Best Alternatives To a Reverse Mortgage in British Columbia, Canada
Find out more about the best alternatives to a reverse mortgage in BC, Canada.
Find out more about the best alternatives to a reverse mortgage in BC, Canada.
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Are you a Canadian homeowner aged 55 or older looking to access the equity in your home without monthly mortgage payments? A reverse mortgage in British Columbia, Canada could be the solution you need. With a reverse home mortgage, you can access up to 55% of your home’s value in tax-free cash while retaining ownership and continuing to live in your primary residence.
If you are wondering which type of loan would be more suitable for your needs, we provide options through both banks and alternative mortgage lenders that enable home owners to access funds using the equity saved up in your home.
A reverse mortgage is a unique type of loan that allows homeowners in BC, and throughout Canada, aged 55 and above, to access a portion of their home’s equity without having to sell or make regular payments.
With a reverse mortgage, you can access up to 55% of your home’s appraised value in a lump sum or through scheduled cash advances. The loan amount plus interest accrues over time, and the entire loan balance becomes due when you sell your home, move out, or pass away.
Unlike traditional reverse mortgage brokers, through our select group of private lenders in British Columbia, we offer flexible solutions with no age restrictions. Whether you’re 55 or 75, our team can help you access your home’s equity through alternative lending options, including second mortgages behind a reverse mortgage. Reach out to explore your options.
While reverse mortgages can provide valuable financial flexibility, they may not be the best option for everyone. Alternative solutions to a reverse home loan include:
You should also be aware that reverse mortgage interest rates are generally higher than traditional mortgage rates, as the lender doesn’t receive any payments until the loan is repaid in full. Additionally, there are initial setup costs and fees associated with a reverse home mortgage, such as appraisal, legal, and administrative fees.
For those seeking an alternative to a full reverse mortgage, there’s an option without age restrictions. Fraction Mortgage offers a product with the following features:
This short-term solution can provide immediate financial relief, but it’s important to plan for the future. At the end of the 5-year term, you’ll need to consider your next steps, as renewal is not guaranteed. This option is best suited for those looking for a temporary financial solution while exploring long-term alternatives.
Select banks and credit unions have equity products that allow homeowners to access home equity without relying on traditional debt servicing. Your income has less to do with approval.
Reverse mortgages are the best solution for someone searching for a long-term source of income while in comparison, home equity loans better fit the needs of clients who are looking for short-time cash which they can repay.
A home equity loan allows you to borrow money up to a certain percent of your home’s value, an amount which in some cases can be even higher than a reverse mortgage’s limit. When the options of a reverse home mortgage or equity loan through a bank doesn’t fit we have private lending to consider.
We have private lenders that will consider second mortgages behind a reverse mortgage. Lenders will only renew the 2nd mortgage for a few years. This is due to the 1st mortgage charge growing in front of the 2nd mortgage charge.
To learn more about reverse mortgages in BC, get a free quote, or explore alternative options, contact our team of experienced mortgage brokers today. We’ll help you make the best decision for your unique financial situation.
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Reverse mortgage interest rates tend to be higher interest rates than traditional mortgage rates. Lenders like CHIP HomeEquity Bank and Equitable Bank generally charge higher reverse mortgage rates because with a reverse mortgage the lender does not receive any interest payments or monthly mortgage payments until the entire loan balance is repaid, usually when the borrower dies or sells their home.
However, some reverse mortgage lenders may offer promotional lowest rates. Please contact us to learn more about who these are.
Yes, many Canadian homeowners choose to get a reverse mortgage to pay off their remaining traditional mortgage balance or other debts. The reverse mortgage funds can provide cash flow for paying off loans, credit cards, or even property taxes and condo fees. Using a reverse mortgage in British Columbia allows you to access your home’s equity in a lump sum of tax-free cash without having to sell your own home.
In addition to the interest rates, there are typically initial costs and legal fees involved when setting up a reverse mortgage contract. These can include appraisal fees to determine the value of your home, as well as lender administration charges. It’s important to understand all costs upfront when getting a reverse mortgage.
Many older Canadians who receive the Guaranteed Income Supplement (GIS) are able to qualify for a reverse mortgage, as eligibility is based primarily on the home’s equity and appraised value, not your income level. However, getting a large lump sum could potentially impact your GIS payments, so be sure to discuss this with your mortgage broker when exploring reverse mortgages in BC, Canada.
With a reverse mortgage, you retain ownership and can continue living in your primary residence. However, if you decide to sell your home or move out of your principal residence, the reverse mortgage balance would become due at that time.
The sale proceeds would go towards paying off the loan balance, interest charges, and any associated fees with a reverse mortgage. The last borrower would need to pay off the entire loan when leaving the home or face selling to cover the debt.
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I couldn't be more impressed with the service provided by Jeff. From the get-go, he was incredibly responsive to all my emails, often replying within minutes. His ability to understand... read more my situation and making things work was nothing short of amazing. He managed to get everything done in such a short time. If you're looking for a mortgage broker who delivers with unmatched speed and professionalism, look no further. Highly recommended! Thanks for your help, Jeff!
