Reverse
Reverse
A reverse mortgage is a type of loan that allows you to access the equity in your home and convert it into tax-free funds. Reverse mortgages are designed to be used by Canadians who are 55+ years of age and are looking to live more comfortably in their retirement. However, a reverse mortgage can be beneficial at other stages of life, depending on your specific circumstances.
Unlike a standard mortgage, a reverse mortgage does not require any monthly payments. You do not have to pay back any amount of the loan until you and your spouse move out of your home. At that time, the sale of your home can be used to pay off the remainder of the loan. A reverse mortgage can only be used if you are using it for your primary residence. To apply, your home equity must be equal to or greater than the amount owed on your mortgage. If you do have an existing mortgage, you must use the reverse mortgage to pay off the remainder of the balance.
Key Reasons why to use a Mortgage Broker
As your mortgage expert, we will provide you with a tailored solution based on your specific needs. Our advantage is providing you with options and recommendations on the various mortgage products available and educating you in the process so that you can make an informed decision.
Universal Application
Our application is universal across all lenders – by completing a credit check once, we are able to ‘shop’ your mortgage across all available lending institutions
Tailored Service
We are experts in mortgages and will provide tailored advice for your specific situation and needs
We Work For You
We work for you and not for the bank
