British Columbia Reverse Mortgage
Reverse mortgages are a great option for homeowners who are approaching retirement, who have a large amount of equity in their home, are not planning to move, and would like to supplement their income.
Reverse mortgages are a type of home equity loan, it does not require monthly mortgage payment and the loan is repaid after the homeowner sells or dies. You will get the money in installments, not in a lump sum, and you will have to pay it back in one lump sum in the future.
To qualify you and your spouse must be 55 years of age or older. The amount that you will qualify for depends on your age, the location of your home, and the value of the house. All payments are tax-free.
If you are only wanting a small amount at the time of applying, you can get pre-approved for the maximum allowed and get paid the amount needed while still having access to the full-amount, if needed.
You only pay interest on the amount that has been loaned to you, not the pre-approved amount.
Your house remains in your name. You will get all the equity left in the home after the reverse mortgage is paid off. The reverse mortgage loan does not have any affect on your Old Age Security or Guaranteed income supplements benefits you might receive.
The lender guarantees that your estate is protected and that no money will be left owing after the reverse mortgage is paid off.
I’m always happy to schedule an in-person meeting or phone call if you have any questions or concerns regarding your Surrey reverse mortgage.