A Reverse Mortgage is still a Mortgage!
If you meet these requirements, you may be eligible for a reverse mortgage in Canada.
It’s important to note that a reverse mortgage is a loan and, like all loans, it must be repaid eventually.
When you sell your home or no longer use it as your primary residence, you will need to repay the loan, along with any interest that has accrued.
It’s also important to understand the fees associated with a reverse mortgage, including interest rates, legal fees, and appraisal costs.
In other words, it’s NOT CHEAP or FREE Money.
Conclusions and Further Thoughts
Before applying for a reverse mortgage, it’s a good idea to speak with a financial advisor or mortgage broker to determine if it’s the right choice for you.
Call Huber Mortgage to consult on whether this is a good move for you. Contact – click HERE.
PS – One of my hobbies is blogging about mortgages, debt and government policy. During the day I’m a MORTGAGE BROKER in Kelowna, BC!
Check out the Huber Mortgage Home Buyers Guide HERE