Are Reverse Mortgages Safe?

You’ve worked hard to pay the mortgage on your home. With a reverse mortgage you may be eligible to access the equity that has built up in your property.  A reverse mortgage makes it possible for people to stay in their own home and may be used towards expenses such as  paying property taxes, home repairs, travelling or leisure.  Before you decide whether a reverse mortgage is right for you, you are required to speak with an independent Counselor trained to answer questions that you may have concerning the reverse mortgage program.  Counseling is designed to educate seniors about the reverse mortgage program, and includes discussion on the financial implications; possible alternatives, borrower obligations, loan costs, and repayment conditions.  The counselor will ensure that the potential borrower understands the terms and conditions of a reverse mortgage.

  • Access the equity in your home and stay in your home as long as you want. However, if you move, pass away or fail to pay property taxes or home owners insurance then you could be forced to sell your home or repay the loan.
  • Never owe more than your loan balance or the value of the property (whichever is lower).
  • Receive an annuity-like stream of income for as long as you, the borrower(s) remain in the home. Most borrowers elect to receive a lump-sum payment rather than the monthly payments.

Speak with one of our professionals today and learn how you can make the most of a reverse mortgage.

If you're ready to get started on your reverse mortgage apply now.