Reverse Mortgages are a distinct line of products that are available only to a certain demographic in Canada. You must be 60 years of age or older to qualify for this program.
The Reverse Mortgage is a loan secured by the equity in your home. Without having to sell or transfer ownership of your home, you can borrow up to 40% of its value. One of the great advantages to this program is that you don't have to make any payments (principal or interest) for as long as you or your spouse lives in the home. You will maintain ownership and control of the home while enjoying all the benefits of having converted some of its value into easily accessible money. The money that you will have access to is also tax free which is always a great feature.
The Reverse Mortgage has helped many Canadian seniors who are looking for a quick, sensible and cost effective way to access the equity in their homes. The best part is that the home owner will not have to move, sell or do anything different with their home. Imagine: Money and home ownership too!
Alberta Equity Mortgage brokers are always available to answer any questions or advise you on Reverse Mortgages and their options. Depending on your situation, Reverse Mortgages may be the answer for you.
Alberta Equity has helped over 50,000 people find and qualify for the best mortgages in Canada for over ten years. We do all of the heavy lifting and ensure that you get the best mortgage rates and product features available. Apply online for a free, no obligation consultation.