Mortgage Broker in North York, ON
In a word, a reverse mortgage is a loan. A homeowner who is 55 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit. Unlike a forward (regular) mortgage—the type used to buy a home—a reverse mortgage doesn’t require the homeowner to make any loan payments.
Call me for more details and see if you can unlock the equity in your home.