Enjoy Retirement to the Fullest - Get Financial Freedom with a Reverse Mortgage!
Find out how a reverse mortgage can provide you with tax-free funds to support your retirement dreams and enjoy the lifestyle you deserve.
Benefits of a Reverse Mortgage
Imagine having the financial freedom to do more of what makes you happy! Well, that’s where a Reverse Mortgage can make a real difference. It’s a simple and practical way to unlock the value in your home and turn it into cash, allowing you to enjoy life on your terms.
With a reverse mortgage, you can embrace life without financial worries and enjoy the comfort and security of staying in your cherished home. Take that next step and explore how a reverse mortgage can help you live life to the fullest!
Here are some fantastic benefits of a Reverse Mortgage:
Receive the money tax-free.
You receive the money tax-free, which won't affect your Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits.
Spend the money however you want.
Use the money in any way you wish – whether it's enjoying your retirement, covering unexpected expenses, updating your home, or helping your family without dipping into your savings.
No mortgage payments while you or your spouse live in your home.
As long as you or your spouse live in your home, no regular mortgage payments are required. The total amount only becomes due when neither of you live there.
You have ownership and control of your home.
Rest assured. You'll maintain full ownership and control of your home. There's no need to worry about moving or selling to repay your Reverse Mortgage. Simply maintain your property and stay up-to-date with taxes, insurance, and fees while you're living there.
You retain the remaining equity in your home.
Here's the best part: when your Reverse Mortgage is repaid, you'll likely have equity left in your home. In fact, 99 out of 100 homeowners have money remaining, with an average of 50% of the home's value when sold.
Book Your No Obligation Consultation Today
Get a professional advice on your mortgage and learn more about your mortgage options!
Downsizing? Buy Before Selling!
Are you excited about finding your dream home but need a seamless way to manage the sale of your current property? An open reverse mortgage might be the perfect solution! With this option, you can unlock up to 55% of your home equity tax-free, all without the burden of monthly mortgage payments. It’s an excellent choice for short-term bridge financing situations, providing you with the flexibility and freedom you need. Let’s work together to make your home-buying journey as smooth as possible!
- Time: Take Your Time! Enjoy managing your move at a comfortable pace, allowing you to sort and store belongings without feeling rushed or stressed.
- Flexible Dates: Customize Your Timeline! With flexible dates, you have the freedom to purchase your new home and sell your current home at a time that works best for you. This flexibility can potentially lead to a higher sale price, as buyers willing to pay more for specific dates can be accommodated.
- Flexible Solution: Your Choice, Your Future! If you ever need a long-term solution, you can easily convert your Open reverse mortgage to a standard Reverse Mortgage. The option is there, ensuring your financial needs are met for the long haul.
- No Debt Servicing: A Smooth Transition! Purchasing your new home before selling your current one might require additional financing qualifications, but with Open reverse mortgage, you won’t have to worry about income qualification. Enjoy a seamless transition to the next chapter of your life without the burden of debt servicing.
Incorporating an Open reverse mortgage into your plans provides you with convenience, freedom, and the flexibility to make the best decisions for your unique circumstances. Let’s work together to make your transition as smooth and stress-free as possible!
Reverse Mortgage Misconceptions
Contrary to popular belief, obtaining a reverse mortgage does not relinquish your ownership of your home. You retain full title, ownership, and control as long as you fulfill your mortgage obligations, such as paying property taxes and maintaining the property. The reverse mortgage lender simply holds the first mortgage on the title, akin to a traditional mortgage.
There’s a misconception that with a reverse mortgage, you could end up owing more than your home is worth. However, federal regulations mandate a “no negative equity guarantee.” This ensures that as long as you meet your mortgage requirements, the amount owed will not surpass the fair market value of your home.
Some believe that reverse mortgages are expensive. While there are upfront costs, including property appraisal and legal advice, when compared to alternatives like downsizing or relocating, a reverse mortgage can be a financially feasible option for many.
A common myth is that with a reverse mortgage, you can’t pass on your home to your heirs. This isn’t true. Your heirs have the choice to retain the property by paying off the reverse mortgage after your passing. Moreover, with the “no negative equity guarantee,” they won’t owe more than the home’s fair market value, provided all mortgage obligations were met.
Have Questions?
Get quick answers to your questions!
FAQ for Reverse Mortgage
If you’re a homeowner in British Columbia, aged 55 or older, you may be eligible for a reverse mortgage. The amount you can borrow depends on your age and the home’s value.
The loan amount is determined by factors like your age, the home’s value, and the specific lender’s policies. Generally, the older you are and the more valuable your home, the more you can borrow.
Yes, you remain the homeowner with a reverse mortgage. The lender only has a lien on the property for the loan amount.
No, you don’t have to make monthly payments. The loan is repaid when you sell the home, move out, or pass away.
The interest rates for reverse mortgages are usually higher than traditional mortgages. They can vary based on market conditions and the lender you choose.
The loan is typically repaid when you sell the home or if you decide to move out. If the loan amount exceeds the home’s value, the lender will cover the difference.
Absolutely! The funds are entirely yours, and you can use them however you wish—whether it’s for home improvements, debt consolidation, retirement expenses, or anything else.
There are various fees involved, including appraisal fees, legal fees, and closing costs. These can be rolled into the loan amount.
The benefits include accessing tax-free funds, living comfortably in your home, and financial flexibility. However, it’s essential to consider the potential impact on your estate and consult with a financial advisor.