Reverse Mortgage

Unlock the Equity in Your Home with Our Reverse Mortgage Solutions

If you're a senior or over the age of 55 in Ontario and looking for a way to tap into your home equity without leaving your home, a reverse mortgage could be the right option for you.

With a reverse mortgage from CVE Mortgage Group, you can convert a portion of the equity in your home into tax-free cash, without having to sell your home or make monthly mortgage payments.

Here's a few benefits of a reverse mortgage:

Check Box Box with check mark No Monthly Mortgage Payments: Stop making monthly mortgage payments, and free up your cash flow with a reverse mortgage.

Check Box Box with check mark Stay In Your Home: Gain the ability to remain in your home for as long as you like, even if the load balance exceeds the value of the home.

Check Box Box with check mark Maintain Ownership: Retain ownership of your home, allowing any remaining equity to belong to you or your heirs.

Check Box Box with check mark No Income / Credit Requirements: Reverse mortgages do not have any income or credit requirements, making them a potential option for seniors that may otherwise have trouble qualifying for a loan.

Contact CVE Mortgage Group today to for a free consultation, and find out if a reverse mortgage is the best option for your specific financial situation.

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How Reverse Mortgages Work: A Comprehensive Guide

Reverse mortgages allow homeowners to gain access to existing equity in their home without having to sell their property. The loan is typically repaid when the homeowner sells the property or passes away.

No Stress

Here's how it works;

  • Eligibility: In Ontario, you must be at least 55 years old and have significant equity to qualify for a reverse mortgage.
  • Loan Amount: The amount of the loan is determined by the value of the property, the age of the youngest homeowner, and the current interest rate.
  • No Monthly Payments: With a reverse mortgage, there are no monthly payments because the loan is repaid when the homeowner sells the property or passes away.
  • Use of Funds: Funds obtained from a reverse mortgage can be used for any purpose, including home improvements, medical expenses, travel, and more.
  • Tax Free Money: Money received from a reverse mortgage does not constitute as part of your taxable income, meaning that Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not impacted.
  • Repayment: Repayment of the loan typically occurs when the property is sold, or the homeowner passes away. Proceeds from the sale are used to repay the reverse mortgage loan.

At CVE Mortgage Group, we can help you navigate to complexities of reverse mortgages and help you make the best decision in your circumstance. Contact us today for a free reverse mortgage consultation.

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