Reverse mortgage pros and cons
The top three reasons you may or may not want a reverse mortgage
There are no payments!
You will not make monthly payments on the principal or on the interest of the loan.
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.
It is not taxable!
Imagine that, a non-taxible income. It sounds too good to be true. (We thriple checked, and then checked again.)
It has a higher interest rate.
There are loans, available to Canadians, that have lower interest rates. Some people may also qualify for them.
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.
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.