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Is a Reverse Mortgage Right for You?

Posted onAugust 10/2022By

Today’s homeowners are challenged with finding a low mortgage rate in Toronto. This makes it harder for homeowners to pay off debts or invest in large projects or renovations. Fortunately, for Canadians over 55 years of age, a reverse mortgage might free up some funds. At Northwood Mortgage, we serve clients across Ontario through various services, including reverse mortgages. Here, we’ll walk you through the details of a reverse mortgage, how it works, who is eligible, and whether it might be an option for you. What is a reverse mortgage? A reverse mortgage is a secured loan for Canadian homeowners…

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Want to Retire? A Reverse Mortgage Could Be the Answer

Posted onOctober 11/2021By

As housing prices continue to rise across the country, many retirees could turn to reverse mortgages to help them enjoy their golden years. What is a reverse mortgage? The concept of a reverse mortgage is quite simple. Instead of making monthly payments on your mortgage, you’re drawing down the equity you’ve built up. So, you are receiving money that you can use to help you pay for anything you want. In Canada, you’re able to borrow up to 55 percent of the value of your property. The loan will be paid back when you sell your home and move or…

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The Do’s and Don’Ts of a Reverse Mortgage

Posted onJuly 13/2020By

When it comes to a reverse mortgage, there are certain dos and don’ts that you should be aware of. A reverse mortgage is a financial product that allows seniors to gain access to a subset of their home’s equity to boost their retirement savings. Even though reverse mortgages have been available for over 25 years in this country, many have doubts about whether or not a reverse mortgage is right for them and their loved ones. Here, we will look into the do’s and don’ts of a reverse mortgage so that you will know what you are getting into before…

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Reverse Mortgages: Ten Reasons Why Using Home Equity is Not a Choice Plan

Posted onDecember 09/2019By

Reverse mortgages exalted as a new source of income for baby boomers are far from a choice retirement plan, despite a guaranteed income. It is a financial obligation in which a homeowner relinquishes equity in their home to a reverse mortgage provider, in exchange for regular cash payments, usually to bolster retirement income. Undeniably, taking out a reverse mortgage seems logical for retirees who are house-rich, but cash or cash-flow poor. As with all financial tools, it’s imperative that you are aware there are numerous reasons to justify why using home equity is not a choice plan. The following ten reasons should compel you to analyze your options and the potential consequences of a reverse mortgage. 1. Your loan is capped Your reverse mortgage will be capped at 55 percent of the value of your house. It is dependent on your age, your stake in equity, the appraisal and location…

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Reverse Mortgages: The Facts Up Front

Posted onDecember 02/2019By

The Deliberation of Reverse Mortgages The theme of reverse mortgages seems to be on-trend, with the media honing in on the fact that ample retirement savings are a significant concern for so many Canadian seniors as they slowly but systematically deplete their income sources. Options are finite, and typically your home becomes the only source of equity to be leveraged. Most notably, selling one’s property has been the universal solution, although seldom a gratifying concession. Reverse mortgages offer a certain appeal to homeowners as a secure solution, granting them access to their home equity and converting it into tax-free cash. In Canada, beginning from the age of 55, funds from your reverse mortgage may be utilized as you see fit. You may aspire to achieve something you covet, such as world travel and home renovations, or to alleviate debt, assist in healthcare expenses, and supplement your income, virtually developing your…

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