mortgagewithvmonga

If you’re a homeowner looking for financial flexibility later in life, you might have come across the term “reverse mortgage.” This unique financial tool allows senior homeowners to unlock the value of their property while still residing in it. In this blog, Vishal Monga, an experienced mortgage broker in Saskatoon, walks us through what reverse mortgages are, how they work, and why they could be an option worth considering for homeowners seeking financial stability. What is a Reverse Mortgage? A  reverse mortgage  is a loan available to homeowners aged 55 and older, enabling them to access part of their home equity as cash, either as a lump sum, in monthly payments, or as a line of credit. Unlike traditional mortgages, where you make monthly payments to your lender, a reverse mortgage allows the lender to make payments to you, with the loan being repaid only when you sell the house, move out permanently, or pass away. This mortgage is “reversed” because the lender disburses money to t