Who Qualifies?

You should – you just need to be a senior, own a home and have enough equity in it.

You need to be age 55 or older. You need to own a home, condo, townhome or farm. There has to be a residence on your property that live and occupy. There is no income or credit requirement. The size of your loan is based on the your house value less your current mortgage registered against the property. You have fabulous flexibility with your Canada reverse mortgage. You can never be told to sell or move from your home. And if you move to another home that you own it is possible to transfer your reverse mortgage Canada loan to the new residence. And you ever wish to do that, Gregory Stanley will assist and arrange for the reverse mortgage – at no charge – because you are one of his clients!

If you have equity in your home you can qualify. You can obtain your reverse mortgage, almost anywhere across Canada, and you can request information without any obligation to you to mailed out to you. Inside your information package you will be told the amount of funds that you would qualify for. For most seniors that amount will be between 30 to 40% of your house value. Which means, that after your Canada reverse mortgage, your home equity value left in your home will still be 60% to 70%. This allows your house to keep growing in value … at a faster pace than your loan interest will. In fact, in writing, the reverse mortgage lender in Canada guarantees that your reverse mortgage Canada loan will never be greater than the market value of your home – and that is even 20 or 30 years later!

 Speak to Gregory Stanley if you need:

A mortgage (or should consider changing the one you have to improve your life by having a reverse mortgage).  A reverse mortgage is ideally suited for someone that is concerned about either the size of their current mortgage payment or wish to lower it from its current obligation on a monthly basis. Or, better, not needing to make a payment at all. Because? There are other things in life that you need, want and should do for yourself. You need not just any mortgage but one that is affordable. Or one that he can manage for that new renovation or home project he always wanted to do. The beauty of a reverse mortgage is that – if you don’t want to – you are not required to make any mortgage payments.

You could also be a client that needs a solution to one of the following stressful current concerns: (1) ability to improve monthly cash flow needs (2) wants to reduce high interest rate debt (3) have better options than a Line of Credit (4) are spending their ‘investment’ funds faster than they like and want real alternatives (that can either improve returns or slow down eroding down capital). That can be solved by Gregory Stanley who is both a Certified Financial Planner (CFP) and a licensed Mortgage Broker. Look at headings and see if they ring true for you:

“I need to alleviate the stress of debt”

This is suited for a client that needs to eliminate debt, has no other choices because they have little or no other savings to use. This would be a client living on a minimal fixed income, basically ‘living pension check to pension check’.

“I need to pay for an unplanned expense”

Like the person that is stressed out about debts but needs to pay for an specific expense too. You may to pay for a ‘home care’ nurse to come – daily – to one’s own home. Most people, want to stay in their own neighborhood or own home when their health fails. Its where the memories are, where its comfortable. It is also cheaper – much cheaper – to stay at home as long as possible before going to a retirement or nursing home.

Or, it could be to repair or replace something, say to replace a new roof. Perhaps it is getting that kitchen that you wished for so you can properly enjoy meals at home or to entertain friends and family. And you, don’t have the extra cash lying around to be able to pay for these expenses out of pocket.

“I want to improve my lifestyle”

If you have a mortgage currently are you finding it ‘tight’ to make those payments each month? Would your lifestyle improve much if you didn’t need to make a mortgage payment? We can do that. So, right away with a change to a reverse mortgage you save that expense each month – and get to use that money to improve your standard of living. It gives you that extra cash to be able to travel, shop for new clothes or attend the theatre – or even join a club and explore a new hobby and new friends.

“I need to maintain my standard of Living”

You have worked hard all your life. Unlike some people with ‘golden’ handshake pensions to live on for the rest of your life you don’t have one. Yet, you deserve to enjoy life too. You want to enjoy retirement on your terms but you require a little extra to fully realize your retirement dreams.

