Debt Consolidation For Seniors
Reverse mortgages allow you to tap into the equity of your home and you never have to make monthly mortgage payments.
The Home Income Plan is a solution designed specifically to meet the needs of Canadian senior homeowners. HomEquity Bank has used the knowledge gained over 25 years of meeting the needs of Canadian seniors to create the most flexible reverse mortgage solution available anywhere.
The Home Income Plan has helped thousands of people who were looking for a simple, sensible way to draw upon the equity built up in their homes. So, if you’re comfortable in your home, don’t want to sell or move, but would like to access some of the cash tied up in your house, we can help you too.
Reverse mortgages allow anyone over 55 years of age to invest, enjoy a little extra income, renovate their home, pay off debts or simply have an enhanced lifestyle.
A reverse mortgage is a way to turn up to 50% of the value that is locked up in your home into tax-free cash that you can use today.
Simply put, it is a loan secured by your home. The big difference with a reverse mortgage is that you do not have to make any payments – interest or principal – for as long as you or your spouse live in your home. You maintain ownership and control of your home while enjoying all the benefits of having converted some of your home’s value into cash.
Benefits Of A Reverse Mortgage
- Exclusively for senior homeowners (over 55 years old).
- Receive up to 50% of your home’s current appraised value based on your age and that of your spouse, and the location and type of home.
- Receive the money tax-free.
- No payments are required while you or your spouse live in your home.
- Maintain ownership and control of your home.
- Keep all the equity that is left in your home.
- Your estate is fully protected.
- Save on taxes.
- Mortgage and interest payments are not payable until the death of the homeowner or until the property is sold