Reverse Mortgage Information

In this segment of The Marc and Mandy Show, Mandy asks Jerome Trail from The Mortgage Trail about what reverse mortgages involves and what it’s used for. Check out the video above or keep reading for the expert Q & A. 

Mandy: I’m here with Jerome from The Mortgage Trail and we’re going to talk about how to access the equity in your home for a reverse mortgage. So, Jerome, what is a reverse mortgage and what is it used for?

Jerome Trail: That’s a great question, Mandy! A reverse mortgage is a unique mortgage product geared towards older Canadians where they don’t have a monthly mortgage payment. It allows people to access the equity in their home as opposed to needing to income qualify. It’s new to Canada, but it’s actually been around for a long time in the United States. Today, in Canada, there are actually two lenders that offer reverse mortgages and we’ve seen more and more lenders come. Online actual equity programs–these are a fantastic alternative. If older Canadians are looking to stay in their home, preserve cash flow, and just enjoy the lifestyle that they’ve come to enjoy in their current house.

About The Mortgage Trail:

Incorporated in 2013, the team at The Mortgage Trail have assisted clients with hundreds of millions of dollars worth of mortgage financing. The firm’s approach is focused on the long-term needs of clients rather than one-off transactions. To learn more, visit The Mortgage Trail website.

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