Great Mortgages,

Made Simple

LET ME HELP YOU GET THE HOME OF YOUR DREAMS

Great Mortgages,

Made Simple

LET ME HELP YOU GET THE HOME OF YOUR DREAMS

Are you ready to achieve

FINANCIAL SUCCESS?

We are passionate about building life long relationships and teaching and

advising our clients how to improve their overall financial wellness

2500+

CLIENTS HELPED

700+

$ MILLION BORROWED

40+

YEARS COMBINED EXPERIENCE

As one of Canada’s top rated mortgage brokers, we believe everyone has the right

to access the best mortgage products and free independent mortgage advice that

is focused on achieving long term financial growth.

Based in Burnaby, BC, we serve all across Canada.

With a combined 40 years of experience, we know where to find the solution to your problems. We give you the best advice suited for you.

Guaranteed.

Are you ready to achieve

FINANCIAL SUCCESS?

We are passionate about building life long relationships and teaching and

advising our clients how to improve their overall financial wellness

2500+

CLIENTS HELPED

700+

$ MILLION BORROWED

40+

YEARS COMBINED EXPERIENCE

As one of Canada’s top rated mortgage brokers, we believe everyone has the right

to access the best mortgage products and free independent mortgage advice that

is focused on achieving long term financial growth.

Based in Burnaby, BC, we serve all across Canada.

With a combined 40 years of experience, we know where to find the solution to your problems. We give you the best advice suited for you.

Guaranteed.

Mortgage

Advice You Can

TRUST

We’ll advise you on the best ways to not only save but to

repay your mortgage as quickly as possible and improve your equity, and show you ways how you can take advantage of

this equity that you have built up, in order to increase your Wealth and Net Worth.

undefined

Mortgage

Advice You Can

TRUST

We’ll advise you on the best ways to not only save but to

repay your mortgage as quickly as possible and improve your equity, and show you ways how you can take advantage of

this equity that you have built up, in order to increase your Wealth and Net Worth.

undefined

Busting the Myths of Reverse Mortgages

Reverse Mortgages
October 18, 20225 min read

Busting the Myths of Reverse Mortgages | Heather Contant Mortgage

For many people, a reverse mortgage is their only option for obtaining cash from their home equity. However, there are a lot of myths and misconceptions about reverse mortgages. In this blog post, we will dispel some of the myths about reverse mortgages and help you understand what they are, how they work and whether it’s a good option for you.

I will lose title of my home

A reverse mortgage is a loan that allows homeowners 55 and older to access the equity in their homes without having to make monthly mortgage payments. The loan doesn’t have to be repaid until the borrower moves out of the home or passes away. Because the loan is repaid from the proceeds of the sale of the home, borrowers will never have to worry about losing their home to foreclosure. Reverse Mortgage lenders are Schedule 1 banks and are not in the business of taking over residential properties. They provide financial solutions to seniors wanting to access equity out of the home. As a result, reverse mortgages can provide peace of mind for borrowers who want to stay in their homes while also getting access to much-needed cash.

I will owe more than my home is worth

It's a myth that you can owe more than your home is worth with a reverse mortgage. In fact, it's guaranteed by the reverse mortgage lenders. With a reverse mortgage, your loan balance can never exceed the value of your home. So, even if your home decreases in value or you live longer than expected, you will never owe more than what your home is worth. And, if your heirs choose to keep the home after you pass away, they will never have to repay more than the appraised value of the property at the time of repayment. So, you can rest assured knowing that a reverse mortgage is a safe and secure way to access the equity in your home and have equity to pass on to your heirs.

If I pass away my spouse will have to sell and move

There is a myth circulating that if you have a reverse mortgage and you pass away, your spouse will have to move. This is simply not true. With a reverse

mortgage, the loan is not due until the borrower (or borrowers in the case of a married couple) permanently leaves the home. So, if one spouse passes away, the surviving spouse can continue living in the home without having to make any loan payments. In fact, the only way the loan would come due is if both spouses passed away and no one was living in the home. In that case, the loan would need to be repaid. However, if there is a surviving spouse, they would not be required to repay the loan. The myth about spouses having to move if one passes away with a reverse mortgage is just that - a myth. There is no truth to it.

A line of credit (HELOC) is better

A line of credit and a reverse mortgage are both loans that allow you to access the equity in your home. However, the two products have different features and terms that make them better suited for different needs. A line of credit typically has a lower interest rate than a reverse mortgage, but it requires the ability to qualify which is often difficult for seniors on a fixed income. It also requires a monthly minimum interest payment and if you are looking for an increase in cash flow this may not be the best option. A HELOC is also a demand loan meaning the bank can call for payment if a spouse passes away. However, a reverse mortgage does not require the government qualifying and does not require monthly payments. You can choose to pay the interest monthly, but it is not mandatory. The loan does not come due until the borrower sells the property or dies, making it a better option if you need financing for a longer period. Ultimately, the best loan product for you depends on your specific needs and financial situation and should be discusses in detail with your Certified Reverse Mortgage Specialist.

