Money doesn’t grow on trees – right? And that’s why so many Canadians these days are turning to a reverse mortgage from HomeEquity Bank. A reverse mortgage is not quite like having a money tree but, if you’re looking for a way to finance your retirement it could very well be the next best thing.
Factors Influencing A Reverse Mortgage Loan Amount
A lot of people ask Bob, a reverse mortgage expert, “How much money can I get from a reverse mortgage?“
Bob explains that this amount is determined mainly by the following four factors: age, property type, location, and current appraised value.
Across Canada, senior homeowners, age 55 and over, are eligible for a reverse mortgage. With a reverse mortgage from HomeEquity Bank, Canadian seniors can get the money they need to finance their retirement and get to stay in their homes. You must be minimum age 55, and if there are two or more people on the title, they must all meet that minimum age eligibility. What’s unique about our program however, is that there is no maximum age, in fact, the older you are the more money you can access – up to 55% of the value of your home.
HomeEquity Bank differentiates between a single family dwelling, condo apartment, rural acreage, etc.
The loan amount extended also varies whether the property is present in a rural or urban area. While we lend all across Canada we do differentiate between major urban centers such as Calgary, Vancouver and Toronto and smaller rural communities.
Current Appraised Value
The current appraised value of the home is also considered. Any secured debt against the home must be paid off with the proceeds from the reverse mortgage.
There’s no reason your home should ever be a burden to you or your family. It is, however, important that you keep your property in good maintenance, pay your property taxes and property insurance, and your property is not in default.
There are no regular monthly payments required on either the principal or interest. HomeEquity Bank offers fixed interest rate terms of 6 months, 1 year, 3 year, and 5 year, as well as a 5 year variable rate. Opt for reverse mortgage rates that serve your individual needs and gain access to the equity in your home without selling, or moving.
The unique needs and goals of each homeowner coupled with a variety of factors and circumstances determine the eligibility and amount of a reverse mortgage. To find out more about all the ways a reverse mortgage can help you finance your retirement get in touch with us for your free no obligation information guide from HomeEquity Bank.