Is a Reverse Mortgage a Good Option For You?
A reverse mortgage is a loan that allows you to get money from your home without having to sell your home.
This could be a part of a retirement strategy for some people. It allows them to convert their home equity into tax-free cash. At the same time, it allows them to remain in their home for retirement.
Reverse mortgages are available in Canada. They are regulated by the Financial Consumer Agency of Canada. Certain restrictions apply. For example, you may only be able to borrow up to a certain percentage of the current value of your home.
Unlike a traditional mortgage, a reverse mortgage doesn’t need a down payment. It also does not have monthly payments to the lender. The loan amount depends on the current value of your home minus your mortgage or other debts.
The information above is very general about this topic. To learn more about reverse mortgages we recommend you contact a professional. See below the contact details of the qualified professional who we can recommend you talk to.
Serving Most Communities Across Ontario
Visit Canadalend.com to read more about Reverse Mortgages
For faster service contact Bob directly:
BOB AGGARWAL President/Broker bob.aggarwal@canadalend.com |
Tel: 905-881-2208 675 Cochrane Drive | Suite 104 | West Tower |
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I was introduced to Rakesh through a common friend when I was looking to buy an investment property. I wasn't sure of the location or type of property I was looking for. Rakesh was very patient with me and asked the right questions to clear my thoughts and help me arrive at the final decision. He gives advice like a family member; is very honest with sharing his inputs and readings into the present and future value of the property. He always has the best interests of the buyers. He also went above and beyond in helping me sort out the issues with the new tenant. During the span of one month, he was super quick in responding back to my questions and was very flexible around my schedule. I look forward to doing business with him in the future.
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Rakesh was very reliable, responsive, and professional as our Realtor. He was trustworthy and not afraid of being open and candid with his opinions on questions and concerns that we raised. He was very approachable and interacted really well with us as clients. We also noted that Rakesh was proactive, paid attention to detail, and always kept the bigger picture in mind as he worked with us. We knew we could rely on him to get the work done. Rakesh had a very positive attitude throughout our interactions with him as he helped us navigate through our needs. He delivered on his commitments and inspired us with confidence from the start of our transaction to the closing and beyond. We would highly recommend using Rakesh as your Realtor.
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