Myths about reverse mortgage

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The Myths of Reverse Mortgage

Here you have the Myths about Reverse mortgage. what to expect and what are the real facts

Myths:

  • The bank owns the home.
  • People with a reverse mortgage will owe more than their house is worth.
  • Reverse Mortgages are too expensive because the rates are high.
  • A reverse mortgage is a solution of last resort.
  • A Home Equity Line of Credit (HELOC) is a better option.
  • The bank can force the homeowner to sell or foreclose at any time.
  • The homeowner cannot get a reverse mortgage if they have an existing mortgage.

Click here to get the facts

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Reverse Mortgage

Reverse MortgageAbout reverse mortgage

Reverse mortgage has experienced an extraordinary 26% increase demand compared to last year.

Reverse mortgage is a financial instrument that allows seniors to access at very convenient terms the equity in their home

The funds are available to the homeowner in a very short time after the application, and all the process can be done from the comfort of their home.

The purpose of the funds is up to the homeowner but, here below we enlist some common reasons.

91% of Canadian Boomers do not want to sell their home

  •         A study by CBC found that 91% of Canadian Boomers do not want to sell their home.
  •         As home values continue to rise in Canada, many senior women have tapped into the equity in their home.
  •         Low-income seniors that do not qualify for a traditional mortgage or secured line of credit often are placed into private loans with higher interest rates, high closing costs and annual renewal fees.

How can you help yourself?

If you know a senior that fits into the low income category, have a conversation with me about HomEquity Bank’s Line of Credit – with option to make payments, or simply defer payments

Is reverse mortgage good?

The Reverse mortgage is simply fantastic, for a number of reasons, but most of all, because it provides easy and secured the access to funds through the equity that is already owned

How is the mortgage loan repaid?

The mortgage rates have always been lower than the rate of the equity increase and homeowners do not have to make periodic payments to the mortgage. The loan and interests will be repaid when the house is sold or inherited to other owners.

It is simple and very affordable. *Free personal consultations* are available, no pressure to commit, just detailed information is provided at the meeting to show you the reverse mortgage fees and qualifications. Get your reverse mortgage application now.

What are homeowners with reverse mortgage using their funds for?

  • Enjoy some traveling
  • Need to improve your health
  • Make some home improvements
  • Help your family financially
  • Increase your cash flow
  • Investing

If you are 55+ Home Equity Income Advantage can help you get the piece of mind you are looking for to continue with your life and plans without worries of un-eligibility.

Here are the highlights of the Home Equity Income Advantage:

  • Exclusively for homeowners 55 and older
  • There are no credit or income qualifications
  • You can access up to 50% of the value of your home
  • You receive the money tax-free
  • You can take the money as monthly cash flow and as a series of lump sums
  • No payments are required while you or your spouse live in your home
  • You maintain ownership and control of your home
  • You keep all the equity remaining in your home
  • Your estate is well protected
  • You can save on taxes

Home Equity Bank

We offer the Home Equity Income Advantage in partnership with Home Equity Bank.

HomEquity Bank is a schedule I Canadian Bank and is the only national provider of reverse mortgages to homeowners aged 55 and over

HomEquity Bank’s product line is now officially endorsed and recommended by CARP as a trusted financial solution!

How much can you borrow on a reverse mortgage loan?

Click here to try a free pre-approval reverse mortgage calculation and find out how much funds you ca access from your own equity

Free reverse mortgage calculation

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Mortgage

MortgageMortgage is a registered agreement in a land titles office where security interest in a specific real property is held by a lender as a security for debt repayment by the borrower, a debt pledge

Each mortgage is a claim against the property; should the property be sold or foreclosed each claim is satisfied in order

What kind of mortgage can I help you with?

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

First mortgage: is the first loan registered in the title against the property

Second Mortgage: Is the loan that is registered second in time in the title against the property, is normally used to trade high credit card debts that carry high-interest rates for a low mortgage rate that eventually will reduce the cost of borrowing making it easier to eliminate that debt

A Mortgage can be conventional or high ratio
Conventional mortgage: Usually when a borrower contributes a 20+% of the value of the property
High ratio mortgage: Usually when a borrower contributes less than a 20% of the value of the property

A Mortgage can be open or closed:
Open: Allows the borrower to repay all or part of the principal at any time without penalties
Closed: Does not allow any prepayments or early repayments of the mortgage

There are different types of mortgage loans because they try to satisfy different needs according to the borrower’s lifestyles and affordability.

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