Genesis Reverse Mortgages
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Access your home equity Income Tax Free.
Pros
- No regular loan payments.
- Turn some of the value of your home into cash, without having to sell it.
- No income tax on the money you borrow.
- This money will not affect the Old-Age Security or Guaranteed Income Supplement benefits you may be getting.
- Maintain ownership of your home.
- Explore the options as to when and how you receive the money.
Cons
- Interest rates are somewhat higher.
- Compare the equity of your home over time, ie: interest payments vs appreciation in value.
- Your estate will have to repay the loan and interest in full within a set period of time.
- Value of your estate depending on how you used the Reverse Mortgage funds.
