Reverse Home Mortgage Vancouver, Squamish BC
A Reverse Mortgage is a like a traditional mortgage
without making a payment on either the interest or principle.
You may borrow up to a maximum percentage of the value of your mortgage. This will depend on your age, the location and type of property, the appraised value of the property and the lender.
There are 2 ways you can have you home pay for you. The first way is to have a single lump sum payment to you, and the second way is to have a monthly deposit into your account to ease your cash flow.
Repayment on a Reverse Mortgage
is made when you sell your property.
The benefits of a Reverse Mortgage are as follows:
- You maintain ownership of your property
- If one spouse passes away the remaining spouse will not have to pay out the Reverse Mortgage, it is not a demand loan like a line of credit
- The equity is not taxable and does not affect your current pensions or other streams of income
- The funds can be used for anything you wish.
The eligibility requirements are as follows:
- Both applicants must be at least 55 years of age
- The property must be your principle residence
- You must maintain the property in good condition
Isn’t it time your home starts paying you back
Reverse Mortgage funds can be used for home renovations to make you more comfortable in your Senior years, pay for home care, purchase a vacation property, early inheritance, take the family on a dream vacation…to give you a few suggestions. And don’t forget, until the home sells you never make a payment on the mortgage.
Heather is a Certified Reverse Mortgage Specialist
and will assist you in making the right choice for you.
If you are 55 years and over, you may qualify to access the equity out of your home and not make another mortgage payment. You have worked hard for your home, now it’s time for your home to work for you.