What is a Reverse Mortgage?
A reverse mortgage is a loan where a homeowner is able to access the equity in their home in the form of a mortgage that does not require payments to be made. An Abbotsford reverse mortgage is typically available for an older demographic where they do not have to make monthly payments and the loan gets repaid once the borrower moves homes or passes away. This loan first became available in 1989 for those who were at least 62 years old. It was a way for homeowners to tap into their equity without needing to sell their house first.
Why Get a Reverse Mortgage?
A reverse mortgage is a great option to access extra cash if you are not planning on moving.
You can use this money for multiple different reasons, such as…
- A Source of Income: If you are planning on retiring, or would like to retire early, a reverse mortgage can be a great source of income. You can even take out your home equity and put it in your retirement account so it makes you money over time.
- More Real Estate: Have you always dreamed of buying a summer home near the beach or a quiet cottage up north? Accessing your home equity through an Abbotsford reverse mortgage can help finance this dream home. It can also be used as a second form of income if you rent out your place whenever you are not using it.
- Travel: You can even get a reverse mortgage to fund that dream vacation you have always wanted to go on. This is an excellent way to get the family together and create more lasting memories.
- Pay Off Debt: If you have pending debt that needs to be paid off, accessing your home equity through a reverse mortgage can help make that happen.
Whatever the case may be, a reverse mortgage can give you access to a large sum of money that can be used any way you would like. For more information on an Abbotsford reverse mortgage, or to get started on your application now, please contact your Abbotsford Mortgage Broker, Alex Kotai of Your Mortgage Source, at 604-556-3893.
For more information on our mortgage products and your preferred Abbotsford Mortgage Broker please visit our website at www.ymscanada.ca.