If you are over 55 years of age and looking for a way to take advantage of your home’s equity without having to sell, a reverse mortgage may be just the solution you need.
Are you interested in finding out more about the benefits of a reverse mortgage? Get in touch with the brokers and find out how to qualify. Call (416) 258-0156 now!
What Is a Reverse Mortgage?
Investing in a reverse mortgage allows you to take out a loan from your home’s equity. This loan can be used to pay off debts, cover medical expenses, or take care of other personal financial burdens.
Am I Eligible for a Reverse Mortgage?
When you get in touch with us, we will set you up with a consultation. During this meeting, we will discuss your finances and gain an understanding of why you are interested in a reverse mortgage.
To be eligible for a reverse mortgage, you must be:
- 55 years of age or older
- The homeowner of your primary residence
Typically, your age and the market trends impact the amount of money to which you are entitled.
How Does a Reverse Mortgage Work?
Preparation and Repayment
If you qualify for a reverse mortgage, several steps must be taken before you can apply for a loan.
1. Home appraisal
Determine the value of your property.
2. Confirm a Mortgage rate
Our brokers will help you find the best rate.
3. Settle Outstanding Balances
Pay off any existing loans or lines of credit on your home including your primary mortgage.
The loan will be repaid only if you choose to sell your house, or when the last borrower dies.
What Are the Pros and Cons to a Reverse Mortgage?
Like anything, there are advantages and downfalls to investing in a reverse mortgage. We will help you decide if a reverse mortgage is right for you.
- No regular payments until the loan is due
- Loan can be used to pay off bills, debts, medical expenses or any other personal finances
- Borrow money from your home’s equity without selling
- You remain the primary owner of your property
- Higher interest rates
- Legal fees
- Home appraisal and setup fees
- Home equity value will decrease as the interest on your loan repayment increases
Speak with our brokers to learn more about a reverse mortgage and how it works.
Benefit from Your Home Equity with a Reverse Mortgage Loan
If you are sitting on a high-value property, and you have outstanding debts or expenses to take care of, getting a reverse mortgage loan is a great way to utilize your home’s value. Investing in a reverse mortgage loan can help you get your finances in order.
To find out more about reverse mortgage loans or for help to find the best rates, set up a consultation with our brokers today.