Reverse Mortgage is a type of loan where individuals 55 years of age or older can access the equity in their home and never pay any monthly mortgage payments.As one of the leading approved reverse mortgage brokers, Dominion Lending Centres helps you discover how to access up to 50% of the equity in your home, tax-free and payment free. Assisting you on how to meet your short or long term financial goals, planning for a secure and successful retirement. Our Reverse mortgage specialists will guide you step-by-step through the reverse mortgage process.
With a Reverse Mortgage Ontario, the particular homeowner continues to own their home and receive cash in whatever way is preferable to them. You can receive a lump sum amount or in monthly amounts, like a paycheque or pension. As you receive cash, their loan amount goes up. A reverse mortgage will increase but so will the value of your home. The average growth in property value over the past 15 years is 7.5%. Let's say your property is $1 million in value, that means your value increases each year by $75,000.00, the reverse mortgage on your home is $500,000.00 at 5%. Each year your interest accumulated is $25,000.00. This means over the year, you made no mortgage payments and your net worth still grew by $50,000.00.
With a complete suite of services including our professional expertise, mortgage management, procurement and integrationof loan services. A Reverse Mortgage is poised to help clients enhance their lifestyle, increase monthly cash flowand get you back to enjoying the more important things in life.
Give us a call, your Reverse mortgage solution may be easier than you think.