Monthly Archives: November 2017

Are the myths stopping you from considering a reverse mortgage?

Even though Reverse Mortgages have been available in Canada for over twenty-five years there are still a lot of myths surrounding this mortgage product. With more and more of Canadians wealth tied up in the equity in their homes is it time to take a fresh look at some of these myths.

Myth #1 The Lender will own my home

This is not true. You retain the title to your home. A reverse mortgage is registered against the title to the home in the same way as a conventional mortgage or a home owner’s line of credit.

Myth # 2 The Lender will end up owning my home

This is false. According to HomEquity Bank the average homeowner has well over 50% of the value of their home left to enjoy after repaying their reverse mortgage.

Myth # 3 Your children will have to pay if the mortgage exceeds the value of the home

This is also false. In fact unlike a regular mortgage the reverse mortgage program guarantees that neither you or your family will ever owe more than the value of the home.

Myth # 4 You can be forced to sell your home

This is false. You maintain complete ownership of the home and under the terms of the reverse mortgage you can never be forced to sell your home.

Myth # 5 Most people are dissatisfied with their reverse mortgage

This is false. A recent survey by HomEquity Bank found that 94% of Reverse mortgage customers would recommend a reverse mortgage to others.

A reverse mortgage may not be for everyone but for anyone that is house rich, but cash poor it may be one way to stay in your own home and enjoy retirement on your own terms.

If you have any questions about reverse mortgages please call me at 604-961-2400.

Lawrie

Welcome to my website Learn About Reverse Mortgages

As a mortgage broker one of my roles is to provide the information that my clients need in order for them to make the best financial decision.

This website has been designed to help you understand what a reverse mortgage and if this is an option for you to consider more. It does not provide the answer to the question should you get a reverse mortgage. Any decision to get a reverse mortgage or any mortgage should only been made after a proper review of your personal situation, both where you are right now and where you want to get to.

If after looking at the information on the site you think this is an option you should consider I will calculate for you how much you can expect to get using my reverse mortgage calculator.
In addition I will provide you with a personal mortgage plan that will help you decide if you want to proceed with a reverse mortgage. This review will include a comparison of the cost to set up the different options and what interest rates apply to reverse mortgages.

I hope that the website helps you on your financial journey. Please do not hesitate to call me at 604-961-2400 if you find it easier to just talk things through.
Lawrie