Reverse Mortgages

A reverse mortgage operates in the exact opposite way from a traditional mortgage, in which you pay the bank regular installments to increase the value of your house. As part of a reverse mortgage, the bank will pay you in exchange for the equity in your house. You can decide whether payments should be ongoing, a substantial one-time payment, or both.

Important aspects of reverse mortgage

You can get a sizable one-time payment, periodic payments that are tax-free, or both. Until you relocate, sell, or pass away, you are not required to repay this money. Using the cash, you can:

• Have a retirement income source
• Remit debt
• Make home improvements
• Assist the family
• Pay for home healthcare

Few distinctions between amortized mortgage

• No recurring monthly fees 
• No expiration date
• A minimum age limit of 55
• You must be a homeowner.
• Only appropriate for a primary home 
• On the outstanding principal and interest, the interest share is calculated.

If you are looking for options on a reverse mortgage in Mississauga, Canada the seamless way is to get in touch with us.  Raj Puthenkulangara, and his team can rightly assist you.