Reverse mortgage is a great way for people to spend their retirement period in comfort. The senior citizens of Canada love it and praise it all the time. Of course, like any other thing, there are specific pros and cons of reverse mortgage loan. If you wish to acquire more information about the pros and cons of reverse mortgage, then we suggest that you head over to https://www.reversemortgagepros.ca/reverse-mortgage-canada/cons-of-a-reverse-mortgage/ where professionals have explained everything and also offer their expert advice on how to handle reverse mortgage.
We have prepared a list of advantages and disadvantages of reverse mortgage which we will highlight below. We shall first discuss the advantages and then list down the disadvantages.
Never Lose Your House
No matter what, you will never lose your house under any conditions. This is where reverse mortgage is way better than normal mortgage because you can live in your house for the rest of your life and will never be thrown out.
Your Money, Your Choice
After taking the reverse mortgage loan, there are no restrictions as to how you should spend your money. The institution that has lent you the money does not keep a check on the money you spent which means that you can do whatever you want with it.
The reverse mortgage loan does not have a tax on it at all which means that you would not need to pay a single penny in terms of tax.
Coming to the disadvantages; there is one that you might not be able to get the loan because there is a certain eligibility criteria that everyone needs to fill; the most important being that you are above 55 years of age. The amount of loan you get depends upon your age, property location and value.