Reverse Mortgages Mississauga
What is a Reverse Mortgage?
Reverse mortgages are a type of loan that allows seniors to tap into the equity in their homes, without having to make monthly payments. This can be a great way to supplement your income in retirement or to pay for unexpected expenses such as home improvements and medical expenses.
If you are a homeowner who is at least 55 years of age living in Mississauga, a reverse mortgage could be a good option. There are many benefits to taking out a reverse mortgage, including the following:
- You will not have to make any monthly payments on the loan, as the interest is deferred until the loan is repaid.
- You will still own your home and can live in it for as long as you like.
- The loan will not have to be repaid until you sell the home or pass away.
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Benefits of a Reverse Mortgage
A reverse mortgage allows you to borrow up to 55% of the current value of your home. And because real estate increases in value exponentially, years of accumulated equity can help pay for other major expenses. All you need to do is fulfill these basic requirements:
- You live in your home for at least six months every year, and keep your property in good order
- You meet property tax obligations
- You follow the loan terms
- You have closed any outstanding loans or lines of credit secured by your home.
How to Repay a Reverse Mortgage?
Paying off a reverse mortgage is different from other mortgage products since repayment is not done through a monthly payment over a set amortization period, instead it is settled upon when the property is sold, or the last surviving borrower no longer lives in the residence or passes away. As a general rule, a reverse mortgage is repaid through the proceeds of the sale of the property.
How to Repay a Reverse Mortgage?
Reverse mortgage costs can vary depending on the type of loan you choose, your home value, and other factors. But typically, reverse mortgages have higher interest rates than traditional mortgages. Reverse mortgages may also charge origination fees, home appraisal fees, setup fees, legal fees for closing costs, and any legal advice. So, it’s important to compare these costs before deciding whether a reverse mortgage is right for you.
Get in touch with me today to learn more about your options for a reverse mortgage in Mississauga. Whether you have questions or need guidance, I am here to help you find the best solution.
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