Looking for a Reverse Mortgage in Prince Edward Island
We can arrange for a Reverse Mortgage in PEI for all urban areas and many rural areas in this Province. Because the reverse mortgage in PEI 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 PEI if you are homeowner who is 55 years old or older. We can provide PEI reverse mortgages for houses, condos, and town houses.
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.
We can lend on most residential properties; homes, condo’s, townhomes and even farms.
You should look at our home page and pick other topics of interest on reverse mortgages to learn more. Better yet, feel welcome to write Gregory Stanley any question that you may have on reverse mortgages. His reply back to you will be both very friendly and helpful. No question is too small to ask.
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.