Reverse Mortgage

Retire the Payments, Not Your Lifestyle.

Do you know where you will live when you retire?
Do you need to sell and downsize to live comfortably in your retirement years?
Are you part of the “sandwich” generation with University costs for the kids and helping your elderly parents with their home maintenance because they don’t want to move?
Do you need help just to pay for day-to-day expenses because of loss of one income?
Do you have unexpected medical costs?
Do you want to help younger family members with education or a home purchase?

Wouldn’t it be nice if you had access to the money you need

NOW?

As a mortgage broker, I have an option for you to consider.

Reverse Mortgage

With a “no payment” or reverse mortgage, eligible homeowners can take advantage of not only the money they have already put into their home, but also the increase in their home’s value since they purchased it.

What is a REVERSE MORTGAGE?

It is a financial product that allows older homeowners that are 55+ years of age (who have a substantial amount of equity in their homes) get a sizeable portion of that money to use as they wish…..medical expenses, visits to see their grandchildren, or simply for day-to-day living expenses.

You can receive up to 55% of the value of your home based on:

your age & that of your spouse
the location and type of home you have
your home’s current appraised value

You can choose how you want to receive the money; receive all the money you’re eligible for in one lump sum or take some now and more later in advances over a period of time.

It must be your primary residence. As long as you live in the home, you are not required to make any payments to repay the amount of equity that you have used. You will still be responsible to pay your property taxes and property insurance and caring for the maintenance of the property.

Want to check your ELIGIBILITY for REVERSE MORTGAGE?

What are the benefits of REVERSE MORTGAGE?

You can use the equity in your home without moving/selling. You’ve spent years creating memories in your family home, a reverse mortgage makes it possible to continue to live there.
There are minimal income and credit requirements. Unlike most mortgages, it’s easy to qualify because of the minimal requirements associated with a reverse mortgage.
You receive the money tax-free. It is not added to your taxable income so it doesn’t affect OAS (Old Age Security) or GIS (Guaranteed Income Supplement) government benefits you may receive
You can use the money any way you wish. Maybe you want to enjoy your retirement or cover unexpected expenses. Perhaps you want to update your home or help your family without depleting your savings. The only condition is that any outstanding loans (e.g. existing mortgage or home equity line of credit) secured by your home, must be paid out with the proceeds of your reverse mortgage.
No mortgage payments are required while you or your spouse live in your home. The full amount only becomes due when you or your spouse no longer live in the home. The freedom to eliminate monthly payments can be a benefit for stretched budgets.
You maintain ownership and control of your home. You will never be asked to move or sell to repay your reverse mortgage. All that is required is that you maintain your property and stay up-to-date with your property taxes, fire insurance and condominium or maintenance fees while you live there.

However, there are considerations...

Similar to other mortgage products, there are fees associated with the transaction. There is a one time appraisal fee together with closing and administrative costs.

You are required to seek independent legal advice to ensure that you are entering into the agreement freely, without pressures, and that you understand the contract and type of mortgage you are getting.

If the bank won’t give you a mortgage or increase your line of credit

because you have no income stream to support the payments,

a reverse mortgage is an option for you.

Stay in your home.

Remain independent.

Maintain your financial freedom.

Renovate your house.

Give your family money.

Your Home. Your equity.

Your choice!

You decide if a reverse mortgage is right for you.

If you think this is something that you want to consider, talk to your kids, talk to your accountant, talk to your lawyer, and then call me.

I’d be happy to help you or answer any questions you may have.

Building Trust with Clients

The best Google search ever when I contacted Eva. She is extremely professional and competent in helping you achieve your goal. I can't compliment enough on how comfortable she made me feel going through the process of securing a mortgage. I have found a friend!

Marg S.

Eva has always been professional, helpful and very easy to approach since day one. We’re so grateful to have someone who knows the ins and outs of the mortgage industry and willing to go above and beyond for what’s best for us. She’s always on top of everything. Whenever someone asks me about mortgages I know I can be confident to refer her to my colleagues, friends and family knowing they’re in good hands. Thank you for your tremendous help Eva. You are amazing!

Joy A.

Eva is an extremely knowledgeable and caring mortgage broker. We have been going to Eva for our mortgages and mortgage renewals since we moved to Abbotsford almost 15 years ago. We just completed a renewal with her and were concerned about the current interest rates. Eva worked with us to find the best possible outcome and we were very happy with the result. Eva has years of experience and she sincerely cares about her clients. We wouldn’t go anywhere else.

Mavis N.

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