Basic Overview

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash.

 Here are some basic facts: 

• No repayment is required until the borrower(s) no longer use the home as their primary residence 
• You must be 62 years of age or older
• You can use a reverse to purchase a primary residence
• You have five different payment options:

1. Tenure: equal monthly payments as long as borrower lives and continues to occupy property as primary residence.

2. Term: equal monthly payments for a fixed period of time.

3. Line of Credit: Unscheduled payments or installments, at timesand in amounts of your choosing until the line of credit is exhausted. 

4. Modified Tenure: Combination of line of credit with monthly

5. Modified Term: Combination of line of credit plus monthly payments for a fixed period of time of months selected by the borrower.

*You can also receive a combination of some of these options .

 *Please consult your reverse specialist for all your options.