A reverse mortgage is a scam

A reverse mortgage is a niche product that is only suitable for a certain market. It is not a scam. The niche market for a reverse mortgage is seniors who own their home and have significant equity built up in the property. The product allows these homeowners to access the equity in their home without having to sell the property or take out a traditional mortgage. Instead, they can receive monthly payments or a lump sum payment. The terms of the loan are such that the debt is not due until the borrower dies, sells the property, or permanently moves out of the house. Because of these terms, a reverse mortgage can be an attractive option for seniors who want to stay in their home and maintain their independence. Before taking out a reverse mortgage, it is important to consult

with a Certified Reverse Mortgage Expert to ensure that it is the right choice for your individual circumstances.

Now that we have crushed the most common myths, if you or a loved one are in your senior years and considering your mortgage options, a reverse mortgage may be the perfect choice. These mortgages offer many benefits to seniors, including tax-free cash, no monthly payments required, and more. And it gets even better…you can use the cash for whatever you want. Contact us today for a free consultation and we can help you determine if a reverse mortgage is right for you. Have questions about reverse mortgages? We have the answers – call now.

Isn’t it time your home started paying you back?

Your CCP, OAS and Guaranteed supplemental pension will not be affected by taking out equity from your home.

Back to Blog

MORTGAGE SERVICES

Mortgage Purchasing

If you would like to purchase a home and require a mortgage we can assist…

We start with a 20 minute phone call. Often

we can address 99% percent of your

questions or concerns, and are able to

tell you how much of a mortgage you can qualify for.

Mortgage Renewals

Mortgage renewals advice and tips – if

your mortgage is coming up for renewal

we can show you how to avoid unsuitable products and terms, help you avoid

higher rates by finding you the best

possible mortgage rates…


Mortgage Refinancing

Are you considering refinancing your mortgage? We can assist you to find low-payment options, access to second/third mortgage financing, including private

source financing. Or even steps to

refinancing your mortgage…


Debt Consolidation

Do you want to use your mortgage to consolidate your debt to manage your

credit cards, car loans, taxes, bills, etc

better? We offer the best advice on how

to go about consolidating your debt using

your mortgage…


Separation Or Divorce

Divorce and mortgage questions – We

offer expert advice on what to do when

you are in the process of separation or

are recently divorced. Do you know

exactly what to do to safeguard your

most valued asset?


Reverse mortgages.

In addition to offering the standard

mortgage services in Canada that are

available from your neighbourhood

banks, The Mortgage Centre also offers mortgage special services. Special services

help people in special


Busting the Myths of Reverse Mortgages

Reverse Mortgages
October 18, 20225 min read

Busting the Myths of Reverse Mortgages | Heather Contant Mortgage

For many people, a reverse mortgage is their only option for obtaining cash from their home equity. However, there are a lot of myths and misconceptions about reverse mortgages. In this blog post, we will dispel some of the myths about reverse mortgages and help you understand what they are, how they work and whether it’s a good option for you.

I will lose title of my home

A reverse mortgage is a loan that allows homeowners 55 and older to access the equity in their homes without having to make monthly mortgage payments. The loan doesn’t have to be repaid until the borrower moves out of the home or passes away. Because the loan is repaid from the proceeds of the sale of the home, borrowers will never have to worry about losing their home to foreclosure. Reverse Mortgage lenders are Schedule 1 banks and are not in the business of taking over residential properties. They provide financial solutions to seniors wanting to access equity out of the home. As a result, reverse mortgages can provide peace of mind for borrowers who want to stay in their homes while also getting access to much-needed cash.

I will owe more than my home is worth

It's a myth that you can owe more than your home is worth with a reverse mortgage. In fact, it's guaranteed by the reverse mortgage lenders. With a reverse mortgage, your loan balance can never exceed the value of your home. So, even if your home decreases in value or you live longer than expected, you will never owe more than what your home is worth. And, if your heirs choose to keep the home after you pass away, they will never have to repay more than the appraised value of the property at the time of repayment. So, you can rest assured knowing that a reverse mortgage is a safe and secure way to access the equity in your home and have equity to pass on to your heirs.

If I pass away my spouse will have to sell and move

There is a myth circulating that if you have a reverse mortgage and you pass away, your spouse will have to move. This is simply not true. With a reverse

mortgage, the loan is not due until the borrower (or borrowers in the case of a married couple) permanently leaves the home. So, if one spouse passes away, the surviving spouse can continue living in the home without having to make any loan payments. In fact, the only way the loan would come due is if both spouses passed away and no one was living in the home. In that case, the loan would need to be repaid. However, if there is a surviving spouse, they would not be required to repay the loan. The myth about spouses having to move if one passes away with a reverse mortgage is just that - a myth. There is no truth to it.

