Get access to your home equity without selling your home
Unlock Your Home Equity Through Reverse Mortgage in Mississauga
As you grow older, you might need funds to pay off debt, medical bills, or monthly expenses. As a homeowner in Mississauga, you can borrow up to 55% of your property’s value. You can access them as a one-time lump sum payment or smaller installments over time. Typically lenders require you to be at least 55 years old to qualify for reverse mortgage.
The Answers You Need
The best part about a reverse mortgage is that you don’t have to make monthly payments. You can make a lump sum payment every few months or even once a year. Team BobCat Mortgages will work with you to establish a payment model that’s best suitable to match your needs.
1. How long do I get to pay back the loaned amount?
In case of death, most reverse mortgage lenders give up to 180 days for your successor to pay back the loan. This ideally happens after the sale of the property. If you move into a long-term care facility, we can arrange for a year’s time to pay the principal amount and interest back.
2. What happens to my reverse mortgage in case of death?
The interest rate could be higher or lower depending on your application and the risks attached to it. You also need a signed legal document proving your need for a reverse mortgage, which is an added expense. Other expenses associated include home appraisal fees and set up fees.
3. Is the interest rate higher or lower than a traditional mortgage rate?
The decision to take out a reverse mortgage is not an easy one. Team BobCat Mortgages promises to offer you unbiased professional advice that improves your financial well-being. A great alternative to reverse mortgage is HELOC or Home Equity Line of Credit. Others include selling your home and moving into a smaller one, renting out your home, basement, or garage for income. Please contact us today for a free, no-obligation consultation sesion.
4. Are there any alternatives to reverse mortgage?
The easiest way to access your home equity is here. No monthly payments. No taxes.
Benefits of Working With Team BobCat
Pay back the loan whenever you want
Pay a lump sum amount whenever you can, until traditional mortgages. You are expected to pay the amount in full when you sell the property, move out, when the last borrower passes away, or when you default the loan.
Access funds without selling your house
When you get a reverse mortgage, you continue to own your house and you don’t have to pay any taxes either. Getting approved for a reverse mortgage in Mississauga is much easier compared to traditional mortgages.
Has no effect on government benefits
Taking a reverse mortgage won’t affect your eligibility for government programs including Old Age Security (OAS) or Guaranteed Income Supplement (GIS).
Save money with low mortgage rates
When you apply for a mortgage through us we send your application to a number of mortgage lenders. We’ll find you the most competitive rate and save you thousands of dollars in the long run.
Completely digital mortgage application process
Our application is simple and straightforward and can be done completely online. We are only a call away and always available to answer any questions you have.
Best financial advice for future
Our biggest reason to become mortgage agents is to help Canadians and PRs improve their financial situation through real estate. Once you become our client, you’re forever a member of our Team BobCat Mortgages family.