Reverse Mortgages

Homeowners looking to add more income to their budget often consider reverse mortgages.

With a reverse mortgage, your home equity is converted into cash by your lender. Essentially, you are selling the equity you have built up over the years to your lender. In turn, they are offering you money for the equity or buying the home from you. This is the opposite of a tradition mortgage where you pay the bank for the property. A reverse mortgage payment can be done as a lump sum, regular payments or a mix of the two.

Is a Reverse Mortgage a Fit for You?

Reverse mortgages are usually a good fit for older Canadian homeowners that are facing a cash flow problem. We understand that sometimes the unexpected can happen and it can be costly. When you find yourself needing some extra money to help improve your circumstances, a reverse mortgage provides a safe and secure option.

There are some qualification requirements for those considering a reverse mortgage. They include:

• You must be 55 or older
• You must own your home
• You need extra income
• You don’t want to have to move

Applying for a reverse mortgage is a big decision and it can be a difficult one. That is why Dominion Lending is committed to making the process clear, simple and easy. We will be there for you from the beginning until your application is completed and you have the cash in your hand. Let our mortgage experts guide you through the process and give you the information you need to make the right decision for you and your family.

We invite you to read our frequently asked questions (FAQ) section, which can help you understand reverse mortgages and the process more clearly. If you decide that a reverse mortgage is the right option for you, contact us so we can help connect you to a lender.

If you want more information about reverse mortgages or have questions, contact us today.