Our mortgage firm can do ALL types of mortgages for ALL AGES! “The Alternative” is the best option for anyone of any age as long as you have GOOD credit and GOOD income.
It is the most flexible mortgage in Canada. You can leave at anytime, and other than a $100 discharge fee there is no prepayment penalties. This fact can not be over stated enough. All of the BIG Canadian chartered banks impose hefty penalties/fines on any borrower that leaves early. Not so with the alternative.
The product was designed from the Pension side of the financial services industry. It is designed for those people that keep interest costs down on debt and use ‘borrowing’ to make investments. What was discovered was a mortgage product that allowed ‘payment’ holidays that can last months and even years. And its rates are as low as bank ‘best rate’ sale of any Bank competitor in Canada. It is remarkable. It’s ‘payment free’ feature is at a lower interest rate than a traditional reverse mortgage. This product has more flexibility with pre-payment penalties because it is a specialized line of credit or Canadian mortgage that allows up to 50% of the appraised value without the need for you to make monthly mortgage payments.
If you received a mailer from Gregory Stanley and you are under age 55 then call Gregory Stanley 1866-658-0492 for FREE TELEPHONE mortgage consultation. If you are a senior with good income and credit then ‘The Alternative’ is the best product to obtain.
You get more money! You can be any age to get one! The interest rate in “The Alternative” is has a lower rate than a traditional reverse mortgage (which is already attractive). Very low set-up costs – less than any other product in the marketplace. We have specials – that occur from time to time – where your appraisal cost can even be FREE. You can use your account for your day to day banking needs too. You can make no payments or partial payments anytime you wish.
To qualify you must have better than just average credit. A credit check is done to confirm that, to see that you have a credit score higher than 680 with Equifax. Besides ‘good’ credit you must have an income that justifies the size of mortgage you are requesting.The maximum loan you can have before payments are required is 50% of your property’s value.
For any loan amount under 50% of appraised value there will be NO monthly mortgage loan repayments necessary. It is not a traditional reverse mortgage and so the loan will be reviewed over time to see if payments are necessary.
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