We can arrange for a Reverse Mortgage in Newfoundland for all urban areas and many rural areas in this Province. Because the reverse mortgage in Newfoundland is based on just home equity (and not your credit rating or income).
For a traditional reverse mortgage you need to be age 55 or older. Your house should be worth $100,000 or more. Depending on your age you can get 25%, 30% or even 40% of your house value as a newfoundland reverse mortgage.
If you need more funds that what a reverse mortgage lender will give you; private lending solutions that can add a 2nd mortgage or an home equity loan behind the 1st mortgage. Call Gregory Stanley toll free 1-866-658-0492 – and learn your options and what is possible for you.
You are eligible for a reverse mortgage in Newfoundland if you are homeowner who is age 55 or older. We can provide Newfoundland reverse mortgages for houses, condos, and town houses. We can even provide a Newfoundland reverse mortgage for farms, homes and town homes.
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.
Our minimum size loan is $25,000. 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.
You should look at our home page and then choose specific topics of interest to read. Better yet, you should reply to the site to Gregory Stanley and ask any question you may have about financing your home. The reply will be friendly and helpful.
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.