Some retirees are making good use of their home equity by looking into reverse mortgages in Clarington. This is a nice option whether you plan to use it for investments or back up cash flow. However, some people also like to use a reverse mortgage to become smarter about supporting their finances throughout retirement. A reverse mortgage can offer you financial freedom while you enjoy your golden years if done correctly.
Why Seek Clarington Reverse Mortgages?
There are many reasons why someone may want to look into a reverse mortgage, and the benefits are plentiful. For example, medical and healthcare expenses can be high at times. You may also have a long list of home improvements or repairs that you wish to make. The money that you get from going into a smart reverse mortgage can be used for these things and more.
When you add in another source of income/cash flow or have emergency funds at the ready, your overall financial portfolio will be brighter and more stable. Reverse mortgages in Clarington are excellent for boosting cash flow, giving you emergency funds, or both.
Wait on Tapping into Social Security
Many people find that the money left in their social security account is not quite what they expected. You will have enough cash flow to wait before tapping into your social security benefits when you get into a reverse mortgage. You end up getting more money each month the longer that you wait – so delaying the start date by opting for a reverse mortgage is often an attractive option.
Commonly Asked Questions
Q: What is the catch with reverse mortgage?
A: As with any loan, the catch ends up being the terms and rate you agree to. Because of this, you need to be careful and do your research to ensure you are getting the best rate to have an option that suits your unique needs.
Q: Who is not eligible for a reverse mortgage?
A: Someone may not be eligible to get a reverse mortgage if they are not at the minimum age requirement of 55. Other reasons may be that you do not own your primary residence or have enough equity in it.
Q: What is the maximum loan to value for a reverse mortgage?
A: It is important to know that the loan to value for a reverse mortgage is not used for a stand-alone factor to determine approval. In many cases, the LTV figure ends up being anywhere from 50 to 65%.
Q: Do Canadian banks offer reverse mortgages?
A: You can get a reverse mortgage in Canada if you qualify. Here at The Mortgage Group (TMG), we would love to talk with you about your needs, goals, and ability to get into a reverse mortgage to increase your financial portfolio.
When it comes to reverse mortgages in Clarington, our team at The Mortgage Group is extremely knowledgeable and ready to help. If this is something you are interested in, contact us by calling (289) 314-8786, and we can discuss any questions or concerns you have about the reverse mortgage process.