The writer is a reverse mortgage broker in Canada. He specializes in reverse mortgages to help seniors life their life in dignity. Reverse mortgages can greatly assist the elderly in living their lives to the fullest.
Mention the words reverse mortgage to homeowners and the scene is similar. Most folks envision the sinister Snidely Whiplash chugging down the road in his black sedan, twirling his well-waxed mustache, and drooling over the prospect of informing the desperate occupants that he now holds the parchment deed to the cherished homestead they’ve nurtured for decades. Bring up the concept of a reverse mortgage in the presence of adult children, and they see their inheritance sinking faster than their beloved technology stocks during the tech wreck of 1999 to 2002.
In fact, Dante would have a field day explaining the perceptions now harbored by many consumers surrounding the most misunderstood financing option in today’s money world: “Folks, a long time ago, you sold your home to the devil (your lender) for a little cash during your lifetime. Now it’s time to pay up . . . and get out!”
What, exactly, is this financial tool that sparks so many question marks and exclamation points? In a capsule, a reverse mortgage is a special type of home loan that lets a homeowner, age 62 or older, convert a portion of the funds built up over years of payments and appreciation into cash. In essence, the cash flow is reversed. Instead of you making payments to the bank, the bank makes payments to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower no longer uses the home as his or her principal residence. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current.
A vancouver mortgage broker can fine tune the mortgage product for you. An expert mortgage broker is essential to understand your Vancouver mortgage options.