A reverse mortgage can be a great financial solution for Canadian seniors to unlock the equity in their home during their retirement. There are still a lot of myths about this product, so our team of certified reverse mortgage specialists wants to set the record straight.
Myth: I could lose my home!
Facts
You will remain the owner of your home. The lender of your reverse mortgage will never ask you to move or sell, provided you: pay your property taxes and home insurance, and keep your property well maintained.
Myth: If I have a reverse mortgage, I won't have anything to leave my family.
Facts
As the homeowner, you keep all the equity remaining in your home. In our lender's many years of experience, over 99% of homeowners have money left over when their reverse mortgage is repaid. And on average, the amount left over is more than 50% of the value of the home.
Myth: A reverse mortgage should be my last resort.
Facts
Absolutely not! More and more financial professionals recommend a reverse mortgage to supplement monthly income for seniors instead of selling and downsizing, or taking out a conventional mortgage or a line of credit.
Myth: The extra money will affect my government benefits.
Facts
Your reverse mortgage will not affect any government benefits you may receive, such as Old Age Security (OAS), Canada Pension Plan (CPP), or Guaranteed Income Supplement (GIS). Plus, since you are unlocking home equity from your primary residence, it's tax-free.
Myth: Getting a reverse mortgage will be too difficult.
Facts
There are only 5 easy steps to your reverse mortgage. From contacting your Auxilium mortgage specialist through to receiving your tax-free money to spend as you see fit, we'll support you at each point along the way.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals. If you're ready to start your reverse mortgage process, contact us today for a free consultation with one of our brokers: call Toll-Free 1-855-590-6520 or visit us at 307 Goldstream Avenue during regular business hours. We can also arrange an appointment evenings or weekends to work with you.
