Mortgage-free homeowners can always consider the numerous benefits of earning extra cash through a reverse mortgage. And why not?! You’ve worked hard, your house is rightfully yours now. You feel free, clear and strong about some dreams that you’d like to start to fulfill. The professionals at Toronto121 Mortgage will sit with you and make your dreams come true! You get to keep your home and earn some tax-free money and go for whatever you desire to do!
You should know that to qualify for a reverse mortgage in Canada, you have to be 60 years of age or older. A conventional mortgage or loan requires that you make regular payments, but a reverse mortgage doesn’t. With a reverse mortgage, interest accumulates and equity decreases and if you ever do decide to sell your home, the loan and anything accrued gets paid back then.
Let’s get it clear. You’ll owe more than you borrowed since interest is being added to your balance. A reverse mortgage is a saviour that allows you to choose how you receive your money. You can either pay back the interest and principal entirely, pay the interest month-to-month or on an annual basis.
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