Did you know that reverse mortgage products are the fastest growing mortgage products in Canada? Due to the growing popularity of reverse mortgages, we thought we would share some of the top reasons why reverse mortgages are on older homeowner’s minds now more than ever.

First, Canada has an aging population, and this means that more people are eligible to take advantage of reverse mortgage products! With 30% of the population being over 60 years old, more people can now qualify for their own reverse mortgage, which states that the applicant must be at least 55 years of age.

Second, roughly half of homeowners over 60 years old find that most of their wealth lies in their home, but they do not want to sell. Although they want to stay in their current home, they would also like to unlock some of this money in order to supplement their retirement income or fund other projects.

There are many Canadians in this “house rich, cash poor” situation, and a reverse mortgage product can fix this issue quickly. With the ability to access up to 55% of the value of your home without monthly payments, reverse mortgages in Toronto can give older homeowners the freedom to:

• Pay off a mortgage or other debts
• Fund renovations or accessibility modifications in the home
• Pay for in-home care or healthcare expenses
• Supplement pension income in order to travel and enjoy leisure activities
• Gift family members with money for a downpayment, education expenses, or an inheritance
• Invest in a vacation or rental property, or other investments

It’s easy to see why reverse mortgages are becoming so popular! If you would like more information on reverse mortgage products, contact me today.