English
Arabic
Chinese (Simplified)
French
Italian
Portuguese
Russian
Spanish
Get Your Free Quote Now
Honest Answers & Stress-Free Closings Honest Answers & Stress-Free Closings Honest Answers & Stress-Free Closings
RESIDENTIAL MORTGAGE
Service We Offer
COMMERCIAL MORTGAGES
Service We Offer
Speak With An Expert
Our experts are always online to help you and answer all your questions. Please click on the following No. and give us a call.
Reverse Mortgage
Reverse mortgages can be an excellent tool for some individuals and retirees to provide them with a better financial quality of life. During the past 10 years the cost of living has increased but not as quickly as home prices. A reverse mortgage allows for the maintenance of your current lifestyle while utilizing your home equity.
What Is A Reverse Mortgage?
A reverse mortgage in Canada allows Canadians over the age of 55 to borrow up to 55% of the market value of their home. Unlike a traditional mortgage that is paid down over time, a reverse mortgage requires no principal and interest payments because interest accrues on the amount owing and grows with time. Reverse mortgages are equity based lending programs rather than the traditional method of qualifying for a mortgage using income and credit history.
Will I Keep Ownership Of My Home?
Yes! You keep ownership of your home. Your reverse mortgage can be paid out if you decide to sell your home or have the desire or ability to pay what owed, although you are not obligated to if you haven’t sold your home.
What Are The Advantages Of A Reverse Mortgage?
It allows individuals to own their own homes further into their retirement. But it also allows individuals to:
- Maintain their independence
- Stay close to your community friends and family
- You can use the funds for whatever you desire
Common Myths Regarding Reverse Mortgages
In the past reverse mortgages have been seen as a disadvantage to the homeowner. These common misconceptions are simply not true in this current economy.
- You will owe more money that your home is worth in the end – False
- Failure to make payments will results in an eviction – You do not make payments on a reverse mortgage- False
- You will not be able to pass on your home to your children- False
Schedule A Free Consultation
Need help making the right decisions for your mortgage? Provide us your brief information and send us. We will get back to shortly.
Proudly Serving All Areas Of Ontario
- MAO Mortgage Toronto
- MAO Mortgage GTA
- MAO Mortgage Mississauga
- MAO Mortgage Brampton
- MAO Mortgage Scarborough
- MAO Mortgage North York
- MAO Mortgage Maple
- MAO Mortgage Vaughan
- MAO Mortgage Richmond Hill
- MAO Mortgage Markham
- MAO Mortgage Aurora
- MAO Mortgage Newmarket
- MAO Mortgage Bradford
- MAO Mortgage East Gwillimbury
- MAO Mortgage West Gwillimbury
- MAO Mortgage Stouffville
- MAO Mortgage Barrie
- MAO Mortgage Nobleton
- MAO Mortgage Schomberg
- MAO Mortgage New Tecumseth
- MAO Mortgage Shelburne
- MAO Mortgage Orangeville
- MAO Mortgage Innisfil
- MAO Mortgage Pickering
- MAO Mortgage Ajax
- MAO Mortgage Whitby
- MAO Mortgage Oshawa
- MAO Mortgage Bowmanville
- MAO Mortgage Kingston
- MAO Mortgage Uxbridge
- MAO Mortgage Peterborough
- MAO Mortgage Nobleton
- MAO Mortgage Mississauga
- MAO Mortgage Hamilton
- MAO Mortgage Bolton
- MAO Mortgage Milton
- MAO Mortgage Oakville
- MAO Mortgage Burlington
- MAO Mortgage Guelph
- MAO Mortgage Cambridge
- MAO Mortgage Grimsby
- MAO Mortgage Stoney Creek
- MAO Mortgage St. Catharines
- MAO Mortgage Welland
- MAO Mortgage Brantford
- MAO Mortgage Huron
- MAO Mortgage Woodbridge
- MAO Mortgage Niagara Falls
- MAO Mortgage Niagara On The Lake
- MAO Mortgage Welland
- MAO Mortgage London (London Ontario)
- MAO Mortgage London
- MAO Mortgage Kitchener
- MAO Mortgage Waterloo
- MAO Mortgage Woodstock
- MAO Mortgage Aylmer
- MAO Mortgage St. Thomas
- MAO Mortgage Drumbo
- MAO Mortgage Langton
- MAO Mortgage Stratford
- MAO Mortgage Windsor
- MAO Mortgage Ottawa
- MAO Mortgage Kanata
- MAO Mortgage Greely
- MAO Mortgage Napean
- MAO Mortgage Kleinberg
- MAO Mortgage Brampton
