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Reverse Mortgages for Seniors

Buying your own home is a big financial commitment. So big in fact, that many Canadian homeowners need to sacrifice and save for long periods of time in order to make the transition. After years of investing in your home, isn't it time that your home invested in you? A home income plan from Family Lending could be just the tool you're looking for in order to take advantage of the equity in your home.

What is a home income plan and how does it work?

A home income plan involves a special type of mortgage, known as a home reverse mortgage. Unlike a traditional mortgage that requires you to make regular payments to a leander, a home reverse mortgage pays you from the equity built into your home. Reverse mortgages are specifically designed for senior homeowners over the age of 60. A senior's reverse mortgage allows an elderly homeowner to obtain cash for living expenses, without having to sell the home. Check out our free reverse mortgage calculator to see just how much money your home could be paying you!

Advantages of a home reverse mortgage
A home reverse mortgage differs from a traditional mortgage in many ways and includes a number of great benefits that are specifically designed to help Canadian seniors make the most of their golden years. These benefits include:

- Never having to make interest payments. A holder of a senior's reverse mortgage has the option of making monthly interest payments, however most people choose to pay back the mortgage when they sell their home.

- Tax-free cash payments. The money that you borrow as part of a home reverse mortgage is a tax-free source of income.

- Maintaining ownership of your home.

- Flexible Income options. A seniors reverse home mortgage can be paid out in one lump-sum, or over scheduled intervals in order to provide a regular source of income.

Furthermore, the income generated from a senior's reverse mortgage does not affect the Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits you may be receiving.

How much money am I eligible for?

Home reverse mortgages normally offer up to 40% of the value of your home. The amount you receive from your reverse mortgage is based on:

- Your age and the age of your spouse (remember, both you and your spouse must be over the age of 60 to qualify for a reverse mortgage)

- The location of your home

- The type of home you have

- The home's current appraised value

To find out home much you are eligible to receive as part of a seniors reverse mortgage contact Family Lending toll-free at 1-866-941-6678. You can also run some numbers using our free reverse mortgage calculator.

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