Freedom Capital

  In Canada, many homeowners are turning to reverse mortgages as a financial solution. But what exactly is a reverse mortgage? This article aims to provide a comprehensive understanding of reverse mortgages in Canada, shedding light on how they work, who is eligible, the various types available, their pros and cons, the application process, and much more.   How Do Reverse Mortgages Work? Reverse mortgages allow homeowners to convert a portion of their home equity into tax-free cash. Unlike traditional mortgages where you make monthly payments, with a reverse mortgage, the lender pays you. This payment can be taken as a lump sum, regular payments, or a combination of both. The outstanding balance is repaid when the homeowner sells the house or passes away.   Eligibility Criteria for Reverse Mortgages To qualify for a reverse mortgage in Canada, you must be at least 55 years old and own a primary residence. The home must be in good condition and meet certain value criteria. Y