We can arrange for a Reverse Mortgage in Nova Scotia for all urban areas and many rural areas in this Province. Because the reverse mortgage in Nova Scotia 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. We are really looking for a normal ‘home’ on a normal street in a normal city or town.
You are eligible for a reverse mortgage in Nova Scotia if you are homeowner who is 55 years old or older. We can provide Nova Scotia reverse mortgages for houses, condos, and town houses. We can even provide a Nova Scotia 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.
In all cases our maximum loan is $500,000 and 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.
In our first discussion with you we will give you an information package. It will contain a close ‘ball park’ value for your property based on just your ‘postal code’ – our database system tells us values of residential home values right across the Province. Our package will tell you approximately how much money you can expect from a Nova Scotia 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 money repayments. The beauty of a reverse mortgage is that you don’t make monthly mortgage payments!
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.