage, you can continue to live in your home while having access to cash you wouldn’t have been able to access otherwise. You can use this cash in any way you want to, such as:

  • Making your home more accessible.
  • Going on a dream vacation.
  • Helping children or grandchildren pay for higher education.

2. You don’t have to tap into your retirement savings

Another benefit of a reverse mortgage is that you don’t have to start tapping into your retirement savings.

Whether you’re looking at private savings (such as RRSPs) or government sources of income (such as CPP or OAS), the later you can start withdrawing from them, the better.

Your RRSPs will have more time to grow, meaning you’ll have more income available when you withdraw money from them. With the CPP, the longer you put off receiving it, the larger the monthly payment you’ll be eligible for.

3. You don’t have to worry about how you’re going to pay off the loan

Finally, with a reverse mortgage, you don’t have to worry about finding the funds to pay off your loan. You can only take out up to 55% of the equity in your home, and when you obtain your reverse mortgage, your lender will tell you what the reverse mortgage rate is for your Toronto home.

How can I learn more about the reverse mortgages Northwood Mortgages offers?

You’ve come to the right place if you want a reverse mortgage for your Toronto-area home. We can explain all of the following to you:

  1. Whether or not you qualify for a reverse mortgage with us.
  2. The interest rates we charge on our reverse mortgages. Our reverse mortgage rates are applied to the funds you receive, and you can choose between fixed or variable interest rates.
  3. The different ways you can receive your reverse mortgage funds, such as a lump sum or a monthly payout.

If you’d like to learn more about how a reverse mortgage works or the interest rates we charge on our reverse mortgages, we’d love to hear from you. You can call us at 888-257-8130 or contact us online to learn more today.