Best Mortgage Broker in Prince George, BC
If you are 55 and older you may qualify for a reverse mortgage. The institution that holds these mortgages will give you up to 50% of the value of your home you could pay off an existing mortgage or if there is not a current mortgage on you home, they could give you cash. That cash can come in the form of a one-time lumpsum payment or be paid to you monthly to supplement your income. There are no payments on this mortgage, the monthly interest is added to the mortgage monthly. Upon your death the mortgage must be re-paid including the accumulated interest. It is best to talk to someone about this product, there may be better solutions.