Reverse Mortgages

If you have retired or are planning to retire soon, you probably have some clear goals in mind. You may want to travel, remodel your home or buy your dream car. With reverse mortgages from CMI, you can use the equity in your home to realize your dreams while staying in the house you love.

Reverse Mortgages Defined

The word “reverse” is the key to understanding this home equity product. Instead of making payments on a mortgage, you take out a mortgage on part of the equity in your home and draw payments from that money. You can choose to receive the money all at once or in installments. There are many advantages to these loans:

• You can receive up to 50% of the value of your home.
• The money is tax-free. It is not considered taxable income and will not affect the government benefits you receive.
• You make no payments as long as you or your spouse continues to live in your home. The loan does not need to be repaid until your home is sold or you move.
• You can use the money any way you want.

Here are some examples of how a reverse mortgage can improve your life and financial security:

• Boost personal savings by transferring money into other investment vehicles. You might even be able to deduct the interest on certain types of investments from your income.
• Apply the money to unexpected expenses.
• Invest in real estate.
• Offer financial help to your children while holding onto your own savings.
• Secure the financing you need for monthly expenses and remain in your home longer.
• Enhance your lifestyle with a home renovation or a long-awaited vacation.

CMI Home Equity Conversions

Canadian Mortgages Inc. is home to an experienced team of mortgage brokers. Our services are fully insured and our brokers are all AMP certified. We have expertise in home equity products, including home equity loans and lines of credit, second mortgages and reverse mortgages.

We do not sell products for one specific financial institution. We provide a wide range of loans and mortgages from lenders across Canada. With this diversity of sources, we can offer you affordability and flexibility in your mortgage product. We have:

• Lower interest rates than most banks
• Flexible installment plans for your payments
• Fixed and variable mortgage rates
• Terms of various lengths to suit your needs

Contact Us to Discuss Your Home’s Equity

Enrich your golden years! If you are 60 years of age or older and own your home outright, you may be eligible for our reverse mortgages. To learn more, Contact us online or by telephone and speak to one of our mortgage brokers.

contact CMI today to get a free, no-obligation quote.