Reverse Mortgage – Use Your Home Equity Today

Many of our clients are applying for a reverse mortgage in order to keep on track with their financial goals. A reverse mortgage can be beneficial in many ways when you have available equity in your home. We have several choices of banks and lenders to arrange your reverse mortgage approval with and there are no fees to use our service.  Simply contact us today to get started.

– Get Cash From Home Equity
– No Monthly Payments
– Simple Qualifying Process
– Competitive Mortgage Rates

 

 

What is a Reverse Mortgage?

A reverse mortgage is a loan secured against the value of your home. It lets you unlock the value in your home without having to sell or move away. The money you receive is tax-free and yours to use as you wish.

  • Pay off debts
  • Handle unexpected expenses
  • Help your children or grandchildren
  • Improve your day-to-day standard of living
  • Make a special trip or purchase


Benefits of a Reverse Mortgage

Keep your home. Stay in your home and community. Maintain complete ownership and control of your home for as long as you choose to stay.

No payments. With a Reverse Mortgage , there are no monthly payments.

Relieve financial stress. Use up to 55% of the equity in your home to pay off debts or handle unforeseen expenses.

Enjoy retirement. The money you access through a reverse mortgage is tax-free.

Take control. Get your finances under control and gain the freedom to set your own plans and priorities.

Who Can Qualify?

  • Canadian homeowner
  • Over age 55
  • Own your home
  • It’s your primary residence

No health check is required

Reverse Mortgages vs HELOC

If you wish to stay in your current home, there are two popular methods to tap into your home equity: a Home Equity Line of Credit (HELOC) and a reverse mortgage.

HELOC lenders typically allow homeowners to access up to 65% of their home’s value. With a HELOC, you can borrow money as needed, based on an agreed-upon amount, and you’ll be required to make minimum monthly interest payments. Unlike a conventional mortgage, there are no fixed scheduled payments towards the loan’s principal, offering you the flexibility to repay the loan at your convenience. 

A reverse mortgage is another common way homeowners tap into their home equity. The Reverse Mortgage is designed for Canadian homeowners aged 55 and above. It allows you to access up to 55% of your home’s value and receive the funds as tax-free cash, all without the need to move or sell your property. While you continue to live in your home, there are no required monthly mortgage payments to worry about. The full loan amount only becomes due when you decide to move, sell the house, or through the estate after the homeowner’s passing.

Advantages of the Reverse Mortgage 

The Reverse Mortgage offers several benefits, one of the most notable being the absence of monthly mortgage payments. This feature is particularly valuable to Canadians 55+ when cashflow can be a concern. Here are some of the other benefits of the Reverse Mortgage:

Simplified underwriting. The Reverse Mortgage caters to Canadians aged 55+ who rely on a fixed income and might face challenges qualifying for a HELOC.

No need to requalify: Unlike a HELOC that requires continuous credit score checks, the Reverse Mortgage eliminates the need for requalification, ensuring access to funds without credit score barriers. 

Death of a spouse does not impact a reverse mortgage. With a HELOC, the passing of a spouse may prompt the bank to conduct a credit score review of the surviving spouse. With the Reverse Mortgage, the loan doesn’t become due until after both homeowners no longer live in the home.

Fixed-term rate options:  The Reverse Mortgage provides fixed rate choices, allowing borrowers to lock in rates for up to five years. On the contrary, a HELOC’s interest rate floats and fluctuates with the Bank of Canada’s prime rate, leading to increased borrowing costs in times of rising interest rates. 

 

Do you have more questions?  Please call or text message 416-910-7559 or use the Quote Form.

 

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