What is a Reverse Mortgage?
A Reverse Mortgage is a way for you to turn up to 55% of the value of your home into tax-free money provided you are a homeowner of at least 55 years old. This loan is secured against your property however unlike a conventional mortgage or line of credit, there are no mortgage payments required if you live in your home. You maintain 100% ownership and control of your home and will never owe more than the value of your home.
Important Note: You are required to keep your property maintained, your home insured, and pay your property taxes.
Reverse Mortgage in BC
British Columbia (BC) is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains. With an estimated population of 5.2 million as of 2021, it is Canada’s third-most populous province. Today British Columbians are living longer and staying in better health than ever before. Through volunteering, caregiving, and engaging in other activities, they continue to make valuable contributions to society. It is estimated that in 2031 the residents 65 and over will make up 24 percent of the population of British Columbia.
Many in this age group are homeowners who purchased their homes when property values were much lower. Today these same people may find themselves struggling day to day as the cost of living has risen dramatically over the last twenty years. However many of the same homeowners find themselves in a unique position having homes with a mostly paid off mortgage (if not completely) and a substantially increased value of property. We call this situation being cash poor but house rich! This is exactly where and when a Reverse Mortgage can be utilized to tap into this increased equity.
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I am Reverse Mortgage specialist servicing the entire BC region. You will only ever be communicating with me. I look forward to assisting you achieve your financial goals!