Service Description
Who is a Reverse Mortgage for, and Why Do People Take It?
A reverse mortgage is for homeowners 55+ who want to stay in their home and access their equity without monthly payments. It’s commonly used to boost retirement income, pay off debt, cover expenses, help family or avoid selling or downsizing.
Key Features
• No monthly payments
• Age 55+
• Access a portion of your home’s equity
• Take funds as a lump sum, regular income or both
• You stay the owner
• No impact on CPP or OAS
• Interest is added to the balance
• Repaid when you sell or move
• Available for singles and couples
People take a reverse mortgage when they’re 55+ with plenty of home equity but limited cash flow, want to stay in their home, need tax-free funds without monthly payments, can’t qualify for a HELOC, or want extra money for debt, living expenses, renovations, medical care, or helping family.
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