Let Clover Mortgage Help You Get The Most Out Of Your Retirement!
Being financially stable well into retirement isn’t as easy as it once used to be. Many Canadian seniors are finding it hard to make ends meet with just their pensions. Due to increasing expenses such as daily living costs, insurance, prescriptions and more, seniors all over the country are feeling stressed at the thought of their financial future. However, if you are over the age of 55 and have enough equity in your home, you can qualify for a reverse mortgage and regaining your financial stability! The great thing is that you never have to make any monthly payments or pay the loan back as long as you live in your home!
What Is A Reverse Mortgage?
A reverse mortgage allows a senior (anyone over 55) to use the equity they have accumulated in their home and use that money however they wish. A senior can use the money for travel, to pay for their lifestyle, for luxuries, for healthcare, for investments, for home renovations, to pay off other debt, or anything else they desire.
For a long term homeowner, home equity can be one of the most significant assets they develop throughout their life. Being able to access this equity in order to gain some financial security or financial freedom can be a great idea. With a reverse mortgage, a homeowner can access up to 55% of their home equity if they want to continue living in their home. There are several factors that impact how much a lender will provide such as property type, location, value of the home and the age of the borrower. Once the amount is determined, an applicant can either receive the full amount in a lump sum or in monthly instalments.
How Can I Qualify For A Reverse Seniors Mortgage?
Any Canadian homeowner over the age of 55 can qualify for a reverse mortgage as long as they have a reasonable amount of equity in their home. The applicant is required to use the property as their primary residence and take care of it by keeping it in good standing and ensuring that the insurance and property taxes are being paid. Reverse mortgages are easier to obtain because unlike other loans and mortgages, they often don’t require a health check or minimum income.
How Can A Reverse Mortgage Or Seniors Mortgage Have No Monthly Payments?
Unlike a traditional mortgage, with a reverse mortgage you do not have to make a single payment towards the loan for as long as you continue to live in your home. That’s right! There are no monthly payments and the only time the loan is due to be paid is if you sell your home, move out of your home, or upon death. At that point the home may either be sold, or remortgaged with a traditional mortgage by who ever will be inheriting the home from you.
At Clover Mortgage we are available to answer any questions that you may have about reverse mortgages. Our expert reverse mortgage specialists can help you apply and get approved for a reverse mortgage quickly and easily. In most cases, you can have your money within a matter of days.