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You can only give 5 stars or I would have given more!! Found Jeff while searching for someone that could help Michelle and I get some much needed repairs done... read more on our home, while not having great credit. Jeff was able to help us refinance so we can do the necessary repairs and get us back on the right track financially, a bonus I might add. Jeff has gone above and beyond to make this process comfortable, less stressful while working tirelessly it felt. You can feel the passion Jeff has in helping people like ourselves. We cant thank him enough. Much appreciation Chad and Michelle
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Beyond amazing! Helped me land a lender in a very difficult spot. Very professional and presented me with all the options and which was best for me. Will be working... read more with him again.
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It was obvious from the get go that Jeff had a ton of knowledge and experience just from the answers he gave to all my questions but more importantly Jeff... read more gives it to you straight so I knew where I stood each step of the way. He tells you what to expect and communication is quick. You're not waiting days to find out how things are progressing. Negotiating and securing a loan is stressful but dealing with Jeff allowed me to make informed decisions and finally get through the process. Everything worked out basically the way he said it would.
Jeff and Penny are wonderful professionals to deal with. They are efficient, reply your inquiries promptly and very knowledgeable as well transparent. They are very professional and follow up with... read more the customers. Thank you Jeff and we are very pleased to have you as our advisor to help us out when we really need. I definitely recommend you to my families and friends. Big 5 stars service.
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I submitted my online application Feb 23, and I got response right that day. Jeff has done a great, fast and efficient job in helping my family with our home... read more equity loan. He gives details and clear instructions and answer all your questions quickly and the process is straight forward. We are happy we got the check on March 28, the little delays in between and along the process were on our side as we were a bit slow in providing the necessary documents otherwise Jeff is very quick all the way. And what I love with this guy is he is very professional in dealing with his clients. I highly recommend to anyone seeking for excellent service like his. Thank you very much Jeff. All the best for your family and your business.
3 words Honest, experienced and professional! Jeff was able to present a great lending option to me, further educating me about Mortgages !
I recently had the pleasure of finding Jeff Di Lorenzo on a simple internet search. I was seeking a private lender for a equity loan on my home. I found... read more Jeff to be very personable and he Instantly understood my wants and acted immediately. Jeff was super prompt answering any questions or concerns I had. He made the process swift and pleasant! I would highly recommend Jeff to anyone seeking a loan or mortgage. Tanilia Robertson
Cold emailed Jeff with a question and was impressed with his answer and will reach out to him if we need support with our mortgage. Wow! Great service.
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I found Jeff through Google while researching home equity loans and he replied to my inquiry that was sent on Sunday night by calling me first thing Monday morning and... read more discussed various options and whether they are suitable for my needs. From that point onwards, he was prompt, responsive, and was available to answer any questions I have. He gave me all the details I need to ensure my application was completed as soon as possible, and made sure I get all the necessary documents and appraisals completed before they were needed, which made the application process quick and smooth. I am very pleased with his service and would not hesitate using him again in the future, and I will definitely be recommending him to my friends and family. Thank you very much for all your help, Jeff! 🙂
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Jeff was very supportive, and knowledgeable about helping me get a mortgage. Jeff communicated clearly and professionally, and was very easy to talk to. He responded promptly to... read more all communication and made sure I clearly understood every step of the process. I highly recommend Jeff as a mortgage broker.
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He was efficient. He was friendly - actually he's quite a cool guy. It all happened the way he said it would go down - integrity and know-how.... read more It's a YES from me. Update: Taking equity out of my home not once, but twice, after a lifestyle of living frugally, doubling down on mortgage payments and paying credit cards off in full every month was quite a blow to my self esteem and ego. With Jeff being so professional, quick, thorough, and somewhat funny, it was easy to let anxiety and shame give way to gratitude for the relief that has allowed me the time and resources I needed to focus in on and adequately address what life was trying to show me. If you resonate with integrity, honesty and easy going vibes with professional results, Jeff's the one you want. Thank you Jeff!
Jeff was fantastic to work with, and we highly recommend him.
Just a note of thanks for the exceptional service you provided to us on our recent mortgage refinancing. We have worked with Jeff for many years, and we are extremely... read more impressed with the fast, efficient, and professional way he handles our requests. We certainly do recommend contacting Jeff to anyone who might be shopping around for mortgage financing. It’s very reassuring to know that we can contact Jeff because he always makes mortgage financing simple and easy. Thank you, Jeff. Ken & Gaye
I have worked with Jeff for many years with my mortgage. We went from having to use alternate lenders to getting approved at a major bank with his help.... read more He's very professional and easy to work with
I have had the pleasure of working with Jeff Di Lorenzo as my mortgage broker and have found him to be very capable and knowledgeable, a professional in every way... read more Not only is Jeff an excellent broker, he is personable and sincere, qualities I think make all the difference in business. If you are looking for a really great broker who's easy to work with, I would gladly recommend Jeff Di Lorenzo!
