4 Mar

What is a Reverse Mortgage ?


Posted by: Randell Toporowski

A reverse mortgage is a mortgage, but it is a special type of mortgage.

A reverse mortgage allows you to access the equity in your home and convert it to tax-free cash.

The cash funds that you receive are not identified as income and can be used for whatever purpose you wish; hence they are received – by you – tax-free …. and you can receive the money as a lump sum or as advances over time.

Regular monthly mortgage payments are not required! One of the terms of the reverse mortgage that makes it a special type of mortgage is that you are not required to make regular mortgage payments to the Lender for as long as your home is your primary residence.

Therefore, if:

  • You are a Canadian Homeowner
  • Your age is 55 or older
  • Plan to remain in your home, and

you need money to relieve financial pressures or increase your cash flows into the home without the demand of regular monthly mortgage payments; all with the peace of mind that you will maintain complete ownership of your home.

Do not hesitate to contact me for a confidential review of your eligibility for a reverse mortgage from Home Equity Bank.

Randell Toporowski is a Mortgage Broker (Lic #508316) with DLC BlueTree West – Powerhouse Mortgages (Lic #316287) in Regina, Saskatchewan. His telephone number is 306-541-5438;  email is randellt@dominionlending.ca