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The Lender Will Pay up to 40%
Finally with reverse mortgages the lender will be paying you! Reverse mortgages enable you to convert some of your home equity into money that the lender pays out. Depending on the location and type of your home and on your age and the age of your spouse you may eligible to access 40% of your current appraised value of your home.
Check If You Are Eligible to Apply
Our team at Toronto Mortgage Brokerage can help you access these funds. The money will not be taxed as income and you can choose to get it in installments or in a lump sum payment. This is an amazing opportunity for older homeowners. Reverse mortgages apply to people over 60 years old and those that fit the location and home criteria. Contact one of our representatives to find out your eligibility for a reverse mortgage.
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Benefits of Reverse Mortgages in Toronto
The major benefit of a reverse mortgage is that you don’t have to change your current payment mortgage plan, or sell your home in order to receive money. Debts left on existing mortgages must be fully paid off in order to qualify for a reverse mortgage. There are greater options, if your debt is below the amount of your reverse mortgage. We can help you to get to use your reverse mortgage to first pay off your debt and then be entitled to the remaining amount of money.
Get your peace of mind and comfort during your retirement; call Toronto Mortgage Brokerage if you have any specific questions or to find out more details about reverse mortgages. One of our experts will be happy to help you.