• reverse mortgage top 4

    It was the spring of 2019 that we received a phone call at our mortgage architects office inquiring about a reverse mortgage. My first impressions of the client was that she was very bright and well informed. She agreed to do an application. We determined she had amazing credit, a house free and clear, and an annual pension of $43,000 per year. It was my professional opinion that she did not need a reverse product. As we talked more, she had an incredible zest for life and if things turn for the worse, she did not want to be in a long-term facility. When I asked why she wanted the funds, she explained that she wanted to build an addition on her daughters house where she could live with dignity. It really got me thinking of the benefits of a reverse mortgage. Here is my reverse mortgage top 4 list.

    The positive reasons of a reverse mortgage are:

    1. The client stays in their current home and is able to keep ownership while enjoying their lifestyle.

    2. Reverse mortgages are approved conservatively. The loan amount can only go to 55% of the value of the home when age and property type are considered.

    3. The funds can be used as per your wishes which can include an addition on a home, paying grandkids education, traveling, or just enjoying life.

    4. House prices typically appreciate however, if prices ever come down, the reverse mortgage companies cannot come for a short fall. If a deficit should occur, then the bank and not the clients will cover the difference as long as property taxes and mortgage obligations are met.

    If you should have any questions please do not hesitate to contact us with no obligation. We can elaborate far beyond this reverse mortgage top 4 list of benefits!

    Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215.

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