Does it make sense to refinance your existing mortgage?
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Yes! There are some circumstances when refinancing your home mortgage may be helpful.

MYTH: Now is not the right time to refinance.

TRUTH: This depends on your individual situation. For example: Say you didn’t get the lowest rate available when you took out your mortgage due to your credit score. Your score has since improved, so it may be worth a refinance to secure a lower rate now.

MYTH: Refinancing is only about getting a lower rate.

TRUTH: There are many other reasons to refinance, such as:

• Reduce the length of a loan
• Take cash out to pay off debts, do renovations, property investment
• Eliminate the cost of private mortgage insurance
• Change interest rate to either Fixed or Variable

MYTH: You’ll lose some of your home’s equity.

TRUTH: Only true if you take out cash when you refinance. If you do any of the below, you will NOT change your home equity:

• Lower the interest rate
• Drop the mortgage insurance
• Reduce the mortgage term

Need cash now? Age 55+? You also have the option to pursue a reverse mortgage. See my previous blog post for more details.⁣
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If your ready to explore your options, I have you covered, with access to traditional lenders (banks), as well as alternative lenders. So get in touch!⁣

604.799.8133⁣

mortgagesbyamytatla@gmail.com⁣

Convert your Home Equity to Cash

A reverse mortgage is just a first charge on your property. You still own your home and have title to the home. You can access up to 55% of your home’s equity, either as a lump sum payment or you can structure to receive monthly payouts.

It’s different from other types of loans in a couple ways:

(1) No income or credit qualification

(2) No monthly payments

Reverse mortgages are the fastest growing mortgage product in Canada, helping the fastest growing market segment, Canadians age 55+. See below for scenarios where taking out a reverse mortgage may be a solution for you.

Cannot afford the down payment for your home purchase? Ask parents to take out a Reverse Mortgage.

• Parents (age 55 plus) provide an early inheritance to their children today
• Parents can access up to 55% of their home value in tax-free cash with no monthly payments
• Basic house inflation over time typically offsets the accruing interest which allows the client to maintain their equity

Need cash to purchase an investment property or vacation home? Reverse Mortgages help 55+ clients who:

• Have equity in their primary residence, but have limited income and want to invest in real estate
• Want to purchase a vacation home to enjoy with their family
• Are looking to build wealth and income through real estate

Need MORE cash after selling to make your next home purchase? A Reverse Mortgage is used when:

• 55+ clients who are selling and looking for the right home
• Net sale proceeds are too low to purchase the home they want
• Monthly income supplement needed to help cover carrying costs i.e. condo fees

Ready to convert your home equity into cash, or help your children purchase their first home? Contact me to learn more!

📲 604.799.8133
📧 mortgagesbyamytatla@gmail.com
🌐 amytatla.com