A COUPLE OF TESTIMONIALS:

SWAP A HIGH PAYMENT TO LOW PAYMENT (OR NO PAYMENT) MORTGAGE AND IMPROVE CASHFLOW FOR EASIER LIVING (testimonial):

“A single, hard working woman who was 61 1/2 years old with a home in a big city worth around $660,000 contacted us. She had a $60,000 mortgage with an aggressive contracted amortization imposed by her own Bank (meaning – very high monthly payments – to make it paid off by age 65), a small car loan and some small balances on credit cards. She was a nurse and was set to retire at 65 with a full pension, OAS & CPP, with a plan to have no mortgage and she planned to rent out the basement of her home after her son moved out. Currently there was no suite there. Her plan was going well, until she was diagnosed with MS. It moved very quickly and she had to go on permanent disability. Because her benefits were taxable, she was down to less than half of her previous income and couldn’t make the full mortgage payments. She went to her bank asking to have the mortgage turned into an interest only LOC or extend the amortization, but because of the lack of income, they could not qualify her. To help you out she was given a reverse mortgage for $110,000 to pay out the mortgage, car loan and credit cards, plus give her about $30,000 to build her basement suite and bridge the few years she had until her full retirement benefits started rolling in. He only other option would have been selling the home. The home is now worth over $1 million. Using income from the suite, she kept up – just making her interest payments each year – so her debt is still $110,000. So her house has risen in value and the reverse mortgage balance is the same. With a reverse mortgage you don’t have to make payments ever – but you can always pay towards the annual interest cost. A very valuable financial tool.”

A SENIOR CAN GET ILL ANYTIME THAT CAN CAUSE A HARDSHIP FOR BOTH THE SENIOR AND HER CHILDREN (testimonial):

“Sometimes we are asked as brokers to create income from reverse mortgage proceeds. One way is with an Income Advantage produce (that creates a better cash-flow solution). We greatly benefited  not only a beautiful lady in her late 70’s with moderately advanced Alzheimer’s but also helped her lift a burden off of her children. Her short-term memory was about 30 minutes; long-term memory was perfect. She was still living in the home she had raised her daughters in. Doctors encouraged the family to keep her in the home versus moving to a care facility and totally disrupting her life. Her two daughters had taken long-term leaves of absence from work to care for mom because there were no investments left, and this was beginning to take a toll on their lives. Their credit union couldn’t qualify the mother for any mortgage or line of credit because of limited income (OAS & CPP only) but suggested the daughters (joint Power of attorney) ask about reverse mortgages. We can arrange for a ‘income advantage’ program that creates an income. We did. The children are receiving $ 6500 per month to pay for full-time in-home care; the home was appraised high enough that, even with a very low loan-to-value, this cash-flow will last 10 years before reaching the authorized limit (40% of the home value).” And in 10 years time, Gregory Stanley will request a new appraisal to see how much real estate values have risen (as they usually do over a 10 year period) and have the loan ‘reset’ to the higher home value; this may allow for more funds available to adjust for future planning needs. Once you use mortgage broker Gregory Stanley he will always be there to help you.

Your home equity in your home is like a shoe-box in your closet. You own it … but it is not working for you. Getting a Canada reverse mortgage is like opening that shoe-box and taking out some thing valuable and using it. In your case it is the equity in your home. And this equity can do some really wonderful things. If you need more funds Gregory Stanley can always add on an home equity behind a reverse mortgage. Regardless of your age, credit or income as this is equity based lending only. Proper expert advice will mean that you will only ‘take out’ the right amount of equity for your needs. And you will always be able to continue to live in your own home. Cash now… and ‘keep on living’ in your own home. It is that easy.

Gregory Stanley’s Mission Statement:

“My first interest is in your best interest”

Gregory Stanley is a duly licensed Canada mortgage consultant and also a Certified Financial Planner who has been in the financial services industry for over 30 years. He has conducted many seminars for seniors, a contributing Money Column writer for paper publications, Province ‘Your Money’ column, Toronto Star, Elder Statesmen and has been on the Daily Edition television show to help Canadians plan their retirement. He knows the unique needs that seniors face financially and understands the reasons ‘for and against’ having a Canada Reverse Mortgage. More about Greg Stanley . He is also completely unbiased – as the founder of Home n Work Mortgages Inc., a well respected mortgage brokerage firm – he has access to all the many residential products ‘out there’ and is not tied to any one Bank. If a reverse mortgage will really work well for you then he will tell, if not, he will tell you what will.