No Monthly Payment Home Equity Mortgage
For many of us, our home is our largest asset, and we have spent many years taking care of it. Over the years we may have created quite a bit of equity through our hard work in paying off/down the mortgage, as well as the appreciation in property value of our home over the last several years.
Even though we may have quite a bit of equity built up, accessing it may sometimes be difficult.
If we refinance the property to take the equity out, we will have to make the monthly payments on this new loan. This may not always be possible, as in retirement, our income may have decreased, and a monthly payment would simply be another burden on our monthly cash flow.
The Reverse mortgage program may be the right solution for this situation.
Through this program we may be able to access quite a bit of equity without having to make monthly mortgage payments. The property will likely still increase in value year after year, and we will not have to sell it to access our equity. This way we also avoid all the fees and costs associated with selling.
Not to mention, where would we live if we sold?
So why do this?
We may have debts that need to be paid off, we may want to enjoy our retirement by travelling to our favourite destinations, or by spending more time on our hobbies, or we may wish to help our kids and grand kids with an early inheritance. Why not give them the financial help while we are still able to watch them benefit and enjoy it?
The other big reason that the Reverse mortgage is very popular these days has been highlighted during this pandemic we find ourselves in. Many of us would rather stay in the security and safety of our homes as opposed to living in a retirement community.
The Reverse mortgage may be able to help fund this as well as any other expenses we may need to age at home.
The Reverse mortgage has many benefits, and can be customized. The funds may be drawn at once or in smaller increments. The funds received are tax free, and may be used as we desire. The ownership of our property stays with us, and we are never forced to payout or sell the property unless we decide to sell, refinance or no longer live there.
We just need to maintain the property as we always have, pay the property tax and utilities. Contact us for more details, and we would be happy to share more information to see if this may be a good solution for you.