• Tax-Free Funds: The money you receive is tax-free and doesn't count as taxable income, so it won't affect your Old Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits.

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• Flexible Use of Funds: You can use the money for any purpose. Whether you want to enjoy your retirement, handle unexpected expenses, renovate your home, or support your family without dipping into your savings, the choice is yours. The only requirement is that any existing loans secured by your home, like a current mortgage or home equity line of credit, must be paid off with the proceeds from your Reverse Mortgage.

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• No Monthly Payments: There are no regular mortgage payments required as long as you or your spouse live in your home. The full amount is only due when you and your spouse no longer reside in the home.

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• Retain Home Ownership: You remain the owner of your home and stay in control. You will never be forced to move or sell to repay your Reverse Mortgage. You just need to maintain the property and stay current on property taxes, fire insurance, and any condominium or maintenance fees.

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• Preserve Home Equity: Most homeowners have significant equity left when their Reverse Mortgage is repaid. On average, 99 out of 100 homeowners retain 50% of their home’s value when it is sold.