What Are Reverse Mortgages?

The definition of a reverse mortgage is that it is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.

There are many pros and cons of a reverse mortgage and you should always be certain you understand the details. The following article provides a summary and important questions to ask your lender so that you can make informed decisions.

https://blog.remax.ca/reverse-mortgages/

For more information get in touch at 403-606-1765. Bill Brandsma Real Estate specializes in Calgary and the surrounding area.