If you’re a homeowner in Kelowna, BC, looking to tap into your home’s equity, a reverse mortgage could be the solution you’re seeking. At Rampone-Marsh Mortgages, we’re here to help you understand reverse mortgages and determine if it’s the right choice for you.
With traditional mortgages requiring you to make monthly payments, a reverse mortgage does somewhat of the opposite. It lets you turn part of your home equity into tax-free cash without the burden of these monthly payments. An option made for homeowners aged 55 and above, this option gives you funds based on your home’s equity—what your home is worth minus any outstanding mortgage balance. The amount you can access depends on many factors including your age, home value, and the current interest rates. Reverse mortgages also allow you to keep ownership of your home as long as you live there, maintaining comfort and financial security.
Advantages of a Reverse Mortgage:
- Financial Flexibility
- No Monthly Payments
- Retain Homeownership
Considerations Before Deciding:
- Interest Rates and Fees: Understand the rates and fees associated with a reverse mortgage. Our team can help you find a solution that fits your needs.
- Impact on Inheritance: Discuss how a reverse mortgage may affect your estate and inheritance with your family and financial advisor.
- Eligibility Criteria: To qualify, you must be 55 or older with enough equity in your property.
As your trusted Kelowna mortgage broker, Rampone-Marsh is dedicated to guiding you through the reverse mortgage process. Explore the possibilities by visiting our reverse mortgage page or scheduling a consultation with our experienced specialists. Let us unlock your home’s equity potential: your financial well-being matters to us.
