Reverse mortgages are similar to a traditional refinance in that you are accessing equity from the value of your home, but unlike a refinance you don’t need to meet a credit or income eligibility criteria. You remain the owner of your home and you do not have regular monthly payments to make. Sounds like a pretty good deal doesn’t it?
If you are like most Canadians over the age of 55, your residence is your main asset and is a part of your retirement plan. Rather than waiting to retire, you can access up to 55% of your home’s net worth in a few simple steps. Your home continues to appreciate along with the rest of the real estate market and you have no monthly payments to make until you decide to sell or move. This differs from a HELOC in which you would eventually have to pay back the money.
People typically chose a reverse mortgage for the following reasons:
In order to be eligible for a reverse mortgage, you must meet the following criteria:
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Understanding how to leverage the equity in your home is a huge asset when it comes to retirement planning. Many homeowners over the age of 55 are realizing that their home is their single biggest asset when it comes to retirement, so why not access some of that equity now when you really need it.
Reverse mortgages are growing in popularity primarily because of the flexibility they offer clients.
Meet Janice & Dave:
Janice & Dave have lived in their 1950’s bungalow in Toronto’s Danforth village for over 35 years. They purchased their home in 1987 for just over $160K and it is now valued at $1.45M. Both Janice and Dave are retired and looking for strategies to maximize their retirement income and are hoping to do some traveling. They met with a SafeBridge mortgage agent who told them about reverse mortgages and how they could leverage up to 55% or $797,500 of their home’s equity through a reverse mortgage. They worked with SafeBridge to get their reverse mortgage in place and were thrilled that they were able to travel to Africa on their first but certainly not last Safari experience.
Understanding how to leverage the equity in your home is a huge asset when it comes to retirement planning.
Here are 3 of the benefits of a reverse mortgage:
At SafeBridge our access to over 63 different lenders sets us apart. With over 20+ years in the mortgage lending space our team of mortgage professionals is qualified to help you navigate the details of a reverse mortgage.
Each client is unique and we pride ourselves in customized solutions that solve your unique challenges with regards to reverse mortgage financing.
When you work with SafeBridge, our team of professionals take the time to understand your situation and come up with the perfect financing solution. It is always in your best interest to work with a company that will not only help you secure financing but also keep in mind your holistic financial goals and make sure they are all in alignment. As a company we help thousands of clients each year find the perfect financing solution to fit their needs. e mortgage.
When it comes to reverse mortgages our team of exceptional mortgage brokers will assist you with finding the perfect reverse mortgage and financing terms. Let us take the stress out of your retirement plan by helping you set up a reverse mortgage and take advantage of the net worth already sitting in your home.
Contact us today to find out how you can get started with a reverse mortgage.Apply Now
You can easily access 55% of your home’s net worth tax free via a reverse mortgage.
No, not all lenders provide reverse mortgage products. We would recommend you speak with a professional SafeBridge mortgage agent who can explain your options and help you find the right lender.
Yes. Reverse mortgages have higher interest rates which increase the cost of borrowing.
Yes, bad credit will not prevent you from getting a reverse mortgage.
Chris is a Co-Founder and Financial Advisor at SafeBridge Financial Group, the originators of Mortgage Centered Financial Planning, and is passionate about serving his clients and empowering the incredible team to “Be Better. Be Inspiring.” Prior to co-founding SafeBridge, Chris started his career as a Financial Advisor with Sun Life Financial, formerly Clarica Financial Services, and had the privilege of serving many clients financial needs for over a decade.
Over the last 20 years we’ve been successful in attracting over 60 various lenders that our clients can benefit from. SafeBridge has evolved over the years and has become a very successful company…. The education, that comes along with not just the mortgage agent side of things, but also on the insurance and the investments and the financial planning all comes together in one holistic approach.
Dena is a seasoned Mortgage Broker with 24 years experience in the financial industry. She started her career at Canada Trust as a part-time Teller while attending York University. During her 15 years with TD Canada Trust, Dena held various positions of increasing seniority. As a Senior Financial Advisor she gained knowledge in many disciplines in the banking and investment arena.
For several years Andre has worked in the Financial Planning and Mortgage Solutions field with Scotiabank. After experiencing success, and gaining a wide knowledge base in the banking world, he decided to leave the bank to join a Boutique Mortgage Brokerage, Safebridge Financial Group. Andre made the change so that he could offer clients a wider variety of mortgage options and lenders.
At SafeBridge we believe in experiencing growth together. We want to ensure that each of our agents is successful and feels a part of the SafeBridge team. We offer customized training, lender previews, team events and even team trips to build the strong culture of inclusion and support that so many of our agents enjoy.
We believe it is essential to hire and Partner with the right people. We are looking for the best and brightest in the Industry to join our Exclusive Group of Professionals. Our team consists of loyal top producing Agents that have demonstrated exceptional care for their clients and passion for the industry in which they serve. Our Mortgage Centered Financial Planning approach helps our team foster long lasting relationships, which brings a unique process to the mortgage business.
With over 20+ years in the Mortgage Industry, SafeBridge has built a solid reputation in the industry and is well respected by all major lending partners. SafeBridge has partnerships with over 10 insurance providers in Canada and has access to hundreds of mortgage products.