Reverse Mortgages in BC
Your Choice for everything Mortgage in Vernon B.C.
Reverse Mortgages Made Easy!
We specialize in Reverse Mortgages in Vernon, Kamloops, Kelowna and across BC
Inquire TodayNo-hassle, No-obligation. Your info is safe, and you’re in control.
My Lending Advantage
Fast
Lending Approvals
Low Rates
Some of the lowest rates anywhere
98%
would recommend me
Contact Us
let's talk about your needs
Unlock the Value of Your Home with a Reverse Mortgage – Stay in Your Home and Boost Your Retirement Income!
I understand that many Vernon and surrounding area homeowners approaching retirement are looking for ways to make their hard-earned home equity work for them. A reverse mortgage can be a fantastic option for those 55 and older who want to access up to 55% of their home’s value in tax-free cash—without the need to sell or move. Whether you’re looking to supplement your retirement income, cover unexpected expenses, or simply enjoy more financial freedom, a reverse mortgage allows you to stay in your home while unlocking its value. The best part? You don’t have to make monthly payments; the loan is only repaid when you decide to sell, move, or pass away, giving you peace of mind and flexibility.
With a reverse mortgage, you remain the owner of your home, and the lender simply places a mortgage against it. This means you keep full control of your property while enjoying the benefits of additional cash flow. While there are costs involved, such as interest accumulation and fees, the ability to live comfortably in your home and enjoy financial flexibility often makes it a worthwhile option for retirees. I’m here to guide you through the process, explain all the details, and help you decide if a reverse mortgage is the right choice for your future. Let’s explore how this powerful financial tool can give you the retirement lifestyle you deserve!
Inquire TodayReverse Mortgage Quick-Facts and Features
-
1
Tax Free Money
The money you receive does not constitute a part of your taxable income, meaning that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not affected.
-
2
Maintain Ownership of Your Home
Contrary to popular belief, you will not lose your home with a Canadian reverse mortgage. You'll never be asked to move or sell to repay your CHIP Reverse Mortgage. The requirement is to maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
-
3
Use The Money Anyway You Wish
A reverse mortgage can help you enjoy your retirement or cover unexpected expenses. Pay for medical bills, upgrade your home, help family and loved ones, travel and pay monthly expenses without depleting your current savings. The only condition is that any outstanding loans secured by your home must be paid out with the proceeds from your Reverse Mortgage.
-
4
Keep All Remaining Home Equity
In many years of experience, 99 out of 100 homeowners have money left over when their Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
-
5
Basic Qualification
To qualify you must be a Canadian home owner, 55 years of age or older. The age qualification applies to both you and your spouse. Get up to 55% the value of your home; No credit, no health check and no income needed. Your home must be your primary residence.
-
6
No Repayment While Living In your Home
Regular mortgage payments are not required while you or your spouse are living in the home. The full amount only becomes due when you and your spouse no longer live in the home.
Answers to Your Questions...
What is Reverse Mortgages, and how does it work?
A reverse mortgage in Canada allows homeowners aged 55 and older to borrow against the equity in their home without having to sell it or make regular mortgage payments. The amount you can borrow depends on factors like your age, the value of your home, and your location. With a reverse mortgage, you can access up to 55% of your home’s value in tax-free cash, and you don’t have to repay the loan until you sell your home, move out, or pass away. This option can be ideal for retirees who want to supplement their income while staying in their home. As your mortgage broker, I’ll help you explore whether this is the right solution for your retirement needs.
Will I still own my home in Vernon with a reverse mortgage?
Yes, with a reverse mortgage in Canada, you retain ownership of your home. The lender places a mortgage on the home, but you remain the legal owner and can live in the home for as long as you wish. You also have the freedom to sell the home at any time, with the reverse mortgage being paid off from the sale proceeds. This makes reverse mortgages a flexible option for homeowners who want to access their equity without giving up control of their property. I can walk you through how this works and answer any questions about maintaining ownership and managing the loan over time..
What are the costs associated with a reverse mortgage?
While reverse mortgages offer financial flexibility, it’s important to understand the associated costs. These include interest on the loan, which accumulates over time, as well as fees such as home appraisal, legal fees, and closing costs. Unlike a traditional mortgage, with a reverse mortgage, you aren’t required to make monthly payments, but the interest compounds, meaning the amount you owe increases over time. When the loan is eventually repaid (typically when you sell the home or pass away), the total amount owed will include the initial loan plus interest and fees. I’ll help you carefully consider these costs and weigh them against the benefits of accessing your home’s equity, ensuring it’s the right financial move for you.
