This is but one testimonial from the many thousands of people who have been able to remain in their home because they were able to obtain a reverse mortgage. For many Canadians over the age of 55, a reverse mortgage could help provide them with a level of financial freedom which would allow them to enjoy life worry free.
Today, more and more seniors are carrying debt. This debt has monthly debt servicing which can be onerous on those with a limited or fixed income. Reverse mortgages provide an opportunity for those seniors to pay down this debt that involves monthly payments and turn it into reverse mortgage debt which does not require monthly payments. Now their monthly income can be used for day to day use.
Or, renovations need to be done to a home or retrofitting needs to be done to keep the home user-friendly as medical needs change. Reverse mortgages allow people over 55 use the equity in their home to make these renovations to allow them to remain in their home for as long as they like.
Additionally, it is a fact of life that as we age our medical needs tend to increase. But, the cost associated with paying for these medical needs such as extra prescriptions, in-home care etc. can be overwhelming. Again, a reverse mortgage may be the perfect solution.
There are no stipulations as to how you can use your reverse mortgage funds. You may want to help a loved one through school or buy a major asset, invest to generate more income for yourself, or travel – the list is endless. But for many seniors, simply being able to pay down debt and improve their home so they can remain in it for as long as they wish is all they are looking for.
I would be happy to explain this further to anyone looking for more information on reverse mortgages in Canada.