Reversed mortgage.
A reverse mortgage is a type of home loan that enables homeowners
who are at least 6o years of age to access the equity in their
homes. Rather than paying a monthly mortgage payment to the lender,
the borrower receives money from the lender, backed by a mortgage
that is based on the value of the home.
. It is a loan, secured against your house that does not need
to be paid back until you sell your house, move out or pass away
. You retain full ownership of your house and can continue living
in it for as long as you wish
You can use the money for whatever you wish and could have some
favorable tax deductions.
Contact your financial adviser or a mortgage broker for more detailed
information.
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