We can arrange for a Reverse Mortgage in Manitoba for all urban areas and many rural areas in this Province. Because the reverse mortgage in Manitoba 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 Manitoba if you are homeowner who is 55 years old or older. We can provide Manitoba reverse mortgages for houses, condos, and town houses. We can even provide a Manitoba 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. We may lend less if the property is more than 1 hour away from a town or city.
We strongly suggest that you go to the home page and pick more topics of interest about reverse mortgages. And get in contact with us to speak to you. We are only a phone call away, toll free 1-866-658-0492. Ask for Gregory Stanley.
No commercial properties are eligible. Only properties that are deemed residential (land with a residence on it) are eligible to be granted a reverse mortgage. Home value must have a minimum value of $100,000. We can lend as little as $25,000 and up as high as $500,000. A reverse mortgage is always used first to pay out any existing mortgages on title.
Even if you only wish, say, $50,000, you can get ‘pre-approved’ – at no additional expense – 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.
Write us, answer only 3 or 4 questions from Gregory Stanley and he will give you a close ‘ball park’ value for ‘how much’ of a reverse mortgage in Manitoba that you’d qualify for. When 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 money 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.