A reverse mortgage allows Canadian Seniors (55+) to access equity in their home without having to prove income or make any mortgage payments until such a time when they decide to sell or move. It’s available for purchasing a home as well.
It all depends on what your profile is and what’s important to you. Ultimately, it’s best suited for Candian Seniors who aren’t able to qualify for traditional bank mortgages; but more importantly, do not want to make any monthly payments.
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What would you do with $5000?
Did you hear about our $5K Lifestyle Contest? Here’s the deal - if you get a mortgage with Spin or refer a friend who does before December 31 2017, you’ll both be entered for a chance to win $5000!View Contest (New Window)