Looking for a Reverse mortgage in British Columbia?
We can arrange for a Reverse Mortgage in BC for all urban areas and many rural areas in this Province. British Columbia is an interesting Province to lend in – in many areas there are a lot of seniors who have moved in from other Canadian Provinces to be someplace ‘warmer’ for the Canadian winter. Yes, the winter up north or in the interior of the Province can still be cold but the coast (like Vancouver and the east side of Vancouver) is very mild. Victoria, the capital of BC, often has ‘no snow’ each winter… and if it does snow it rarely sticks to the ground longer than a few days.
In the interior you have Kamloops, Penticton, Kelowna, Vernon. These are areas where seniors from all over Canada flock to retire. Desert type climate in the late spring to early fall. Popular for its wineries and dry climate. In theses interior cities land values – still high – are relatively ‘cheap’ when compared to Vancouver’s high land prices. Being a senior and having home equity is how you can be instantly approved for a reverse mortgage.
The good news is that reverse mortgages in British Columbia (BC) do not require good credit or even income. Your reverse mortgage in British Columbia is based on just home equity (and not your credit rating or income) then we must look at the value of your home very closely.
If you wish to receive a brochure sent to you about the 7 secrets about reverse mortgage simply send in a reply form from this site or call friendly, and helpful mortgage broker Gregory Stanley – directly 1-866-658-0492 now. And he will answer any question that you may have.
There is the ‘lower mainland’ that comprises the Provinces major population base. Over a million plus people; several hundred thousand of people age 55 live between Vancouver to Abbotsford, and beyond. Then you have Vancouver Island. Both these areas are hot beds for people seeking reverse mortgages. Victoria is literally a bedrock of retired persons.
Did you know that 55% of all seniors age 65 or older are still making mortgage payments? That is true. And it is hard for many. It is a burden paying large mortgage payments (relative to a fixed pension income) and also being able to live comfortably from week to week. A Canada reverse mortgage is perfect for such a person. We can literally create a defining life changing event. By getting rid of your current mortgage by paying it out with a BC reverse mortgage you can literally remove the need to make mortgage payments ever again. It can make the difference of living comfortably rather than stressing month to month with bill payments.
In general we are really looking for a normal ‘home’ on a normal street in a normal city or town. All major towns and cities would be eligible. The rule of thumb from Gregory Stanley, a noted expert on reverse mortgages, is that if you live in an area where an appraisal will show at least 3 or 4 ‘comparable’ properties – similar to yours – that have sold in the last 3 or 4 months then your property should be eligible for a reverse mortgage.
You are eligible for a reverse mortgage in BC if you are homeowner who is 55 years old or older. We can provide British Columbia reverse mortgages for houses, condos, and town houses. We can even provide a BC reverse mortgage for mobile homes IF you own the land that the mobile home is situated on. We can also finance rural properties too … but we are more conservative in our lending guidelines. We may lend less if the property is more than 1 hour away from a town or city. We can lend on farms but we only take the home and some acreage in consideration for the property value. If you live in a very populated area (within 2o minutes area) we could consider your home and up to 25 acres. But less populated areas would be your home and 10 acres. We do provide BC homeowners reverse mortgages for town homes and condos.
Reverse mortgages are not available for commercial properties.
If you wish more money than what a reverse mortgage will give – usually 30% to 40% of your home value then Home n Work Mortgages can put a 2nd mortgage on for the additional funds.
You can get ‘pre-approved’ for a higher amount and still only take the minimum loan amount. The cost is no different; you only pay on the amount taken. The advantage is that you can get pre-approved now; take the minimum now … and then in the future … one, two, or five or more years from now … just pick up the phone and just ask for more funds. Since you were already pre-approved we can just wire the money to your bank within a couple of days. It is that simple. Minimum loan is $20,000, the average reverse mortgage loan in British Columbia is around $150,000 (maximum is $500,000).
When you send in your request we will send you a special report on the -7 Secrets about Reverse mortgages. We can also include a quotation for your approval at the same time. Our package will tell you approximately how much money you can expect from a British Columbia reverse mortgage. If you wish to go ahead then we will obtain an appraisal for you. And in that appraisal one of the most important items that we will look at is your property value and the marketability of the property. If it looks good to us … and to you … then we will advance funds to you. Our goal is to help seniors access their home equity, enjoy the proceeds while not having to worry about making monthly repayments.
If you are a couple did you know that a Canadian reverse mortgage is ‘last to die’? Meaning, the lender can’t force you to move or sell when the first spouse dies. Instead in writing, it is guaranteed that the surviving spouse can continue to live for the rest of her/his life in your family home. Again, never again obligated to make any mortgage payments.
Does that mean you can’t make any payment towards your loan balance of a reverse mortgage? No, not at all. If you wanted you can every year, anytime, make a payment to pay down any interest cost you wish. And after 3 years you could ‘lump sum’ pay any amount you wish down against your mortgage balance – the point is though, you don’t have to. And that is the flexibility of have a Canadian reverse mortgage in the first place.
At all times we will tell you whether or not a reverse mortgage is the right product for you. There may be other options to consider and as mortgage brokers we can help you decide on the best choice for you. If you are interested in a reverse mortgage then please contact our friendly British Columbia reverse mortgage expert: Gregory Stanley – an authority on Reverse Mortgages.