Reverse Mortgages in Canada

A reverse mortgage is a mortgage that is designed specifically for Canadian seniors that have changing financial needs.  A reverse mortgage allows a Canadian senior(s) that own real estate to use the equity in their homes to live a more comfortable lifestyle by "taking out equity" & using it to live.  Unlike a traditional mortgage, a reverse mortgage does not require set re-payment schedule.  Some of our clients choose to make monthly mortgage payments however most of our Kitchener Reverse Mortgage clients coose to pay back the mortgage when they sell their home.

A reverse mortgage also allows our senior clients in Kitchener/Waterloo, Ontario to stay where they are most comfortable, in thier home without the stress of figuring out how they will afford the expenses of home continued home ownership.

Advantages of Reverse Mortgages

• Seniors Retain Ownership of their home for their life.
• The Proceeds of you Reverse Mortgage are TAX FREE
• No Loan-Repayment is required as long as you live in your home

Call Wayne Wilton today to find out more about how a reverse mortgage can make you or your parents retirement days easier & less stressful.

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Benefits of Reverse Mortgages

1. Unlock the equity in your home - In many cases our clients biggest investment is their home, they have put blood sweat & tears into it for decades & their largest investment is often holding them back from living in a stressfree financial state.  use the equity you've built up in your & STAY in it while you enjoy your golden years.

2. Choose how you receive up to 40% of your home's appraised value - We look at every individual situation to determine the best method of receiving funds is.  Once we've have approval for your reverse mortgage you decide how much to take & when you want to take it.  You can access the entire amount in a lump sum, or take a little now & a litle every month as needed.  We can deposit funds into your account, monthly, quartlery, semi-annually or annually over a set period of time.

3. No payments as long as you or your spouse love in your home - Not having to make monthly payments relieves the stress and worry of where the payments are going to come from.  Our reverse mortgages are so flexible you can start making interest payments if you want & then stop if you find it a burden at all.  We provide the flexibility individually.

4. You still OWN & maintain control of your home - our reverse mortgages do not require you to sell your home to take advantage of the equity you've built up.  Similar to a traditional mortgage, a reverse mortgage is registered on the title of your home, but your home stays in your name.  You can sell your home or move any time you want - you can also pay back your reverse mortgage any time you want.

5. The money you receive is TAX FREE - These funds don't impact any government benefits you recieve & is NOT taxable income in Canada.  Your Old Age Security (OAS) pension or guaranteed Income Supplement are NOT affected.

6. You can SAVE on Taxes - If you decide to invest some or all of your reverse mortgage proceeds you may be able to deduct the reverse mortgage interest against your taxable income.  Speak to Wayne Wilton to find out more about this.  wayne would be happy to recommend a Certified Financial Planner to go determine if this is the best decision for you & your spouse.

7. You are protected & your ESTATE is protected as well. - there is zero risk of loosing your home.  In today's volotile market there can be concerns of losing valueover time, this won't happen with a reverse mortgage.  Our reverse mortgages are guaranteed to never exceed the fair market value of your home.

8. You'll still have equity remaining bacause traditionally, over time, house prices continue to appreciate in value & our reverse mortgages are very conservative & only use 40% of the appraised value of you home.