If you’re looking for a reverse mortgage broker in Woodstock, Ontario, you don’t just need someone from across the country who has figured out how to show up on Google.
You want someone who has lived in Woodstock for decades. Someone who remembers birthday parties at C&D Lanes, fall walks along Pittock, fresh cut fries at Fritzies, and stopping for Bartley’s ice cream on the way to Cow-a-pa-looza, then going to cool off at the Lion’s pool.
Are you looking for someone who can just give you the details of a reverse mortgage, or someone who knows Oxford County, still has quality furniture from Hudson’s, a small scar from sledding at Southside Park one winter, and can tell you where the old movie theatre used to be on Dundas?
And while you might be just as comfortable on the phone, we also have an office in Woodstock. Call me (Jennie) 519-702-6901 to find a time to visit the Canada Reverse Mortgage Centre in Woodstock, Ontario, 80 Norwich Ave, sharing a parking lot with Len’s Mill Store.
Flowers in bloom in Woodstock, Ontario
When is a Reverse Mortgage for your Woodstock home a good idea?
All too often, Woodstock homeowners cannot afford necessary home repairs or to travel in retirement, but they have a beautiful family home that they don’t want to have to give up. You may have to consider downsizing to accommodate the cost of renovations necessary for aging, but balance that with not wanting to leave the home you and your family love.
If this is the case for you because your home equity is your biggest asset, you may consider a reverse mortgage, which can help you pay for immediate bills or make some adjustments to allow you to continue to stay in your property.
Building equity in your home has taken time on top of the purchase price, the natural growth in the market (with expansions like Toyota, Sysco, and the accommodating local suppliers) means that there’s equity sitting in your property that you can leverage for travel, renovations, alleviating debt, and having some extra cushion for retirement income.
While reverse mortgages aren’t the best option for every home owner, they are a great option for many home owners. Here are some of the most common Canadian reverse mortgage myths busted.
Common Reverse Mortgage Questions:
Is my Woodstock Home Eligible for a Reverse Mortgage?
- Title holders must be at least 55 years old
- Your home value must be at least $200,000
- The home is your primary residence where you live for more than half the calendar year.
Homeowners at least 55 years old are eligible for reverse mortgages in Canada. If your spouse is listed on your home’s title, they must also be 55 or older and be included on the reverse mortgage application.
If you’ve not yet paid off the primary mortgage, this is the first step with your reverse mortgage payout. Reverse mortgage funds must first be used to pay off debts, and the balance of your existing mortgage.
The property named in your reverse mortgage must be your primary residence meaning that you live there at least 6 months in a calendar year.
How is a reverse mortgage paid out?
How you receive the money from your loan is determined by your lender and there are a few options to make the most of your reverse mortgage.
You can receive the loan in one lump sum or in some cases, a portion of it upfront and the rest over a designated amount of time – monthly or quarterly, for instance.
Before you can use the loan amount for anything else, you must first close out any lines of credit or outstanding loans in your name. After that, you can set aside the balance for health care, renovate your home so you can retire there longer, supplement your income, pay property taxes, travel, or estate plan.
How Do I Qualify for a Reverse Mortgage in Canada?
Lenders consider a number of factors (like age and home value) when determining who qualifies for a reverse mortgage.
Older Canadians who have built more equity in their home will be eligible for the most substantial loan sums since both age and home value are factors. Lenders will also consider current market trends and the market growth in an area like Woodstock.
Other important factors include the location of your home’s location, condition, and appraisal value. Different neighborhoods in Woodstock have different home values. A 4-bedroom home on Vansittart Avenue may have a different value than the same size home in another area of town.
What are the Benefits of a Reverse Mortgage?
The most notable feature of a reverse mortgage is that it enables you to retain ownership of your home. The funds you borrow are tax-free, offering you relief from the burden of making regular loan payments.
Additionally, a reverse mortgage will not adversely affect any guaranteed income supplement or old-age security benefits you might be receiving.
Is a Reverse Mortgage Right for Me as a Woodstock resident?
Every reverse mortgage applicant should get independent legal advice and consider factors like how a reverse mortgage will affect the inheritance you’ll leave behind, and conversations with your family will help answer any questions they also have about your estate.
Your estate will never be drained of assets due to a reverse mortgage since it’s only a portion of your home’s current market value, and the loan balance can not exceed your home’s value.
Staying in your property by means of a reverse mortgage will allow for a continued increase in the market value of your property while you continue to live there. House prices in Woodstock are higher than they were 5 or 10 years ago, so is there is an increase in equity over time, that will offset the portion of your home value that you borrow today.
Consider these 91 questions everyone should know about Canadian reverse mortgages, and call me (Jennie) 519-702-6901 to find a time to visit the Canada Reverse Mortgage Centre in Woodstock, Ontario, 80 Norwich Ave, sharing a parking lot with Len’s Mill Store.
You can also learn more about how reverse mortgages work in Canada in this blog post.
