Seniors: Cash Out Your Home Without Selling

by MortgageXL | Oct 09, 2019 | Reverse Mortgage Rates | 0 Comments

A mortgage product only available to seniors now requires no income verification or monthly payments. If you want to access your home’s equity and convert it into cash, then fear not – you now don’t need to sell your home in order to do that; select a reverse mortgage and still own your home.

 

If you’re a Canadian homeowner, 55 years of age or older, you can tap into a maximum of 55% of your home’s equity and convert it into cash. The rate is around 5.64% for a 5-year fixed mortgage with no income verification and you may opt to not make any monthly payments.

 

Traditionally, when seniors want money, they end up selling their home and the fact is, most seniors do not want to sell. Now, with a reverse mortgage, you do not need to sell, and still gain access to your home’s equity – all with a decent rate. What you do with the cash, is up to you.

 

The process is fast and simple. Term length varies based on your needs – 1 year, 3 year or 5 year.

 

Kevin, 57 years old owns a home in Greater Toronto Area and needs money to buy a vacation investment property. With a home value of $1,100,000, Kevin can access up to 55%, which is about $605,000. He may choose to receive this payment in a lump sum or in installments.

 

At the end of the mortgage term, you have the option of paying it off or renewing it with a possibility of receiving more equity.

 

Conclusion 

 

Reverse mortgage allows seniors who’re 55 years of age or older to access up to 55% of their home’s equity without the need to sell their property and requires no income or monthly payments.

 

Highlights:

  • Product – Reverse Mortgage
  • Rate – 5-Year Fixed @ Around 5.64%
  • Equity – Maximum Takeout At 55%
  • Requirement – Canadian Homeowner, 55 Years Old or Older
  • Benefits – Same Home, No Income Verification, No Monthly Mortgage Payments

 

Know which mortgage product suites you; speak with a mortgageXL.com broker and be in the known.

 

Reverse Mortgage Rates

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