We can arrange for a Reverse Mortgage in Ontario for all urban areas and many rural areas in this Province. Because the reverse mortgage in Ontario 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 Ontario if you are homeowner who is 55 years old or older. We can provide Ontario reverse mortgages for houses, condos, and town houses. Reverse mortgages are not possible for either commercial property or for vacant land.
A property that is eligible must have residence on it and be zoned for residential use only.
We can even provide a Ontario reverse mortgage for mobile homes IF you own the land that the mobile home is situated on. We can also finance rural properties that have a residence on it 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. This includes farms with homes; however, you should contact Gregory Stanley via email so you can get more understanding about farms. Just write him, tell him what you have, and owe against it and you will get a friendly reply.
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.
If you write us we will give you the 7 secrets you need to know about Canadian reverse mortgages. And we will also give you – on a no obligation basis – a quote on ‘how much’ you would be approved for your own 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.