Discover the Power of Reverse Mortgages: a Path to Financial Freedom

February 26, 2024

Key points:

  • A reverse mortgage is a simple way to turn the equity you’ve built up in your home into tax-free cash—with no ongoing payments required.
  • Clients can use a reverse mortgage for several reasons, such as paying off existing debts, gifting money to family, or buying an investment or vacation property.

The power of reverse mortgages

Cash in on your home’s value: Reverse mortgages offer tax-free funds without monthly payments. Considering a reverse mortgage? It’s more than just financial flexibility – it’s a solution for debt, renovations, gifting, and more.

Don’t feel like watching? Find the full transcript below!

Chris: [00:00:00] What are the trends I’ve noticed in my personal book of business is the popularity of reverse mortgages. I think it’s because in a world of increased volatility and things are getting more expensive, Canadians are looking for financial peace of mind, and a reverse mortgage is the perfect product to satisfy that need.

Chris: [00:00:17] So what exactly is a reverse mortgage? Well, it’s a simple way to convert the equity that you’ve built up into your home, into tax free cash. And the best part is, is that you are not required to make any mortgage payments on it, like in a traditional mortgage. You can borrow up to 59% of the value of your home. You can receive the reverse mortgage either as one lump sum payment, or you can spread it out as regular monthly payments to supplement pension income. You retain ownership of the home throughout your life while you’re living in that property, and you are not required to show income to qualify like in a traditional mortgage.

Chris: [00:00:53] Over the years, my clients have used reverse mortgages for all kinds of reasons: paying off existing debt, including existing mortgages to improve cash flow, gifting to family for an early inheritance, you can use it to make renovations to your home, or even add safety features to your home so you can age in place. Buy a rental property, a vacation property, or even for in-home care.

Need more help or information?

Chris: [00:01:18] If you or somebody you know is considering a reverse mortgage, then I invite you to reach out for a consultation. It’s one of the products that I am most passionate about, because over the years, I’ve seen the relief that it provides for families, and I can’t wait to talk about it with you.

If you’d like to discuss your mortgage, you can contact me here or schedule a convenient call time directly into my calendar below.