Committed to making your mortgage approval process stress free and efficient for over 25 years, Sunlite Mortgage is one of Toronto, Canada’s leading mortgage brokerages.
If you are a Canadian homeowner living in Alberta, British Columbia, Ontario, 55 years old or over, and own your home, you could get up to 55% of the value of your home as a Reverse Mortgage. You must also:
A Reverse Mortgage in Canada is a loan secured against the value of your principal residence. Unlike a loan or a regular mortgage, with a reverse mortgage, you are not required to make regular mortgage payments, and it gives you tax-free access to cash in a lump sum or installments with no mandatory ongoing payments. The loan must be repaid only when the homeowner no longer lives there.
The primary purpose of a reverse mortgage is to retire in your home, but you can use the money for anything you wish:
You worked hard to become a homeowner, and it’s important to us that we keep it that way. With a Reverse Mortgage in Canada, you always maintain control of your home. There is no requirement to transfer ownership of your home until you move out of the home.
With a reverse mortgage, you will never owe more than the value of your home. If you make no-interest payments, your outstanding amount will grow. The equity in your home will also increase more than the loan increase amount.
Would you like more information?
Contact a Sunlite Mortgage agent near you for more information, or contact us at (877) 385-6267
