We can arrange for a Reverse Mortgage in Saskatchewan for all urban areas and many rural areas in this Province. Because the reverse mortgage in Saskatchewan 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 Saskatchewan if you are homeowner who is 55 years old or older. We can provide Saskatchewan reverse mortgages for houses, condos, and town houses. We can even provide a Saskatchewan 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.
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.
The average loan size is approximately $100,000. And a senior usually keeps a reverse mortgage for just shy of 10 years before either moving to a new home (to which you can transfer your reverse mortgage to the other address) or selling your home. After 10 years of ‘not making payment’s the average home equity left in the home is approx. 55% of your homes new appraised value (10 years from now).
Write us! We can give you a quote on ‘how much’ of a reverse mortgage you’d be eligible for in Saskatchewan. If you wish to go ahead then we will obtain an appraisal for you. The we can give you an ‘exact’ quote of what you can receive and have mortgage documents draws. At all time you will have your own ‘independent legal advice’ lawyer represent you. We will also represent you when we deal with the lender. 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.