60 years old or plus and seeking a steady income? This type of Reverse Mortgage is for you
Terry Kilakos and his team of mortgage brokers will help you set up a loan secured against the value of your home which will provide you a steady income for many years to come.
This type of mortgage lets you convert part of your home equity into cash — without requiring you to sell or move.
What is a reverse mortgage?
A reverse mortgage makes payments to you instead of the reverse, where you make regular payments to a traditional mortgage. So long as you live in your house, you do not need to make payments. Your estate is well protected since ownership remains in your name. The reimbursement amount is guaranteed and will never exceed your home market value.
Up to 55% of the value of your home can be paid out to you tax-free.
Depending on your circumstances, Income Advantage may be the right tool to help:
- Provide you with additional income
- Preserve your investment portfolio longer
- Lower your tax liability long term
You can access your money in monthly installments or initial and periodic advances.