A line of credit (HELOC) is better

A line of credit and a reverse mortgage are both loans that allow you to access the equity in your home. However, the two products have different features and terms that make them better suited for different needs. A line of credit typically has a lower interest rate than a reverse mortgage, but it requires the ability to qualify which is often difficult for seniors on a fixed income. It also requires a monthly minimum interest payment and if you are looking for an increase in cash flow this may not be the best option. A HELOC is also a demand loan meaning the bank can call for payment if a spouse passes away. However, a reverse mortgage does not require the government qualifying and does not require monthly payments. You can choose to pay the interest monthly, but it is not mandatory. The loan does not come due until the borrower sells the property or dies, making it a better option if you need financing for a longer period. Ultimately, the best loan product for you depends on your specific needs and financial situation and should be discusses in detail with your Certified Reverse Mortgage Specialist.

A reverse mortgage is a scam

A reverse mortgage is a niche product that is only suitable for a certain market. It is not a scam. The niche market for a reverse mortgage is seniors who own their home and have significant equity built up in the property. The product allows these homeowners to access the equity in their home without having to sell the property or take out a traditional mortgage. Instead, they can receive monthly payments or a lump sum payment. The terms of the loan are such that the debt is not due until the borrower dies, sells the property, or permanently moves out of the house. Because of these terms, a reverse mortgage can be an attractive option for seniors who want to stay in their home and maintain their independence. Before taking out a reverse mortgage, it is important to consult

with a Certified Reverse Mortgage Expert to ensure that it is the right choice for your individual circumstances.

Now that we have crushed the most common myths, if you or a loved one are in your senior years and considering your mortgage options, a reverse mortgage may be the perfect choice. These mortgages offer many benefits to seniors, including tax-free cash, no monthly payments required, and more. And it gets even better…you can use the cash for whatever you want. Contact us today for a free consultation and we can help you determine if a reverse mortgage is right for you. Have questions about reverse mortgages? We have the answers – call now.

Isn’t it time your home started paying you back?

Your CCP, OAS and Guaranteed supplemental pension will not be affected by taking out equity from your home.

Back to Blog

OFFICE HOURS

Monday-Friday: 7:00 – 17:00

Saturday: 8:00 – 16:00

Sunday: By Appointment

Holidays: Closed

THE MORTGAGE SPECIALIST

We are Canada’s top rated mortgage brokers based in Burnaby, BC, Canada since 2000. With our experience, you will get the Best Mortgage Rates. Guaranteed.


OUR SERVICES

Mortgage Purchasing

Mortgage Refinancing

Mortgage Renewals

Debt Consolidation

Separation or Divorce Solutions

Reverse mortgages.

AREAS WE SERVE

Abbotsford

Burnaby

Coquitlam

Delta

Langley

New Westminster

North Vancouver

Pitt Meadows

Port Moody

Richmond

Surrey

Vancouver

Coal Harbour

False Creek

Kerrisdale

Mount Pleasant

Shaughnessy

CONTACT

OUR MAIN OFFICE

#227 – 5589 Byrne Road Burnaby, BC. V5J 3J1


CALL US

(778) 996-7283


EMAIL

heathercontant@outlook.com


MORTGAGE SERVICES

Mortgage Purchasing

If you would like to purchase a home and require a mortgage we can assist…

We start with a 20 minute phone call. Often

we can address 99% percent of your

questions or concerns, and are able to

tell you how much of a mortgage you can qualify for.

Mortgage Renewals

Mortgage renewals advice and tips – if

your mortgage is coming up for renewal

we can show you how to avoid unsuitable products and terms, help you avoid

higher rates by finding you the best

possible mortgage rates…


Mortgage Refinancing

Are you considering refinancing your mortgage? We can assist you to find low-payment options, access to second/third mortgage financing, including private

source financing. Or even steps to

refinancing your mortgage…


Debt Consolidation

Do you want to use your mortgage to consolidate

your debt to manage your

credit cards, car loans, taxes, bills, etc

better? We offer the best advice on how

to go about consolidating your debt using

your mortgage…

Separation Or Divorce

Divorce and mortgage questions – We

offer expert advice on what to do when

you are in the process of separation or

are recently divorced. Do you know

exactly what to do to safeguard your

most valued asset?


Special Services

In addition to offering the standard

mortgage services in Canada that are

available from your neighbourhood

banks, The Mortgage Centre also offers mortgage

special services. Special services

help people in special