If you are 55 years of age or older and a homeowner in Ontario, there is a good chance you have numerous borrowing options, when it comes to using the equity in your home. But what choice makes the most sense, when you want to remain in your home, yet make use of the money without breaking the bank?
Well, at Expert Mortgage, we have been a long time advocate for clients seeking borrowing solutions that make sense for our client base and their bottom line. As mortgage brokers, we will guide you through every step of the process to ensure all of your questions are answered and your rights are protected via consultation with a legal representative, in the event you so chose to proceed with a reverse mortgage option.
Victor Kaushal at Expert Mortgage will ensure that Reverse Mortgage lenders are vetted for best practices and the fair treatment of our client base with clear terms put in writing in the mortgage funding process. These include:
Expert Mortgage extends a helping hand to homeowners who may be seeking a reverse mortgage and lenders to address any of the above concerns and other not so common expenditures.
Some Frequently Asked Questions:
Will I continue to own my home?
Yes! The ownership of your home by no means is transferred to the bank when you acquire a reverse mortgage. Any reverse mortgage is registered in a similar fashion as a regular mortgage or home line of credit would be. The reverse mortgage is lodged in first position on title, and the funds can be used to payoff your existing mortgage or any outstanding debt on title.
How can I use the funds from a reverse mortgage?
You may use the funds to pay off any mortgage balance you have outstanding or pay daily expenses, including home renovations, medical bills, in-home care, travel or to help a family member with a down payment on their home – The choice is up to you!
Will I need to sell my house if my spouse passes away?
In this case, if both spouses are registered as joint tenants, the surviving spouse can continue receiving all of the benefits of the reverse mortgage and continue living in the home.
Is a home equity loan of line of credit (heloc) a better option?
You will need to qualify via your income for a heloc in most cases with the banks and be required to make mandatory periodic payments. This can be difficult for most retirees to qualify for and maintain. The benefits of a reverse mortgage allow for you to have no payment obligations for as long as you continue to reside in your home. Furthermore, the reverse mortgage product may also be portable in the event you decide to move to a new property.
We stand out as one of the very few brokerages that commits to finding you the best rate and terms – and we put it in writing, when no one else will.