Reverse Mortgage

Advantages of Reverse Mortgage

• The loan sum does not need the borrower to make regular payments.
• The money raised can be utilized for living costs, debt payments, medical costs, and more.

How does reverse mortgage work?

A reverse mortgage is a mortgage loan that allows the borrower to access the property's unencumbered worth. It is often backed by a residential property. A reverse mortgage in Canada is a loan that is secured by your primary house. You can access tax-free money with this financing option, and there are no continuing payments that you need to make.

The Process of a Reverse Mortgage.

Applying for a reverse mortgage in Canada is comparable to applying for a home equity loan if you think it is the right choice for you. Once you have met the requirements, compare different lender options to discover the best price.

Your financial condition will be evaluated by the lender, who will also look at your credit history, any outstanding mortgages, and whether your property qualifies (that is, whether you have any active property liens). You will need a property appraisal to estimate the worth of the property and how much you may borrow, as well as evidence that you can afford the ongoing housing bills.

What is the eligibility for a reverse mortgage?

You may be eligible for a reverse mortgage in Canada if:

• You are 55 years of age or older.
• You live in one of the main cities in Ontario, British Columbia, or Alberta, and your home serves as your primary residence. (You spend at least half a year of each calendar year)
• Your major abode is your house. (You live there for at least six months of a calendar year).
• Everyone who holds a title to the property applies as a joint borrower(in ON, AB, BC)
• The home is occupied by the owner and is not a vacation home or cottage.
• You live in a detached, semi-detached, apartment, or townhouse.

Steps & Process

Easy Approval Process

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Application

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