Your house is like a bank account…
Is it time to make a withdrawal?
Reverse mortgages have become a very popular way to finance important life decisions. Over the years your home has likely increased in value. In some markets, like Niagara, we have seen properties more than double in value in the past 10 to 15 years. There are several ways to extract this extra value to give you the financial flexibility you desire.
Reverse Mortgages
So what is a Reverse Mortgage?
There are two types including the CHIP Reverse Mortgage and the Income Advantage. Both offer an initial advance calculated from your available home equity. The former offers advances over time at the homeowner’s discretion while the latter provides advances on a scheduled monthly or quarterly basis.