At Equity Rich, we recognize that your house is a valuable asset with unrealized potential, not just a place to live. Our retirement mortgage service has been carefully crafted to assist people in leveraging the equity of their properties without the typical limitations that come with traditional lending or even reverse mortgages. By offering financial solutions that adjust to your particular situation rather than the other way around, we enable you to access the wealth kept in your home.
A retirement mortgage is an advanced financial tool that lets homeowners turn some of their built-up home equity into easily accessible cash. Our method promotes equity-based lending, in contrast to traditional mortgages that mainly consider income and credit scores. This implies that our primary focus is on the equity and value of your home, making it a viable option for a wider range of homeowners who might not satisfy strict traditional lending requirements..
Those who want to increase their financial liquidity without having to sell their home or take on additional monthly mortgage payments will find this service especially helpful. Equity Rich sets itself apart from the reverse mortgages for the retirement market by providing unmatched flexibility, such as a higher loan-to-value ratio and no minimum age requirements, which makes it a genuinely unique offering in the Canadian lending market.
Since your home’s equity is the main factor determining eligibility, this increases access to many mortgages for retirees who may be on a fixed income, have erratic employment, or have a less-than-perfect credit history.
You can access a larger percentage of your home’s value, up to an impressive 70-75%, thanks to loan-to-value (LTV) ratios. This offers larger sums of money for a range of uses, from debt consolidation and home improvements to providing for family members or unexpected costs.
You can live comfortably in your house without having to worry about the cost of regular disbursements because there are no monthly mortgage payments needed. Long-term stability is ensured because the loan, plus interest, is usually only paid back when you sell the house, move out permanently, or pass away.
We offer a range of lending options, including the capacity to obtain loans in both first and second mortgage positions. Because of our flexibility, we can customize financial solutions even if you already have a mortgage, providing a calculated way to access more equity when other lenders might not.
One of our unique features is that we don’t have a minimum age requirement, which is a standard requirement for conventional reverse mortgages for retirement. This makes our equity-based lending options available to a larger group of homeowners.
Start with a one-on-one consultation during which we go over your financial objectives and determine the equity in your property. Since the value of your house is our main concern, the initial eligibility check is simple and less invasive than with traditional lending.
To ascertain the current market value of your Greater Toronto Area property, a professional appraisal is carried out. In order to determine the maximum loan amount based on the equity in your home, this valuation is an essential step.
Equity Rich will provide a comprehensive loan offer based on your unique needs and the property appraisal. To ensure total transparency, this will specify the loan amount, terms, interest rates, and how the money can be accessed.
We need independent legal counsel as part of our dedication to your comprehension and safety. This guarantees that you understand every detail of the loan agreement before moving forward, which is an essential step for any retirement mortgage loan.
The required legal documents are completed after the terms have been comprehended and accepted. After that, money is distributed, giving you the money you require for the things you want to do.
When the last homeowner sells the house, moves out permanently (for example, to a long-term care facility), or passes away, the loan becomes due. At that time, the loan is paid back from the estate or the sale of the house, including any interest that has accumulated.
Getting a mortgage entails working with a prominent private and alternative mortgage lender with a strong presence in the Greater Toronto Area real estate market. Our steadfast dedication to equity-based lending is what sets us apart. While many lenders focus on factors like age, income, and credit scores, we give more weight to the tangible asset you own: the equity in your home. Homeowners who might encounter difficulties with traditional lenders can now access home equity without the usual obstacles, thanks to our innovative financial solutions.
Our strategic approach to empowering homeowners is demonstrated by our competitive loan-to-value ratios. We are aware that people’s circumstances can change, and our “no minimum age” policy and emphasis on property value rather than personal characteristics make us the best option for flexible and affordable mortgages for retirement with low incomes and all homeowners looking to take advantage of the inherent value of their homes.
Contact our team of professionals to talk about your particular circumstance and get a customized solution.
Find out how you can get the financial flexibility you deserve with EquityRich.
EquityRich.ca is a Canadian entity, operating as a referral institution. Mortgage Agents and Brokers represent Everything Mortgages (FSRA #12755)
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