Reverse Mortgage Mississauga, ON
What is a Reverse Mortgage?
A reverse mortgage is a loan secured against the value of your home. It is designed exclusively for homeowners aged 55 years and older. It enables you to convert up to 55% of your home's value into tax-free cash. The funds from a reverse mortgage can be used for whatever you desire; to cover monthly expenses, renovate your home, pay off debt or travel - the choice is yours! With a reverse mortgage, you maintain ownership of your home and there are no monthly mortgage payments required. Repayment of the loan is only required once you chose to move or sell. We guarantee that the amount you eventually repay will never exceed the fair market value of your home. And if your home goes up in value, the appreciation is all yours. You are simply required to maintain your property and pay the taxes and insurance.
Eligibility & Qualifications
To be considered eligible for a Reverse Mortgage in Canada, you must be:
- A Canadian homeowner
- Age 55 or older (if you have a spouse, both of you must be at least 55 years old to be eligible)
To qualify for a Reverse Mortgage in Canada, the following factors are assessed:
- You and your spouse's age
- Location of your home
- Type of home (e.g. detached, condo, townhouse etc.)
- The appraised value of your home
- The condition of your home
- Your home equity