Secure your retirement financially
Are you aware that there are payment-free mortgages? If you are above the age of 55, you can apply for a reverse mortgage that can significantly improve your overall cash flow without large mortgage repayments.
Here at Harpreet Puri Mortgage Agent, we believe that every individual deserves to be financially set in their retirement. With the help of a reverse mortgage, an individual above the age of 55 can utilize the built-up equity in their house as they see fit. The funds can be used for travel, to accommodate their lifestyle, healthcare, investments, home improvements and much more. Through a reverse mortgage, borrowers can turn a portion of their home equity into cash. This gives them access to quick funds without worrying about repayments, while at the same time retaining ownership of their house.
What is a reverse mortgage?
As mentioned above, if you are a property owner who is at least 62 years old, you can borrow against your equity to secure a line of credit from a lender. However, unlike a traditional mortgage, you will not be required to make any monthly repayments. You will only end up repaying the loan when you or your heirs sell the property. The most common type of reverse mortgage is known as a Home Equity Conversion Mortgage (HECM).
Reasons for getting a reverse mortgage
You can retire in style
Most property owners getting close to their retirement age have spent the last couple of years making mortgage repayments. Based on where you live, this monthly obligation can range anywhere between a hundred to a few thousand dollars, which leaves you with less money to save, invest, and even spend on the items you want. With the help of Harpreet Puri Mortgage Agent, we will select a reverse mortgage that will allow the retiree to increase their fixed income and provide you with the funds to do and get things that you wouldn’t be able to afford. An individual’s quality of life is the most important reason to get a reverse mortgage.
Pay off your hospital or medical bills
For most older Canadians, medical and healthcare issues are an ever-increasing reality in their daily lives. With healthcare costs in the country at an all-time high, it can put a significant financial strain on your fixed income. From ongoing medical treatments to prescription drugs, or even a one-time expensive medical bill are some of the reasons to get a reverse mortgage.
Improve or make renovations to your house
The formative years of your retirement are a fantastic way to renovate your home to accommodate the way, you will be leaving for the next ten or even twenty years. Maybe you want to expand your kitchen or even widen the hallways to make it more spacious for your children. Or take out the pool in your backyard and make it into a stunning landscaped garden. As we age, one main reason to secure a reverse mortgage is to model your home to suit your new needs and lifestyle.
Go on your dream vacation
There is no better time than to just get away and make the most of your retirement. Reverse mortgages have allowed several homeowners to take a vacation they’ve always dreamed about. Before you never had the resources, but now it can be a reality.
Pay off high-interest debt
Most individuals over time accumulate a large amount of debt. It should come as a surprise that this is one of the main reasons to get a reverse mortgage. Whether it is high-interest, or a student loan debt, a reverse mortgage is an effective way to get a large sum of cash to manage their debts and cash flow.
Advantages of getting a reverse mortgage:
- Helps in securing your retirement
Reverse mortgages are an ideal alternative for those retirees who do not have a lot of savings or investments but have a lot of built-up equity in their properties. Furthermore, it allows them to turn an asset that is illiquid into cash that can be used to take care of certain expenses in retirement.
- You can stay in your own house
- You’ll pay off your existing home loan
- You’re safe if the balance goes over your property’s value
Why you should hire Harpreet Puri Mortgage Agent for a reverse mortgage in Mississauga
If you are considering getting a reverse mortgage in Mississauga, you cannot go wrong with Harpreet Puri Mortgage Agent. All you need to do is get in touch with our team today to schedule an initial consultation or to request a free, no-obligation estimate. Based on your specific needs, we can create customized mortgage solutions.
Want to know more about reverse mortgages? Speak with our team today.
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