A reverse mortgage is as simple as it sounds, a mortgage that pays you, instead of you paying it and there is no repayment of the mortgage. It's an essential mortgage product for people who are equity rich and cash poor. A reverse mortgage allows a homeowner to cash in their home equity through installments or a lump sum without selling their home.
You make no payments as the amount you borrow gets paid back to the The Home Equity Bank when your home is sold.
To qualify for a reverse mortgage you must be 55 or older and have 55% of available home equity in your current residence.
Seniors today are living longer, saving less, spending more and carrying more debt than ever before. The CHIP Reverse Mortgage Plan can meet the needs for cash flow by providing you with a long-term alternative with borrowing against your home equity while not having to make any payments to cover the mortgage—this is all settled up when you sell your house.
Identification is used to verify your identity. While it’s a measure for preventing fraud, it’s essential for us to properly fill out your mortgage application.
It’s also a requirement so a lender can provide you with funding.
A mortgage statement is simply a document prepared by your current lender and provided to you upon request. This document will detail your current mortgage.
Your mortgage statement will show:
This document is essential for the lender you apply to. As a document it allows a lender to assess your current mortgage and review your management of that mortgage.
Must show your name, property address, balance or original mortgage amount, and payment
A property appraisal is an estimated value of a home, in this case for one you wish to purchase.
Most noteworthy the appraisal is not a document that you will provide but rather pay for, as a requirement from your lender. Appraisals ordered by a lender are not shared with you as it’s their document.
This document is a cost surrounding your mortgage. While the cost can vary depending upon the location and size of the property.
The cost of an appraisal starts around $350 and can go over $500 (plus tax).
An appraisal is a requirement by a lender so they have a reasonable idea of your home’s current market value.
They use this value to assess the home before they are willing to lend against your home.
A void cheque is simply an unusable cheque that details your transit number and account number. It’s essential for a lender to deposit and withdraw funds from your account.
It’s an essential document that allows a lender to fund your mortgage. Also confirms the funds are in fact deposited to you, the mortgagor.
Don't qualify for a reverse mortgage? Get access to your home equity without selling your home and get a take-out mortgage.
Feel free to send us an email with any questions you may have about the required documents for a reverse mortgage.
We'd be happy to help!
There are a variety of mortgage types and purposes. Deciding on the best mortgage for you is essential to getting the most logical loan for your financial needs, goals and future.
If you don't know what you want or need in a mortgage, we can assess your finances and in consideration of your financial needs and goals, we'll provide the best mortgage and rate for you.
We can assess your situation and advise on a mortgage product that will meet your financial goals and needs into the future.
We can be contacted by phone, email or directly through our website. We do consultations through email, phone and meetings. To begin a consultation fill out a form pertaining to your mortgage needs.
We've been helping Canadians obtain financing at the best terms and rate for 30 years and we'd be happy to help you get the best mortgage.
We have a variety of forms and applications at your disposal. We do everything from mortgage applications to mortgage assessments to helping to improve credit ratings.
We navigate the mortgage market for you. As professionals we shop for you and in doing so we provide proficient service and advice.
Nick and his staff were very efficient and helpful. Nick in my opinion went above and beyond what was required in arranging my new mortgage. This has been my experience over the past 25 years when dealing with Mortgage for Less and Nick specifically.
Nick Mitskopoulos was professional, trustworthy, efficient and proactive. His expertise as a broker was evident from the moment we met him. We had encountered 2 other brokers before but we decided to go with Nick because of his professionalism and sense of ethics. He was also patient and answered our numerous questions. We definitely recommend him as a mortgage broker. Keep up the good work Nick!
At no cost to you, we work on your behalf with your best interests in mind, until the mortgage transaction is closed and you are funded.
We asses your situation, advise on a mortgage product, find your best rate and provide you with options to customize your mortgage.
Nick was great to deal with. Professional, knowledgeable, polite and quick to answer any questions we had. Throughout the process from mortgage pre approval all the way through to closing day he stayed in touch making sure we had all the information necessary.
Would highly recommend Nick.
I have used Mortage For Less for all my mortgages since purchasing my first home nearly 15 years ago. From our first experience Nick has always been amazing at providing advice and negotiating great deals, and we have been a loyal customers ever since. Nick also jumped in quickly to help us work out a line of credit through our mortgage when we inquired a few years ago, and he provides interesting updates on the market. I plan on sticking with Nick for as long as I own a home.
We consider your financial needs and goals to provide a proficient service of strategic mortgage customization.
We provide advice before and after a mortgage. We're dedicated to answering and advising on all your mortgage inquiries.
What a pleasure it is to do business with Nick. I have used Nick as my mortgage broker several times now and wouldn't think of using anyone else. He is knowledgeable, professional and always timely on any questions or inquires I have. He makes you feel like you are a special customer through the entire process. Nick thanks again for all you expertise and making this a smooth transaction.
Much appreciated !
It's always been a pleasure to work with you. Everything was made very easy for us even though you are in a different province. I believe I always got a great rate without me having to negotiate with several different banks. All the work was done for me. Thank you.
We provide a continued service of advice to strategically save tens of thousands over the life of a mortgage.
Our mortgage application and pre-approval are simple, straightforward and don't require much information to begin consultation.
We've been advising on mortgages for 30 years and we've helped thousands of Canadians get approved for their mortgage financing needs. We'd be happy to help you with your reverse mortgage.