Thanks very much Jeff. You helped us through a challenging process to get the best possible equity offer - which saved us costs and put us in a stronger... read more position to complete the loan on better terms that uniquely benefited our family. I hope everything will work out with finalizing our loan but even if something comes up that prevents completion, I feel you did your utmost to help represent our best interests. I look forward to working with you again when our mortgage is up for renewal next year. Thank you! Jonathan
Jeff helped me out a few years ago when we were in a little financial difficulty and he gave us a way out and still own our home. He was... read more fast and efficient. My husband and I came back after rebuilding our credit and he has now proven how he can get you back to a "A" Lender in the least stressful, fast and efficient way. He was available to answer any questions and help us along this process even after 5pm and I really appreciate everything he did for my husband and myself. Thanks for everything!!!
Jeff not only solved all my equity loan issues, he was able to do so quickly, as well as at great terms & rate. Throughout the entire process he... read more was a pleasure to work with, taking the time to be kind and to make sure he understood all details so he could find the solution that best fit my circumstances. Once he had several options, he felt the least expensive would be the best fit and, upon review, I agreed. This is someone you can trust to fight for your best interests and never try to upsell to his own advantage. Jeff did more for me than my bank could. Reny Auger
Thanks for making this very easy and helpful Jeff is very good at what he does keep up the good work 5 star sevice 10 star guy thanks jeff
My parents needed fast financing to close on a very profitable business opportunity. Jeff put together a private 1st & 2nd home equity loan in just a few days. He... read more was very knowledgeable and kept us up to date throughout the process. I would recommend his services to anyone that needs quality home equity loan at a great rate.
We have worked with Jeff on all our mortgage requirements, he always does the best for us and we have ultimate faith in his ability and knowledge. Would... read more highly recommend him
I have had the pleasure of working with Jeff Di Lorenzo as my mortgage broker and have found him to be very capable and knowledgeable, a professional in every way... read more Not only is Jeff an excellent broker, he is personable and sincere, qualities I think make all the difference in business. If you are looking for a really great broker who's easy to work with, I would gladly recommend Jeff Di Lorenzo!
Jeff is extremely helpful, responsive and transparent in his approach to assisting you with your financial needs. He was always willing to answer question and would present concepts and situations... read more in varied ways until I fully understood. I would have no hesitation recommending Jeff to my friends and family.
I had done the typical thing and approached Alpine Credits and Capital Direct. Both provided approval relatively quickly and I thought the fees associated with the product was "normal". Thank... read more god I checked in with Jeff at The Mortgage Group. He not only saved me thousands of dollars right off the bat, I've got a plan to refinance in 12 months and will continue to benefit financially from Jeff's guidance. I used to believe that some things were to good to be true. How could a single broker, Jeff Di Lorenzo, save me more than the big business? Well he did, and I'm a believer. Thanks Jeff, I look forward to working with you for all of our future mortgage needs.
Worked with Steve Nipius now on my mortgage application, and boy did he ever go many extra miles for me. As a small business owner myself, I really appreciate... read more when another business takes a couple hours out of their busy day to answer all my questions. I sent him like 30 questions, not your usual 5 or 6, and he responded within 24 hours thoroughly and understandably Highly suggested. Had a MUCH better feel with this business than the chartered banks, who kind of seem too big to care about you
Excellent service and excellent advice
With Jeff's professionalism, we got the loan we needed in no time. He was prompt, informative and helpful. I would recommend him to my friends who would be needing... read more help with loans.
I have had the pleasure of working with Jeff twice now and my experience has been nothing short of exceptional. Unlike other brokers/banks, Jeff took a genuine interest in... read more my financial situation and provided unbiased advise even when the best option was potentially with someone else. Jeff has come through when I have needed his help the most and I highly recommend him. Please feel free to contact me with any questions.
I have had the pleasure of working with Jeff Di Lorenzo as my mortgage broker and have found him to be very capable and knowledgeable, a professional in every way... read more Not only is Jeff an excellent broker, he is personable and sincere, qualities I think make all the difference in business. If you are looking for a really great broker who's easy to work with, I would gladly recommend Jeff Di Lorenzo!
Jeff is extremely helpful, responsive and transparent in his approach to assisting you with your financial needs. He was always willing to answer question and would present concepts and situations... read more in varied ways until I fully understood. I would have no hesitation recommending Jeff to my friends and family.
I had done the typical thing and approached Alpine Credits and Capital Direct. Both provided approval relatively quickly and I thought the fees associated with the product was "normal". Thank... read more god I checked in with Jeff at The Mortgage Group. He not only saved me thousands of dollars right off the bat, I've got a plan to refinance in 12 months and will continue to benefit financially from Jeff's guidance. I used to believe that some things were to good to be true. How could a single broker, Jeff Di Lorenzo, save me more than the big business? Well he did, and I'm a believer. Thanks Jeff, I look forward to working with you for all of our future mortgage needs.
Worked with Steve Nipius now on my mortgage application, and boy did he ever go many extra miles for me. As a small business owner myself, I really appreciate... read more when another business takes a couple hours out of their busy day to answer all my questions. I sent him like 30 questions, not your usual 5 or 6, and he responded within 24 hours thoroughly and understandably Highly suggested. Had a MUCH better feel with this business than the chartered banks, who kind of seem too big to care about you
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