Canadian
Reverse Mortgage Rules
(Qualifications
& Restrictions)
Here
are the qualifications that you need to meet in order to qualify
for a reverse mortgage:
•
Currently on title
• 55 years of age and over
• Property is in Canada
As
far as the restrictions they are as follows:
•
Property is principal residence
• All existing debts and charges against title cannot
exceed 40% of the current market value of the property. 40%
is the maximum mortgage amount that can be lent and will vary
depending on such things as age of clients, property location
and value.
• Minimum
mortgage amount is $20,000.00
• At least one of the owners must occupy the property
Well
folks - that's it. Those are the basics, but everybody's situation
is different.
If
you would simply like more information - or if you'd like
to discuss it further with us directly, please fill out our
quick inquiry request form at the top of the page, and we'd
be delighted to help you and answer any questions you may
have.
In
fact - if you'd like to speak to a reverse mortgage professional
who can provide you with answers and information so as to
assist you in making a decisions that's best for you, why
not call us right now?
It's
toll-free, and we'd be delighted to hear from you!
Call
Right Now:
1-877-686-4246
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