Reverse mortgages can be an ideal solution for some retirees.
If you listen to the marketing efforts of lenders pitching reverse mortgages, you would think that they are the absolute best thing to do no matter what your retirement situation is. The reality is that reverse mortgages can be a wonderful financial tool, but that doesn’t mean they are right for everyone. At Donna Mullen & Associates, we care about what is in your best interests. We take the time to fully explain what reverse mortgages are and what your rights, responsibilities, and potential benefits and drawbacks would be if you were to proceed.
If you are looking for a way to get money out of your home to invest at a higher return rate than the interest rate on a new mortgage, reverse mortgages may be a way to do that. They can also be a good solution if you need additional income now and have no plans to leave your home to anyone in your family. We will go over these and other considerations that can help you determine if a reverse mortgage on your Collingwood, Ontario home makes sense.
Should you decide to proceed, we will help you find the right lender dealing in reverse mortgages and negotiate the most favourable terms possible. We will be with you every step of the way so that you fully understand the terms and conditions involved so you don’t agree to something that isn’t in your best interests.
If you would like to learn more about reverse mortgages and discuss if getting one makes sense for your situation, don’t hesitate to reach out to us to schedule a consultation.