Reverse Mortgage Toronto

The reverse mortgage has become more popular over the past few years, given an extreme build up of equity in households across Toronto. Home equity often forms a disproportionate part of net worth, and the reverse mortgage is the perfect way to take advantage of this equity.

The equity paid out from a reverse mortgage is not considered to be income, so it isn’t taxable.

The reverse mortgage pays you a monthly stream of income, a lump sum/ one time upfront payment, or a combination of these.

There are certain limitations for reverse mortgages. The minimum age for reverse mortgages is 55. The minimum equity needed in the home to add a reverse mortgage is typically 50%. Typically, the higher the age and equity available, the higher the reverse mortgage amount.

There are different reverse mortgage options in Toronto. Connect with Altrua Financial to take to a reverse mortgage expert and select the plan that’s best for you.