Reverse Mortgage Income

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Pros of Reverse Mortgages

  • Unlike most conventional mortgages, reverse mortgages do not require you to make any regular payments.
  • There are no credit, income, or employment requirements to qualify for a reverse mortgage.
  • The money you receive from your reverse mortgage is a tax-free source of income.
  • Since, the income you receive from a reverse mortgage is tax free, it does not affect the Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits you may be receiving.
  • With a reverse mortgage you maintain ownership of your home. The title to your home will remain in your name and you can continue to enjoy all the benefits of homeownership. Like most conventional mortgages a reverse mortgage is simply as mortgage on the title to your home. (read Protection of Home Ownership).
  • You get to decide how you want to receive the money from the reverse mortgage.

Cons of Reverse Mortgages

  • Reverse mortgages are subject to higher interest rates than most other types of mortgages.
  • Though this may be true. Reverse mortgage interest rates are 5% less than they were 5 years ago, and are substantially cheaper than a private mortgage if you have bad credit or no credit.
  • Your home equity decreases as the interest on the reverse mortgage accumulates.
  • Upon the death of the last surviving homeowner, your estate will have 1 year to repay the reverse mortgage.
  • Since the principal and interest will be repaid to the lender at your death there will be less money in your estate to leave to your children or other heirs.
  • Historically property prices have increased in value over time, which has an offsetting effect on accumulating interest.
  • The costs with a reverse mortgage can be higher than the costs of a conventional mortgage.
  • See how the costs of a reverse mortgage stack up against other mortgages.

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  • Pay off debts
  • Fix up your home
  • Cover monthly expenses
  • Never make a payment
    until you choose to move or sell

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