Have you thought about a reverse mortgage?

Reverse mortgages have come a long way.

They have evolved from a needs-based product to a solution that many financial planners recommend as an important component of a comprehensive retirement plan.

Unfortunately, there are still many misconceptions regarding reverse mortgages. Below, the myths are separated from the facts.

Myth: The bank owns the home.

Fact: You always maintain title ownership and control of your home, and you have the freedom to decide when and if you’d like to move or sell.

Myth: You will owe more than your home is worth.

Fact: Clients can qualify for up to 55% of the appraised value of the home, 33% on average. Due to conservative lending practices, you can be confident that there will be equity left in the home when the loan is repaid. In fact, lenders have a no negative equity guarantee.

Myth: A reverse mortgage is a solution of last resort.

Fact: Many financial professionals recommend a reverse mortgage because it’s a great way to provide financial flexibility. Since it’s tax-free money, it allows retirement savings to last longer.

Myth: You cannot get a reverse mortgage if you have an existing mortgage.

Fact: Clients use a reverse mortgage to pay off their existing mortgage and other debts, freeing up cash flow to use as you wish. How great would it feel to be free of regular mortgage payments?

You’ve paid into your home, now let your home pay you back to comfortably enjoy the years ahead!

Contact me if you would like to learn more.

I can’t wait to help you! 😁

Kellie Bryant

k.bryant@dominionlending.ca

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