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
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