Reverse mortgage pros and cons

The top three reasons you may or may not want a reverse mortgage

Advantage #1

There are no payments!

You will not make monthly payments on the principal or on the interest of the loan.

Advantage #2

You can live in your own home!

You do not have to find a new place. The one you already have will do just fine.

Advantage #3

It is not taxable!

Imagine that, a non-taxible income. It sounds too good to be true. (We thriple checked, and then checked again.)

Disadvantage #1

It has a higher interest rate.

There are loans, available to Canadians, that have lower interest rates. Some people may also qualify for them.

Disadvantage #2

It has a strict repayment term.

The loan will need to be repaid when the home is sold. It can complicate things if the homeowner dies first.

Disadvantage #3

It may exclude you from other loans.

You may not be able to use your house as a security.

Find out more in our information booklet.

We put together a downloadable PDF with case studies, FAQs and more. All we need from you is your email address.