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Now more than ever, homeowners in Canada are tapping into money from their home equity without having to sell their home in a process known as a reverse mortgage.
Over the years, this type of mortgage loan has increased in popularity, particularly among seniors. In fact, in January 2020, reverse mortgage debt reached a record of $4.03 billion, according to data from the Office of the Superintendent of Financial Institutions (OSFI).
“A lot of seniors have a lot of equity in their home,” says Elan Weintraub, director and mortgage broker at Mortgage Outlet Inc. “If they’re 55-, 65-, 75-years old and they’re potentially mortgage free, it would let them, if they want to, give their kids or their grandkids a gift, say $50,000, or a reverse mortgage would pay them $1,000 a month which they could use to enjoy their life.”
Interested homeowners can expect to be evaluated on the appraised value of their property (plus its type and condition), eligibility criteria and where they live.
How much money can they borrow from a reverse mortgage?
What’s the eligibility criteria?
Can it be reversed?
Our friends at REALTOR.ca Living Room break down what this means in simple terms, how they can get started, the benefits and more. Read the full blog now.
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