A reverse mortgage or "equity release" is a loan which allows you to borrow a certain percent of equity out of your home without having to sell it. Reverse mortgages do not require payments until the due date, which is usually after the home is sold. To be eligible for a reverse mortgage you must be a homeowner and at least 55 years of age. A reverse mortgage is not a typical mortgage. As your mortgage broker, Angela Milosevic will advise how much you can afford to borrow, weigh the pros and cons and answer all your questions through the process.
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