Reverse Mortgage
Retirement is closer than you think. Did you know you can borrow tax-free money from your home equity without selling your home? Many Canadians like yourself are looking to increase their retirement income and are doing so by unlocking the significant wealth they have built as homeowners through a Reverse Mortgage.
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What is a Reverse Mortgage?
What is a Reverse Mortgage?
A reverse mortgage can be compared to a credit line, but with a key difference: you don’t have to make monthly payments or sell your property. Just like a credit line, you can access your funds all at once, in monthly instalments, or a combination of both. With a reverse mortgage, you can unlock a portion of your home’s equity, up to an approved limit, as a loan. This loan is secured by your home’s value, and you don’t have to pay it back until you sell your house or pass away.
A reverse mortgage is a great option for homeowners aged 55 and older who want to supplement their retirement income, provide a living inheritance to a loved one, or access funds without selling investments and incurring taxes. Unlike a line of credit, a reverse mortgage does not require monthly payments, providing more flexibility for financial planning.
Let us help you decide if a reverse mortgage is the right fit for your financial goals and needs.
Mortgage Problem Solved
Our client, John, had been living in his home for over 30 years and was struggling to make ends meet in retirement. With a limited pension and rising living costs, John found it difficult to manage his everyday expenses. He didn’t want to sell his home, but traditional loans weren’t an option due to his fixed income and limited borrowing capacity.
MonsterMortgage.ca recommended a Reverse Mortgage, allowing John to access his home’s equity. We guided him through the process and connected him with a lender who offered terms that worked for his specific situation. The reverse mortgage gave him the financial breathing room he needed, helping him avoid debt while maintaining his independence.
Mortgage Problem Solved
The Monster Difference
Our Customers Are Our Priority
With over 25 years of experience, we will work closely with you to identify if you qualify for a reverse mortgage and if this is the right option for you based on your short and long-term goals.
Get All The Facts
We’ll spend time understanding your needs and providing you with all the details and options to make an informed decision. Our independence allows us to focus on working for you. We partner with numerous lenders so we can find you the most advantageous deal.
Our Reputation
We are an award-winning Canadian mortgage brokerage firm with a weekly call-in show on CP24. We believe in giving back to our community. Over the years, we’ve proudly supported various community initiatives, including a 14-year partnership with the City of Toronto to raise millions of dollars for seniors.
Benefits of Reverse Mortgages
No Monthly Payments
A reverse mortgage allows you to tap into your home’s equity, based on qualifications, without making monthly payments, unlike traditional loans requiring regular payments.
Secure Retirement Income
Use your built-up home wealth to increase your retirement savings and income – and did we mention it’s tax-free?
Stay in Your Home As Long as You Desire
Using a reverse mortgage allows you to benefit from the equity you have built while allowing you to still live in your home.
You’re Protected
The balance of your reverse mortgage can never exceed the value of your home, protecting you from having to pay more than what it is worth.
Get Personalized Guidance
We’re here to help you understand how a Reverse Mortgage can support your lifestyle. Book a no-obligation consultation with our friendly advisors to discuss your unique situation and explore possibilities.
FAQs
With a reverse mortgage, you still have ownership of your home. You are using your home equity as security for the loan.
If you are aged 55 or older, are planning to stay in your home for a while, and are looking to increase your retirement income to cover everyday expenses, this is for you. You can access the equity in your home and receive a lump sum or regular payments from a lender to support your retirement needs.
On average, you can get between 40% to 60% of your home’s appraised value. Several factors determine the percentage such as your age and interest rates. Contact us today to find out more.
You must own a home that is your primary residence or a place you live in at least 6 months out of the year. Any of the owners listed on the title of the property must be at least 55 years old.
Contact us to get started. We will work with you every step of the way. We are known for our transparency and integrity in everything we do. With over 25 years of experience, we ensure all our customers know the facts before making a decision. We have access to multiple lenders to find the best rate for you – we represent you, not the lender.
Let Us Help You Get the Best Mortgage
With experience assisting over 100,000 Canadians, we’re here to help you explore your options, compare rates, and find the mortgage that suits you best.
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