Exclusive to our clients 55 and over
WHAT IS A REVERSE MORTGAGE? - A reverse mortgage is a refinance mortgage with deferred payments. You need to be 55 or older and occupy the home, and there are no mortgage payments as long as you live.
Sound too good to be true? Well, it is true!
IDEAL CLIENT - For borrowers who are 55 or older and want access to the equity without qualifying or and who want access without any monthly repayment plan.
WHO OWNS THE HOME? - The home owner owns the home and the lender holds the mortgage. The mortgage gets registered like a traditional mortgage.
MAXIMUM LOAN-TO-VALUE - The maximum Loan-to-Value for this product is 55%.
SPECIAL CRITERIA - Must be 55 or older and own a home.
- No Income Requirements: There are no minimum income requirements to qualifying for this product. Whether you are still employed, self-employed or are living off a fixed income, you can still qualify.
- No Repayments Required: As long as you live in the property, there are no payments. Upon the transfer of title or vacating the property only then will the mortgage become due and payable. You have the ability to pay off the mortgage at any time.
- Use to Purchase a Property If you do not currently own a home, you may use this product to buy one. Your down payment can be as little as 45% and the remaining financing will come from the reverse mortgage.
- Tax Free Funds: This program allows to utilize the equity tax free as this is your primary residence and the funds can be used for whatever you choose.
REASONS TO CONSIDER
- Increase Monthly Income Use this product to pay off existing debt and live debt free. This especially helps clients on a fixed monthly income.
- Early Inheritance: It has become somewhat of a trend that more and more parents are allowing early access to their kids inheritance. With the affordability concerns of homeownership with the younger generation, the early inheritance can be used to help invest in that home.