Reverse Mortgages in VancouverVancouver BC home owners 55 or older can turn the equity in their home into tax free cash.
Calculate your Freedom
Find out how much you qualify for.
Over the years, our house has appreciated in value quite a bit. Since retiring, living on a fixed income hasn’t been hard, but there isn’t a lot of money left at the end of the month. We have two kids, and we wanted to help them buy their first homes, and in this Vancouver housing market, that’s no easy task.
We didn’t think there was a chance for us to refinance our house, but a friend of ours told us about Nicolle, we gave her a call and she was able to help us help our kids. We used money from our house to give each of our kids 20% down on their houses. We’re so happy we could help our kids now, when they needed it most!
Reverse Mortgage Broker in Vancouver
Close to 2.4 million residents call Vancouver British Columbia home and 29 percent of this population are over the age of 55. Many in this age group are homeowners who purchased their homes when property values were much lower. Today these same people may find themselves struggling day to day as the cost of living has risen dramatically over the last ten to twenty years.
People have found themselves in a situation where they are house rich yet cash poor.
Homes are paid off or very close to it, yet their monthly income is inadequate to meet the standard for life that they would like to enjoy in their twilight years. In some cases, their children may need help with paying down student loans, a down payment for their first home, or even a business start-up.
What Exactly Is A Chip or Reverse Mortgage?
A reverse mortgage is a loan secured by the equity in your home that requires no payments for as long as you or your spouse remain in the home. Hence the name ‘reverse’ mortgage. When you sell your home the mortgage plus accumulated interest is paid out in full.
How Much Can I Get?
The first question people ask when looking into borrowing against their home is, how much can I get for a reverse mortgage? The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value. You can receive up to 55% of the value of your home.
Do I Qualify for A Reverse Mortgage?
Your mortgage broker will look at a few factors to see if you are a candidate for this type of loan:
- Your and your spouse must be no younger than 55 years of age
- What area you live in determined by postal code
- Type of dwelling ie single family, townhouse, condo
- Current appraised value
Nicolle Dupont is a licensed mortgage broker who specializes in Chip Reverse Mortgages in Vancouver BC. If you call her today at 250-644-4002, she will be able to tell you if you qualify and the amount you could receive. You can also contact Nicolle via email firstname.lastname@example.org
You can also try our reverse mortgage calculator to determine the amount you may qualify for here https://reversemortgagesinbc.com/qualify/
Enjoy Life in Vancouver with a Reverse Mortgage
This seaport has grown into a city of international significance and earned the reputation of Jewel of the Pacific. You will find West Coast living at it’s best with world-class amenities and experiences.
Ski the local mountains in the morning, head out on your sailboat for the afternoon and return in time to share dinner with a magnificent sunset. I know of no other city in the world that can offer you that all in the same day!
Vancouver is solid in the arts, music, and theatre, with many venues and opportunities for those seeking entertainment. Also known as one of the most ethnically diverse cities in Canada. Many heritage-based communities can be found within the city that hold festivals each year.
Restaurants are abundant, some of the greatest you will ever find. From some of the best ‘street’ food to fine dining with international standards. There is also an abundance of ethnic offerings, you could sample the cuisine of almost every country in the world within the greater Vancouver area.
As with other major Canadian cities, increased traffic and housing costs are some of the drawbacks. Vancouver, has recently earned the reputation as the most expensive Canadian city in which to live, beating out Toronto for the first time. You will find many affluent neighborhoods with high-end homes that have pushed up median home prices over the years.
If the excitement and cachet of an international city intrigue you, then Vancouver should be your home!