Myth #2: "Reverse mortgages have high interest rates."
Let’s unpack this. Are Canadian Reverse Mortgage rates higher? Sure, they’re slightly above traditional A-Lender rates, but they’re on par with your average Home Equity Line of Credit (HELOC). And the **benefits?** Next level.
Here’s what sets Canadian Reverse Mortgages apart:
1. NO monthly payments! 2. Easier to qualify** compared to a HELOC. 3. No Negative Equity Guarantee—if your home’s value drops, the bank absorbs the difference, NOT you. Just keep up with property taxes and home maintenance, and you’re protected!
Where else can you find a loan that offers **no monthly payments, flexible qualification,** and a guarantee that you’ll never owe more than your home’s value? Spoiler: you can’t! Canadian Reverse Mortgages bring it all, exclusively for Canadians 55+.
Myth rating: Mostly FALSE! The benefits far outweigh the costs.
For a limited time, I’m offering a FREE 30-min consultation to go over your mortgage options. DM me to schedule your 1-on-1 session!
Stay tuned for Myth #3!
Alexander Gasenko - your trusted Toronto & GTA mortgage broker. Dominion Lending Centres Maple Mortgage Group Independently Owned & Operated — FSRA# 13415