Reverse Mortgage in Oakville
If you have been building your home equity for years and want to take advantage of your assets, investing in a reverse mortgage could be the right solution.
The team of mortgage brokers at eMortgage Solutions has been providing unparalleled guidance to homeowners for years. We have access to some of Oakville's most sought-after lenders, and we can help you find the very best rates on mortgages in the area.
To find out more about reverse mortgages, get in touch with our team of experts at (416) 258-0156.
What Is a Reverse Mortgage, and How Does It Work?
A reverse mortgage allows qualified homeowners to access a percentage of their home equity. This transaction, sometimes known as an equity release, will enable homeowners to utilize their assets without having to sell their homes.
When a homeowner is approved for a reverse mortgage, they must immediately pay off their primary mortgage. The borrower will not have to make payments on the loan until it is due, when the homeowner decides to sell the property or when they die.
Who Qualifies for a Reverse Mortgage?
To apply for a reverse mortgage loan, the homeowner must be over 55 years of age, and the property must be their primary residence. The home must also be of a particular value.
The amount of equity you can access will depend on your age, how much money is remaining on your primary mortgage, and your age.
To find out more about how to qualify for a reverse mortgage, get in touch with eMortgage Solutions experts today.
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What Are the Pros and Cons of a Reverse Mortgage?
When it comes to making decisions about your mortgage or any other loan, it's crucial to consider the pros and cons.
Pros of Investing in a Reverse Mortgage
- Not required to make payments on the loan until it is due
- Utilize your home equity without having to sell your home
- Continue to live in and enjoy your home while reaping the benefits of your asset
- Use the loan in whatever way you see fit as long as it's legal
Cons of Investing in a Reverse Mortgage
- Must pay your existing mortgage off
- The longer your reverse mortgage is out without repayment, the higher the interest rates will be
- Home equity can decrease over time
- Reverse mortgage interest rates are traditionally more elevated than that of a primary mortgage
Our brokers are more than happy to review the advantages of a reverse mortgage with you and help decide if this investment is the right choice for you.
Finding the Best Reverse Mortgage Rates in Oakville
Our experts have been guiding homeowners through mortgage decisions for years. If you are considering investing in a reverse mortgage, get in touch with us. We have access to some of the best lenders in the Oakville area and can help you find competitive rates.
For friendly service and unparalleled advice, book a consultation today!