A reverse mortgage is a unique option specifically designed to serve the needs of Canadian homeowners who are at least 55 years old and wish to remain in their homes.
What makes this solution unique is that it enables seniors to access some of their home equity without having to make regular payments. All other lending products that assist homeowners in tapping into their home’s equity – such as a home equity line of credit (HELOC) or a mortgage refinance – require regular payments. Borrowers must also qualify based on their income and credit score.With a reverse mortgage, you can access up to 55% of the value of your home and your credit is rarely a factor.
Enjoy the Benefits of Being a CARP Member plus a subscription to Zoomer Magazine
When you use Welbanks Mortgage Group for your reverse mortgage you will receive a complimentary 1 year membership to CARP, Canada’s largest advocacy association for older Canadians. Click here to see the list of discounts available. Plus, a 1 year subscription to Zoomer Magazine.
Reverse mortgage eligibility depends on four key factors:
PROPERTY TYPE
HOMEOWNER'S AGE
LOCATION
HOME VALUE
The funds can be used for anything, but among the most popular are:
- Supplementing retirement income and savings
- Paying off debt
- Updating or renovating your home to make it more accessible
- Taking a dream vacation
- Helping your children or grandchildren
With a reverse mortgage, you retain control over your home. You’ll never be forced to sell your home and you’re only required to pay back the loan when you sell or leave.
I have worked with Lee for more than 20 years and he’s a well-respected mortgage broker. We’re proud to have him as one of our preferred partners at Home Equity Bank.
“I hired Lee knowing nothing about the “mortgage world”. He was very friendly, knowledgeable and most important, patient. He would take the time to answer ALL the questions I had for him, and he always seemed to do so with a smile, making me feel like a valued client. I would definately recommend Lee to anyone out there.”