A reverse mortgage is a unique type of loan that allows you to access funds from your home equity while still living in your home. Aimed at homeowners aged 55 and older, you can borrow up to 55% of the current value of your home. The amount you can borrow depends on certain factors, such as:
- Your age and the age of others listed on the title of your home
- The condition of your home and its appraised value
- The home being your primary residence and living in the home for at least 6 months a year
There are many pros to getting a reverse mortgage, such as:
- No monthly payments
- Flexible options - can use a lump sum to pay off a debt or use it to supplement your income
- Funds are tax-free
Keep in mind that there are certain factors to consider if a reverse mortgage is right for you. You’ll want to think about your current financial situation and also your long-term plans for your home. Take your time, weigh your options, and make the choice that best aligns with your financial goals and circumstances.
Talk to a mortgage expert at Access Credit Union. Our specialists are here to help you and can provide tailored solutions for your unique needs. Book an appointment today!
