Am I Eligible to Get Chip Reverse Mortgages in BC?

If you are 55 years or older, you are eligible to obtain a reverse mortgage. If you have a spouse, your spouse should also be 55 years or older. That way, if the principal borrower dies, the house will not be foreclosed by the bank and the mortgage will still go to the surviving spouse.

How Much Can I Get From a Reverse Mortgage?

A reverse mortgage allows you to tap into your home’s equity. Most banks will allow you to borrow up to 55% of your home’s equity. It still depends on how much equity you have built and your credentials. This is also why it’s important to find the best reverse mortgage lenders. They are not going to assess your home in the same way.

Will The Bank Own My Home?

The bank will not own your home. It is still yours. You will not be pressured to pay for the mortgage right away. However, if you decide to sell your home or move to a new house, you need to pay the full mortgage to be able to do that.

To find the best reverse mortgage provider, you should consult a reverse mortgage expert such as Nicolle Dupont. Many people have misconceptions about getting a reverse mortgage and it’s good to have concrete answers for them.

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