Do You Qualify for a Reverse Mortgage in Canada?
If you are wondering, there are some very simple guidelines for you to consider. First of all, in order to qualify for a reverse mortgage in Canada your name must be on the title of the property being considered. The property must be located in Canada and it has to be your principal residence, with at least one of the property owners residing in the home full time. You also must be at least 55 years old in order to qualify.
With a reverse mortgage you will only receive a maximum of 50 percent of the appraised value of the home. All debts, second mortgages and lines of credit against the home will be deducted from this amount and the remaining amount must be at least $20,000 in order to qualify for the program. If you choose to sell your home within three years of obtaining the reverse mortgage you will be required to pay a pre-payment interest penalty along with your scheduled payments.
If you feel you qualify and would like more information, contact a financial professional to get started.
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