Reverse Mortgage in Mississauga
If you have financial responsibilities to meet, a reverse mortgage can allow you to access your home's equity, in a tax-free cash payout.
For more information about the benefits of investing in a reverse mortgage, get in touch with the team of experts at eMortgage Solutions. For years, we have been helping homeowners make the very best mortgage decisions. We have access to some of Mississauga's best lenders and can find you affordable rates.
Call (416) 258-0156 to set up a consultation.
What Is a Reverse Mortgage?
A reverse mortgage is a loan that you can take out on your home. The loan amount is based upon your home's total equity. This transaction is often referred to as an equity release.
The reverse mortgage loan allows homeowners to take advantage of their assets without having to sell their home.
Who Qualifies for a Reverse Mortgage and How Does It Work?
Reverse mortgage loans are reserved for homeowners who are over 55 years of age, and can only be taken out on a home that is your primary residence. Your home must also be of a certain value.
Once you apply and get approved for a reverse mortgage, you must pay off your existing mortgage loan in full. Many borrowers will choose to pay off their mortgage with the reverse loan, using the remainder to meet other financial responsibilities.
The borrower will not owe payments on the reverse loan until it's due, and the credit will not be due until the homeowner decides to sell the home, or until the last borrower dies.
What are the Pros and Cons of a Reverse Mortgage?
Although taking out a reverse mortgage is a great way to utilize the value of your property, there are some drawbacks to consider. eMortgage Solutions specialists can help you weigh your options in further detail during a consultation, but here is a quick list of pros and cons:
- Reverse mortgage allows you to utilize the value of your home however you wish (as long as it's legal). Many homeowners will invest in home improvements, pay for medical bills, or pay off other existing loans
- You do not need to make payments on your loan until it's due
- The longer you go without paying your loan, the higher the reverse mortgage interest rates will be
- You must repay the loan in full at the end of the term. If you do not pay your loan off before you die, the amount owing will be left to your beneficiaries
Discuss Your Reverse Mortgage Options with eMortgage Solutions Today
If you are over the age of 55 and looking to access some quick cash, investing in a reverse mortgage might be the right choice for you.
For trusted guidance and access to the very best reverse mortgage rates in town, get in touch with the team of experts at eMortgage Solutions. We will take the time to understand your financial situation, ensuring that you are making the right choice for your family.
Get on board with Mississauga's best mortgage brokers, and book a consultation today.