Reverse Mortgage
Reverse Mortgage
It’s a type of mortgage product that helps Canadians over 55 years old turn their home equity into cash. It is a great way to utilize the equity without selling your home. The maximum amount you can borrow will depend on your home value. However, in normal cases you can borrow as much as 55% of the home value. CreditReboot Mortgages can provide additional funds up to 65%-75% of home value with secondary financing or CHIP mortgage product variation.
You should consider Reverse mortgage if:
- You are retiring with Debt & need to consolidate
- looking to supplement your retirement income
- Don’t want to move or downsize
- Increase regular cash flow to improve daily life style
- Want the ability to pay unplanned expenses
- Want to help children with their goals
Why Work with CreditReboot Mortgages?
CreditReboot Mortgages diligently works with each client to under their personal financial goals to determine the best reverse mortgage product. Each client’s situation is unique with different goals. Some clients needs to pay off stressful debt or increase cash flow to improve daily life style. Others may be looking for short term or bridge financing. After understanding the full picture of your goals, we would present you with the ideal mortgage product & walk you through the closing process till you get the funds in hand.
How do you receive funds?
- Customized payments per client’s goals
- Lump Sum with all funds at once
- Lump Sum with Subsequent Advances as Needed
- Paid at regular intervals (monthly or quarterly)
- Combination of above
Qualification Criteria
- Borrowers must be 55 years or older
- Appraised Value of Home over $150,000
- Property Types include detached, semi-detached, townhomes, condos
- Property must be primary residence and lived in for 6 months out of a year
Standard Conditions
- All Debt Secured against title must be paid from proceeds
- Any CRA Debts, Consumer Proposal, Tax arrears must be paid from proceeds
- Unsecured Debt may be conditioned to be paid based on Debt serving ratios
- Income documents requirements vary based on the Mortgage Product
Talk to us to Determine whether Reverse Mortgage is the Right Option for you.
Type of Mortgages & Home Loans
What Our Clients Say
Expectations exceeded! Parm, I had an incredible experience working with you and I just want you to know how much I appreciate your service as a mortgage broker, as well how professional and efficient you are. All my requests for my mortgage was well taken care of and I couldn't ask for more. Once again thank you very much for your special service!
Claudia Ingabire
Hands down the best service providers. Very professional and provide the best customer experience. This company will not disappoint. Parm is very knowledgeable, dedicated to his work, professional, and most importantly very well experienced. If you go with them, you have true piece of mind and supporters for life.
Manpreet Kaur
CreditReboot Mortgages was great, Parm worked so hard and exceptionally fast to make sure our deal closed within a few days. There was no hassle, everything went seamlessly.Thank you to parm and his amazing team for making the whole process done and over with in the blink of an eye.Definitely will go back and refer to anyone looking for financial help.
Saalini Sawyers
You deserve a better option.
Being declined by banks can leave you feeling helpless and anxious about your finances. At CreditReboot Mortgages, we specialize in home equity solutions tailored for homeowners like you. We understand your uncertainty and aim to help you regain financial freedom. With a streamlined process and dedicated support, you can finally take control and breathe easy knowing you’re on the right path to improving your financial standing.