Worrying about the financial wellbeing of your parents or loved ones can be hard. If they own their home and are 55+ they may qualify for a reverse mortgage.*
With a reverse mortgage, homeowners draw an income from the equity in their property so they can both stay in their home and have income to meet their financial obligations. Whether that’s paying medical expenses, remodelling their home or helping children or grandchildren with a down-payment or tuition, a reverse mortgage is a tax-free solution to supplement income for homeowners 55+.
Join the thousands of seniors in Canada who get a reverse mortgage as part of their retirement solution every year. Purpose-built for seniors 55+ it allows them to turn their home equity into tax-free cash.
Lotus Income is the first Canada-wide independent information provider specializing in home equity income products. We work with federally-regulated, top-tier Schedule 1 banks and offer reverse mortgage products from these lenders.
To qualify to a reverse mortgage the homeowner(s) must be Canadian, both of age 55 or older, and the home must remain the primary residence. With reverse mortgages, age is a factor on how much money a homeowner can borrow. Learn how age determines the amount homeowners can borrow.
Product Guarantee. As long as the homeowner(s) meet any mortgage obligations, Lotus Income guarantees that the amount you will have to pay on the loan due date will not exceed the fair market value of the home. If the home depreciates in value and the mortgage amount due is more than the gross proceeds from the sale of the property, Lotus Income covers the difference between the sale price and the loan amount. The guarantee excludes administrative expenses and interest that has accumulated after the due date.
For more information, talk to one of our reverse mortgage professionals.