Reverse Mortgages Help First Time Home Buyers

Are you a Canadian 55+ trying to help your family with a down payment on their first home? It is more difficult now than ever to afford a home because of rising home prices – which means your family could benefit from help now instead of waiting for an inheritance.

Reverse Mortgages allow home owners with no mortgages and equity in their homes to take out some of that equity and provide it to family members, who can use it as a downpayment for their own home purchase. Rather than wait till mom and dad pass away a reverse mortgage can be used now, there are no monthly payments to the parents and no income tax is payable on the money taken from the home.

If the downpayment is 20% or greater that can also help the children avoid High Ratio Mortgage Insurance. Feel free to call me so we can talk about whether a Reverse Mortgage can be used to generate a "WARM INHERITANCE" that can benefit family members. And as a bonus, you get to see their new house before you go!