Whether you are a first-time home buyer or looking to retire, as an Oakville mortgage expert, I am determined to help you with your home financing needs at every stage of your life.
If you are currently a homeowner, over the age of 55 and want to access the equity you have built up in your home, an Oakville reverse mortgage could be a great option for you!
There are many factors that will determine whether or not you can qualify for a reverse mortgage. Some of these factors will be based on you as an individual, or couple if you are married, and some will be based on your home itself. Your age, current interest rates, and the equity, location, and value of your home will all be reviewed and considered before a decision is made.
Once you are approved for your reverse mortgage, you will be given a few options with regards to how you wish to access the funds you will receive from your loan.
You may choose either a lump sum payment or planned payments, which would resemble a regular income. Many people opt for a combination of the two, taking out a large chunk up front and receiving the difference through regular payments.
This decision will be entirely up to you and what you feel will work best for your financial situation, now and in the future.
Once you have closed on your reverse mortgage and start receiving the funds from your loan, you will be able to pay off health care debts, invest in a retirement account, or finance the improvements you have been wanting to make on your home.
For many seniors, an Oakville reverse mortgage is the perfect solution and at Cashin Mortgages, we are here to make that solution work for you!
If you would like more information, check out our library of information on reverse mortgages or, if you believe you meet the criteria to qualify for a reverse mortgage or have questions about the process, give us a call today at (416) 898-7600. We can’t wait to help you enjoy home ownership and your retirement!