Reverse Mortgage: 55+ or older, Access your Funds, No income verification; You worked for it.

by Naeem Hussain | Feb 27, 2019 | Reverse Mortgage Rates | 0 Comments

A reverse mortgage is a loan secured against the property and monthly payments are not required. To be eligible, you must be a Canadian homeowner, and 55+ or older. You’ll be using the equity, maximum 55% within your home and converting it into cash. You may use the cash for anything you desire – renovations, personal use or travel.
 

The program is specifically designed for homeowners 55+ and older and assists them in accessing their own funds, without the hassle of monthly mortgage payments. If you do want to pay the monthly mortgage, you may choose to do so. Most individuals use the funds for fulfilling their dreams and retirement living.
 

There is no need for any type of income verification. In simple terms, if you’re 55 or older and are a Canadian homeowner, who needs access to their own equity, this product is for you.
 

John is 67 years old, owns a home and needs funds to buy a vacation/investment property in Philippines.
 

John takes out 55% of the equity within his home, about let’s say $550,000. John has the option to receive this cash all at once, or in installments. John chooses to receive $150,000 at once and the reminder $400,000 in installments over 4 years. John also opts to not make the monthly mortgage payments. If John does want to make the payments, he can, and the monthly payments would be about $2000/month.
 

John buys a vacation/investment property in Philippines for $70,000. He plans to live in it for 6 months and rent it out for 6 months, each year.
 

Fast forward 5 years, time has come for a renewal of the mortgage. John has the option to pay the mortgage off or renew the mortgage. John elects to renew the mortgage – and may be eligible to take out additional funds as his property value has appreciated over the 5 years, more equity has been accumulated. If John wants to pay it off, there are multiple options available.
 

Mike and Natasha, John’s friends have been struggling with their retirement living and John has recommended them of a reverse mortgage – both Mike and Natasha who are on title of their own home must been 55+ or older.
 

Use your property for the betterment of your life. You are receiving access to your own money – equity within your home and you still own the property. Reverse mortgage and other products specifically designed for seniors to make life simpler and content – speak with one of our professional mortgage broker at mortgagexl.com and know what product is right for you.
 

 

Reverse Mortgage Rates

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