Reverse Mortgage in Burnaby – Unlock Your Home’s Equity in Retirement
Are you a homeowner in Burnaby seeking retirement financial flexibility? A reverse mortgage lets you tap into the equity of your home without having to worry about making monthly mortgage payments. Whether you require supplementing your retirement funds, paying for healthcare costs, or living life a little more comfortably, areverse mortgage can offer a surefire financial option.
What is a Reverse Mortgage?
A reverse mortgage is a type of loan for homeowners 55 years and older, enabling them to turn some of the equity in their home into tax-free cash. Unlike mortgages, there are no monthly payments; the loan is paid back when you sell your home or leave it.
Advantages of a Reverse Mortgage in Burnaby
Tax-Free Income – Receive money without impacting government benefits such as CPP or OAS.
No Regular Mortgage Payments – Preserve your cash flow while still remaining in your residence.
Retain Home Ownership – Keep complete ownership and reside in your home as long as you prefer.
Flexible Payment Options – Opt for a lump sum, periodic payments, or a combination thereof.
No Negative Equity Guarantee – You will never be in debt for more than your home is worth when it is sold.
Who Is Eligible for a Reverse Mortgage?
To be eligible for a reverse mortgage in Burnaby, you need:
- To be age 55 or older (if you share ownership of the house with a spouse, both need to be 55+).
- To own your home as your principal residence.
- To have enough home equity to qualify.
How Do You Use a Reverse Mortgage?
Supplement Retirement Income – Retire with financial security.
Home Renovations & Upgrades – Keep or improve your home without tapping savings.
Debt Consolidation –Eliminate high-interest debts and alleviate financial pressures.
Healthcare & Long-Term Care – – Pay for medical expenses or in-home care needs.
Travel & Lifestyle – Have the luxury to travel or enjoy hobbies in your golden years.
Steps to Obtain your Reverse Mortgage
- We have a phone meeting to explain the product and how it works and see if it would be the right fit for you, how much you qualify for based on information about yourself and your home. If you wish to proceed at this time I will order your appraisal.
- While waiting for the appraisal report, please scan and email me 2 pieces of ID, and other documents required to have your approval in place.
- Once the appraisal report is received , it would take approximately 2 days for the banks underwriters to review the report and advise me of the amount you have been approved for.
- Once approval is received, I would connect with you to re-confirm the amount wanted for the advance and interest rate option you prefer. I would make arrangements to send your disclosure approval package to you and schedule an appointment so everything is explained in detail.
- During our scheduled telephone appointment I would ensure you fully understand and are comfortable with terms, conditions and costs associated with your loan. Finally we would select a lawyer to obtain Independent legal advice and have your signed commitment documents sent back to me.
- Your preferred lawyer would receive the instructions from the reverse mortgage bank in about 3-5 business. Once you meet with your lawyer in person, typically funds are available in a couple of days.
Get Expert Advice on Reverse Mortgages in Burnaby
At Ziyad Mortgages, we specialize in helping homeowners make informed financial decisions. Our team will guide you through the reverse mortgage process, ensuring you get the best terms and options suited to your needs.
Contact us today for a free consultation and discover how a reverse mortgage in Burnaby can provide financial freedom and peace of mind in retirement!