The Reverse Mortgage is a product offered to seniors (age 55 or greater), that will allow them to draw up to 50% of the value of their home. The full amount is determined by the borrowers’ ages, the property type, and property location.

The biggest advantage is that the borrowers do not need to make any payments as long as they reside in the home. The repayment will be due when both the borrower and spouse pass away, or when the home is sold, or when both borrower and spouse have moved out.

There are flexible options on how to receive the money – as one lump sum, or planned advances over a set period of time.

The interest rates are fairly competitive, as the 5yr term is about 0.9% higher then the major banks 5yr posted rate.

One of the providers of a Reverse Mortgage will guarantee the amount to be repaid from the estate, will never exceed the fair market value of the property.

For more details on a Reverse Mortgage please contact us for more details.