Could your retirement benefit from a Home Income Reverse Mortgage?
You have always wanted to explore Canada a cabin in the country sounds appealing; or just a solarium off the front entry – but these items need funds.
With the Canadian Home Income Reverse Mortgage, money currently locked into the value of your home becomes freed for you to do more of the things you really want to be doing.
A home income plan is a reverse mortgage secured by the equity in your home. Unlike a traditional mortgage, wherein you make regular payments to a lender, a reverse mortgage pays you.
A reverse mortgage does not require you to make any payments – principal or interest – for as long as you, or your spouse, reside in your home. That’s why reverse mortgages have become the popular and practical choice for seniors across Canada. Amazon Mortgage Centre’s Home Income Reverse Mortgage is designed exclusively for Canadian homeowners age 55 and older*.
* This age qualification applies to both you and your spouse.
How much income can you receive from Reverse Mortgage?
Reverse Mortgage up to 50 per cent of the value of your home
The amount you are eligible to receive from your reverse mortgage is based on the following:
- Your age and the age of your spouse
- The location of your home
- The type of home you have
- Your home’s current appraised value
Freedom to choose how much income you want
The home income reverse mortgage loan allows you to decide how you wish to receive your funds.
- Receive payment in one lump sum advance
- Divvy up payments; receive one now and another at a later date of your choosing
- Receive planned advances over a set period of time
- Combine a lump sum advance now with ongoing advances over time
The money is tax-free. It will not be added to your taxable income. It will not affect Old Age Security (OAS) or the Guaranteed Income Supplement (GIS) government benefits you may be receiving and/or are eligible to receive.