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Thread: Criteria for a Reverse Mortgage

Created on: May 24, 2018 @ 03:09 AM
Replies: 0
Eligibility Criteria for a Reverse Mortgage
May 24, 2018 @ 3:09 AM
Heather01
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Joined: May 24, 2018
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Through reverse mortgage, available only to seniors, the enhanced equity in the home can be used to get a loan. Unlike a regular mortgage, there are no regular mortgage payments of principal and interest. Reverse mortgage agreements provide that no repayments are due until the homeowner dies, or the house is sold or abandoned.

To determine whether you qualify for a reverse mortgage, a lender will look at the equity you have in your home. And the reverse mortgage can be used wisely to make improvements to your home, pay down debt or to pay for leisure activities according to your wish.

Eligibility criteria for a reverse mortgage in Canada are:

1. You (and your spouse) must be 55 or older
2. You must use the property as your primary residence
3. The balance of any existing mortgage or lien against the property must be paid off by the proceeds from the reverse mortgage.
4. Your home is in a location and of a type that HomEquity Bank typically lends on.
* Last updated by: Heather01 on 5/24/2018 @ 3:09 AM *

 

 

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