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Heather Contant Mortgage

Kelowna, BC V1Y 9S6, Canada

1-778-996-7283

Reverse Mortgage For Seniors

by | Reverse Mortgage Canada

Helping Canadians Age in Place with a REVERSE Mortgage

Did you know 39% of Canadians or 44% of households are over the age of 55 and is the fastest growing demographic in Canada?

There has never been a better time to get acquainted with the advantages of a Reverse Mortgage for your financing solutions.

What is a REVERSE MORTGAGE?

A reverse mortgage is a loan secured against the value of your home without making the principle and interest payments like a traditional mortgage.

The loan is repaid only when the homeowners are no longer living in the home.

There are a few qualifications in order to be eligible for a reverse mortgage, you must be at least 55 years of age, and the reverse mortgage can only be placed on your principle residence.

The homeowner is required to keep the property in good condition up-to-date with property taxes and property insurance.
The money received is tax-free and can be used however, the homeowner wishes.

How Can a Reverse Mortgage Help Me?

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

There are different Reverse Mortgage Products on the market, offered by 2 lenders in Canada who are Schedule 1 federally regulated banks. This gives Canadian Seniors great security as they are accessing their largest asset at a time when they want the least amount of risk in their lives.

Homeownership remains in the homeowner’s name, and you will never owe more than the fair market value of the home at the time of sale.

How Do I Receive My Money?

Reverse Mortgages in Canada have made it simple to access your equity with a couple of different products. You can choose from a lump sum deposit into your account or you can top up your income monthly, you can also take out a lump sum now with a monthly deposit at a later time.

The flexibility is there to suit your needs, whether it is getting your finances in order to retire stress free, or maybe indulge a little bit on yourself.

An Alternate to Downsizing

The Reverse Mortgage gives you the alternative to downsizing that allows you to stay in the home you love. You can borrow up to 55% of the value of the home in tax-free cash. With making no monthly payments your cash flow is increased for renovations, travel, home care or whatever you wish to spend it on.

If you are downsizing, and purchasing a new home your Reverse Mortgage can be placed on the new home as it serves to finance, refinance, bridge finance or purchase.

The longest term is 5 years offering peace of mind without a long term commitment. Short term financing solutions are available as well, everyone needs are different and a Reverse Mortgage offers a solution for those varying needs.

If you are curious as to how much you may be eligible for or simply want more information at this time, please contact me without any obligation from you. It is important for you to become educated on the Reverse Mortgage so when you make the decision you are confident you chose the right solution for your needs.

And wouldn’t it be kind of fun to pick up that old hobby again you once enjoyed?

Expert Advice to Guide You Home

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