Reverse Mortgage
It’s a type of mortgage product that helps Canadians over 55 years old turn their home equity into cash. It is a great way to utilize the equity without selling your home. The maximum amount you can borrow will depend on your home value. However, in normal cases you can borrow as much as 55% of the home value. Lending Circle can provide additional funds up to 65%-75% of home value with secondary financing or CHIP mortgage product variation.
You should consider Reverse mortgage if:
- You are retiring with Debt & need to consolidate
- looking to supplement your retirement income
- Don’t want to move or downsize
- Increase regular cash flow to improve daily life style
- Want the ability to pay unplanned expenses
- Want to help children with their goals
Why Work with Lending Circle?
Lending Circle diligently works with each client to under their personal financial goals to determine the best reverse mortgage product. Each client’s situation is unique with different goals. Some clients needs to pay off stressful debt or increase cash flow to improve daily life style. Others may be looking for short term or bridge financing. After understanding the full picture of your goals, we would present you with the ideal mortgage product & walk you through the closing process till you get the funds in hand.
How do you receive funds?
- Customized payments per client’s goals
- Lump Sum with all funds at once
- Lump Sum with Subsequent Advances as Needed
- Paid at regular intervals (monthly or quarterly)
- Combination of above
Qualification Criteria
- Borrowers must be 55 years or older
- Appraised Value of Home over $150,000
- Property Types include detached, semi-detached, townhomes, condos
- Property must be primary residence and lived in for 6 months out of a year
Standard Conditions
- All Debt Secured against title must be paid from proceeds
- Any CRA Debts, Consumer Proposal, Tax arrears must be paid from proceeds
- Unsecured Debt may be conditioned to be paid based on Debt serving ratios
- Income documents requirements vary based on the Mortgage Product
Talk to us to Determine whether Reverse Mortgage is the Right Option for you.
