We can arrange for a Reverse Mortgage in Alberta for ALL urban areas and many rural areas in this Province. A reverse mortgage in Alberta 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. Your house value, for a traditional reverse mortgage in Alberta, would mean that your house is worth at least $100,000 or more. If not, then Gregory Stanley has some private lending options that he can discuss with you.
When should someone get an Alberta reverse mortgage? If you are a homeowner and still making mortgage payments AND finding things ‘tight’ in day to day living then you really need to speak to us. A reverse mortgage can greatly improve your cash flow. Your existing mortgage payments at your current bank will stop. The money you used to spending towards mortgage payments …. are now yours keep in your own pocket to live on. For some, and for over 3000 Canadians that get their first reverse mortgage each and every year – the decision is life changing. It can make the difference of having a stress free retirement or not. It can make the difference of being able to visit family often that just once and a while. Enjoy travel, or jump being able to go on outings with your friends without the worry about overspending. Let us – on an no obligation basis – see if an Alberta reverse mortgage would be in your best interest or not. Call Gregory Stanley 1-866-658-0492 now and speak to him directly to find out your options.
We also do farms. However to figure on value underwriting only considers your house and usually up the first 10 – 25 acres on it. A traditional reverse mortgage can not be on just ‘raw’ land. Why? Because raw land is forever… and we are letting you ‘not make payments’ as a guaranteed promise for many, many years. Can be 10, 15 or even 25 years. However, it is possible that a farm is comprised of many property titles. And if so, in your case, we would leave all the other land alone to only lend on your home and surround land. And leave you to borrow the regular way with raw acreages. There are many creative ways to solve lending to farmers. Gregory Stanley often works out a combination type loan comprised of a reverse mortgage and an home equity loan behind to make the numbers work.
We do condos and town homes too. No credit or income is required. It just isn’t. The founders of reverse mortgage – around the world – designed this product only for seniors (which seems to be getting younger and younger by its popularity) that have enough home equity. You just need to be age 55 or older and have enough equity in your home. Did you know that 55% of all homeowner age 65 or older are still making mortgage payments. And most of them are finding making mortgage payment the difference of penny pinching just to live month to month – we can change that, significantly.
You are eligible for a reverse mortgage in Alberta if you are homeowner who is age 55 years or older. We can provide Alberta reverse mortgages for houses, condos, and town houses. We can even provide an Alberta 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. Usually the underwriting department will lend based on your home and the surrounding 10 acres of land (not the land value in excess of 10 acres).
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 $20,000. 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 to us we will send you both the 7 Secrets report about reverse mortgages and an introduction letter explaining how we can help you. It will give you 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 an Alberta 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.