For many homeowners, a reverse mortgage can be a smart financial tool.
Reverse mortgages can be a smart financial tool in the right situation, helping aging homeowners access the equity they have accrued in their home. It can allow people to stay in their homes longer and provide funds for retirement such as travel & living expenses.
A reverse mortgage is a type of loan that allows homeowners aged 55 or older to borrow money against the equity in their home. Unlike traditional mortgages, where you make monthly payments to repay the loan, with a reverse mortgage, you receive regular payments from the lender that cover the cost of your mortgage payment. *Note: Olympic Mortgages does not charge fees for this service.
55+ years of age
You own your home
It is your primary residence
Find out how much equity you can borrow today. A 15-minute conversation with us could change your financial future.
Retirement Plans: A reverse mortgage can get you the funds to travel the world, purchase a Recreational Vehicle or vacation property.
Help Family: Many parents want to help their children purchase a home. With a reverse mortgage you could access your home’s equity to gift your children a downpayment on a property.
Living Expenses: Not everyone can rely on a pension to cover their living expenses. A reverse mortgage can free up the funds to provide a comfortable lifestyle for your retirement.
Not Ready to Downsize Statistics show that 99% of Canadians want to stay in their home as long as possible. With a reverse mortgage you can stay in your home longer with the affordability benefit of no payments.
Have questions about reverse-mortgages? We have answers!
If you have questions about reverse mortgages, whether it’s about finding the best terms, understanding the impact on your home equity, or determining if it’s the right option for your situation, our expert team is here to offer personalized guidance and help you navigate your financial decisions with assurance.
Reverse mortgages have a No Negative Equity Guarantee. This means that when the mortgage is paid out, regardless of the market value of the home, only the balance owing on the mortgage will be due.
No, there is no tax payable on the funds you receive.
No. You retain ownership and title. The loan will be registered against the title just as a regular mortgage would, and takes precedence for payment once the house sells or the last living owner passes away.
A reverse mortgage is not a line of credit. If you need access to flexible cash, a Home Equity Line of Credit might be the best option for you.
At Olympic Mortage, we want the best for the people around us. We care for our clients, whomever they are, wherever they’re from. Everyone gets the best of us, because that’s what we want to be putting out to the world. So go ahead, try us.
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Suite 103, 2311 Watkiss Way, Victoria, BC, V9B 6J6
