Reverse Mortgages Can Be Very Versatile

Reverse mortgages come in two varieties. One common variety involves the homeowner receiving monthly tax free income from the equity in their home, with no payments. Here are two common ways that money is used.

TRAVEL: We always talk about travelling but find excuses not to do it. Two of the biggest reasons are that there is no time to travel, or it is too expensive. When most people retire, they finally find themselves having the time for travel, but the cost of travelling often dissuades them.  Whether the trip is local, a quick weekend getaway, or an all-inclusive beach resort, a reverse mortgage can help you afford your travels. 

Health Care: 91% of Canadians say they want to remain in their own homes for as long as possible after retirement. If you are one of these Canadians, you can use a reverse mortgage to help you continue living in the comfort of your own home and community. Many Canadians cite that they are forced to move out of their homes because they cannot afford the high costs associated with in-home care. However, a reverse mortgage can give you the financial means to remain in the home you love and afford the health care you need as you age.

A reverse mortgage can provide you with cash now, so that you can take the vacation you have always wanted. You can receive up to 55% of your home’s equity to use on your next destination without making any monthly payments.