Are you Eligible for a Reverse Mortgage through a Private Lender? What is a reverse mortgage? Basically, this involves a lender making a lump sum payment to you and having no mortgage payments for the term until the mortgage is paid. This is a great way for you to access the equity in your home ...
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Reverse Mortgage FAQ Answer: Banks don’t give your credit score as much scrutiny when they evaluate your application for a reverse mortgage, because you don’t make payments on it. As a result, your record of making payments on time is not as crucial a part of the consideration process. There are different tiers of reverse ...
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For more and more Canadians, the journey toward retirement is becoming increasingly precarious because they simply don't have that much socked away for their expenses. The non-profit Investor Education Fund recently conducted a poll of 1,500 Canadians aged 50 and above, and the results were shocking: only 20 percent of households indicated that they would ...
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Reverse Mortgages in BC (British Columbia) If you’re not familiar with a reverse mortgage, it is a loan that you take out on the security of the value of your home. These mortgages are made for homeowners who are 55 years or age or older and allows them to turn as much as 55 percent ...
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Liquidity can be a real concern for senior citizens in Canada. The reality is that fixed incomes often fail to keep up with the rising cost of living, and as a result, you can end up falling behind bills -- or simply living at a reduced standard -- while surrounded by a huge pile of ...
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If you are 55 years or older and own your own home -- and you have enough equity -- a reverse mortgage can be a lifesaver in terms of cash flow in your senior years. A reverse mortgage allows you to convert as much as 55 percent of your home’s value into cash without any ...
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As with any investment strategy, there are Reverse Mortgages Pros Cons to consider. Let's take a look at whether this can benefit you. Reverse mortgages can change a senior citizen's retirement from an anxious, month-to-month scramble to meet obligations without draining savings to a comfortable time that allows enjoyment after a lifetime of hard work ...
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Many senior citizens who have spent years paying mortgage payments on their homes and either own them free and clear or have come close to paying their loans off can now take even more equity out of those homes if they need to. HomEquity Bank boosted its highest loan-to-value ration on a reverse mortgage up ...
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