And rather than think it is helpful, many people stay away from it because they believe in these things.
It’s time to set the record straight and learn the truth behind reverse mortgages in BC.Fact: Reverse mortgages allow you to use the equity of your home.Over the years of paying your mortgage, you are building equity.
You can borrow the equivalent of your home’s equity.Fact: You will not give up the title of your property to the bank.One of the most common myths about reverse mortgages in BC is that taking one is equal to handing over the title to the bank.
You can still leave the property to your heirs in the event of your death as long as the loan is fully paid.Fiction: The fees for reverse mortgages are exorbitant.Worrying that the fees and interest rate will be too much for you to handle is valid.
It’s also a good idea to shop around.
Compare the rates and fees of different lenders.
A reverse mortgage allows people 55 years old and older to take advantage of the equity they have built for their home.
Find a reverse mortgage lender that can offer close to the value of your home’s equity.
You only need to pay the loan when you sell your home or move out.
Not all reverse mortgage lenders are the same.
Someone is going to come and appraise your home to determine its value.
You also need to consider the closing costs and the origination fees.
Are you contemplating getting a reverse mortgage?
It’s one of the solutions seniors can turn to if they are looking for extra money for their retirement.
That can help you live your retirement years to the fullest.
You don’t have to worry about paying off the debt until you sell your home or move to a new one.
This can be a good option if you don’t have plans of moving to a new home any time soon.
If your children are successful and they already have their own homes, you might be able to make the most out of a reverse mortgage.
When you are in a situation where you need extra cash and there’s no other way to source it, you might want to consider getting a reverse mortgage.
You need the money for your long-term needs and not just a one-time thing.
With a reverse mortgage, you can take out the equity of your home and have it sent to you every month or you can get it through a lump sum payment.
Find out which can deliver the most liquidity so you can maximize your reverse mortgage.
You are not planning on moving any time soon.
To make a reverse mortgage work, you need to ensure that you will be staying in your current home for many more years to come or until you pay your reverse mortgage.
A reverse mortgage allows seniors to access the equity that they accumulated on their homes.
So rather than just let it go unused, seniors can borrow this money and use that to fund their retirement.
If you are contemplating getting a reverse mortgage, make sure you know all about it first, what the risks are, and if it’s a good fit for you.
For instance, if you are moving to a new house in the near future, it might not be the best option for you.
But if you plan on staying in your house for a long time, you can consider getting a reverse mortgage.
Find Out If You are a Qualified If you are a homeowner and you are 55 years old and above, you are qualified to get a reverse mortgage.
You can talk to a reverse mortgage specialist such as Nicolle Dupont to learn more about it and find out if this is the best option for you.The following are some frequently asked questions about it:Who is eligible for chip reverse mortgages in BC?
Canadians who are at least 55 years old and who have a real estate property under their name are eligible to get chip mortgages in BC.
It’s best to talk to an expert to understand if you are eligible.How much can I get from a reverse mortgage?
That means the more valuable your home is, the more equity you can get.Do I need to get an appraisal for my home?
To know how much your lender can give you, you need to have your home appraised.
Most banks will charge you for the appraisal fee.
Are you contemplating getting a reverse mortgage?
It’s one of the solutions seniors can turn to if they are looking for extra money for their retirement.
That can help you live your retirement years to the fullest.
You don’t have to worry about paying off the debt until you sell your home or move to a new one.
This can be a good option if you don’t have plans of moving to a new home any time soon.
If your children are successful and they already have their own homes, you might be able to make the most out of a reverse mortgage.
When you are in a situation where you need extra cash and there’s no other way to source it, you might want to consider getting a reverse mortgage.
You need the money for your long-term needs and not just a one-time thing.
With a reverse mortgage, you can take out the equity of your home and have it sent to you every month or you can get it through a lump sum payment.
Find out which can deliver the most liquidity so you can maximize your reverse mortgage.
You are not planning on moving any time soon.
To make a reverse mortgage work, you need to ensure that you will be staying in your current home for many more years to come or until you pay your reverse mortgage.
And rather than think it is helpful, many people stay away from it because they believe in these things.
It’s time to set the record straight and learn the truth behind reverse mortgages in BC.Fact: Reverse mortgages allow you to use the equity of your home.Over the years of paying your mortgage, you are building equity.
You can borrow the equivalent of your home’s equity.Fact: You will not give up the title of your property to the bank.One of the most common myths about reverse mortgages in BC is that taking one is equal to handing over the title to the bank.
You can still leave the property to your heirs in the event of your death as long as the loan is fully paid.Fiction: The fees for reverse mortgages are exorbitant.Worrying that the fees and interest rate will be too much for you to handle is valid.
It’s also a good idea to shop around.
Compare the rates and fees of different lenders.
A reverse mortgage allows seniors to access the equity that they accumulated on their homes.
So rather than just let it go unused, seniors can borrow this money and use that to fund their retirement.
If you are contemplating getting a reverse mortgage, make sure you know all about it first, what the risks are, and if it’s a good fit for you.
For instance, if you are moving to a new house in the near future, it might not be the best option for you.
But if you plan on staying in your house for a long time, you can consider getting a reverse mortgage.
Find Out If You are a Qualified If you are a homeowner and you are 55 years old and above, you are qualified to get a reverse mortgage.
A reverse mortgage allows people 55 years old and older to take advantage of the equity they have built for their home.
Find a reverse mortgage lender that can offer close to the value of your home’s equity.
You only need to pay the loan when you sell your home or move out.
Not all reverse mortgage lenders are the same.
Someone is going to come and appraise your home to determine its value.
You also need to consider the closing costs and the origination fees.
You can talk to a reverse mortgage specialist such as Nicolle Dupont to learn more about it and find out if this is the best option for you.The following are some frequently asked questions about it:Who is eligible for chip reverse mortgages in BC?
Canadians who are at least 55 years old and who have a real estate property under their name are eligible to get chip mortgages in BC.
It’s best to talk to an expert to understand if you are eligible.How much can I get from a reverse mortgage?
That means the more valuable your home is, the more equity you can get.Do I need to get an appraisal for my home?
To know how much your lender can give you, you need to have your home appraised.
Most banks will charge you for the appraisal fee.