Over 55? The Reverse Mortgages In Canada were built for you.
I remembered some more of those haunting questions that people ask about Reverse Mortgages In Canada.
First of all, let’s give recognition where recognition is due – to Home Equity Bank which had a vision over 30 years ago and now has helped thousands of Canadians over 55 to utilize a Reverse Mortgage as part of their retirement planning.
Now that I have that recognition out of the way let’s talk about those frequently asked questions I spoke about in my last Blog.
Here they are:
Will I ever owe more than my house is worth?
Clients can qualify for up to 55% of their home’s appraised value and with HomeEquity Bank, every Reverse Mortgage In Canada comes with a *No Negative Equity Guarantee which means that the overall debt will not exceed the cost of the loan as long as conditions are met, such as maintain the property, keeping taxes up to date and such. In fact, 99% of Home Equity Bank’s clients have equity remaining after the loan is repaid.
Will the bank own my home?
No, you maintain ownership and title to the home.
Isn’t a Reverse Mortgage a “last resort” solution?
No, a Reverse Mortgage In Canada frees up equity that is tied up in the value of the home. In essence, it allows you to enjoy your retirement closer to the way you had planned. Many Financial Planners recommend using a Reverse Mortgage as the proceeds are not taxable. There could be nice tax benefits by using the Reverse Mortgage to improve your lifestyle.
Can’t the bank force me to sell or foreclose on me at any time?
No, a Reverse Mortgage In Canada is a lifelong product and as long as the property taxes and home insurance are in good standing, the property is properly maintained and you continue to live in the home, the loan won’t be called even if the house decreases in value.
Got more questions about reverse mortgages in Canada? CLICK HERE to see the top 5 questions people ask about reverse mortgages in Canada.
If you have any other questions or would just like to discuss a Reverse Mortgage in Canada please feel free to contact me @ [email protected] or by phone at 250-861-8758. I always say “Knowledge is Power” so do some further research on this product.