A reverse mortgage gives you monthly income in your retirement years based on the equity in your home.
Retirement looks different for everyone, and there are so many things that can affect the financial goals you have worked a lifetime to achieve. Investing in your Kelowna, British Columbia home throughout your life has earned you the privilege of peace of mind that you’ll always have a roof over your head. Rather than sit on that equity, you could be putting it to use to make your golden years a bit more golden. At Centum Mortgage Store, Ltd., we can help you ascertain whether a reverse mortgage is right for you.
A reverse mortgage provides you with monthly income based on the equity you have in your home. You can use this for whatever you want – medical expenses, travel, hobbies, paying down other debts, gifts for your grandchildren or great-grandchildren, gifts to charities, or anything else you wish. Some people opt for a reverse mortgage because their retirement income isn’t quite enough to make ends meet and it is better to go this route than face foreclosure or other actions from creditors or go without needed medications. Others do it just to have a bit more fun during their retirement years. Whatever your reason for wanting a bit more income each month, call us to discuss whether a reverse mortgage would be a viable solution for you.
If you are unfamiliar with what a reverse mortgage is and would like to learn more, don’t hesitate to reach out to us. We will be happy to explain how they work and answer any questions you might have. We can also share information about other lending solutions that might make a better fit. We work with more than 20 lenders, so we are confident we can help you meet your financial goals.