Canadian Reverse Mortgage
Are you 60 or over, live in Canada and own your home? Unlock up to 40% of the equity in your home with no payments required until you choose to move or sell with a reverse home equity loan.
A Reverse mortgage is a type of mortgage where homeowners can borrow money against the value of their home. No repayment of the Reverse mortgage (principal or interest) is required of the borrower until the borrowers are deceased or the home is sold. After accounting for the initial mortgage amount, the rate at which interest accrues, the length of the loan and rate of home price appreciation, the transaction is structured so that the loan amount will not exceed the value of the home over the life of the loan.
Unlike a typical mortgage, you do not need to qualify for a Reverse Mortgage based on your income or credit. You are eligible for a Reverse Mortgage in Canada if you are 60 years of age or older and own a home in the lending area. This makes qualifying easy and hassle free, even if you have retired and are living on a limited retirement income. Call to find out about Reverse mortgage rates and if a Canadian reverse mortgage is right for you.
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