Reverse Mortgages

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Use the Equity You’ve Built Up in Your Home to Make Your Retirement More Comfortable

Reverse mortgages offer several advantages, particularly for seniors seeking financial flexibility in retirement. One key benefit is that they allow homeowners to access the equity in their home without selling it or making monthly mortgage payments. This can provide a steady income stream, helping cover living expenses, medical bills, or other financial needs. Additionally, since the loan is typically repaid when the homeowner sells the house or passes away, there is no immediate repayment burden. Another advantage is that the money received from a reverse mortgage is often tax-free, providing extra liquidity without increasing taxable income. A reverse mortgage can be a viable financial solution for those wanting to remain in their homes while enhancing their cash flow.

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Make Your Golden Years All They Can Be

While renting a home gives you increased short-term flexibility, it comes with some pretty hefty long-term costs. Homeownership has tremendous upside in the medium to long-term.

Money to travel

Fixed mortgage payments provide stability compared to potentially rising rental costs.

Owning a home gives you the freedom to renovate and personalize your living space.

Homeownership often leads to a stronger connection with the local community.

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What My Clients Are Saying

I work hard for my clients and have helped many families realize the dream of home ownership. Here is what a sampling of them have to say about their experience working with me.

Nicole Tracey is one of my go to mortgage brokers that I refer clients to . She truly cares, provides that personal touch and goes above and beyond for her clients!! Nicole gets the job done!! If you are looking for a mortgage broker I truly recommend Nicole.

Working with Nicole has been an absolute pleasure. She is very easy to communicate with at anytime of the day. Nicole is very knowledgeable and professional. She has access to a large catalogue so was able to secure us a great rate.

Nicole Tracey is an absolute professional. She is always willing to assist with your financial/mortgage decisions with her best advice. She will go the extra mile.
Highly recommended.

Frequently Asked Questions

In most cases, brokers are compensated by lenders, which means their services come at no direct cost to you. However, there are situations where brokers charge a fee, disclosed upfront, for their services. It’s essential to discuss fees with your chosen broker to understand the specifics. 

As long as the surviving spouse is on title, they can choose to remain in the home
without having to make a repayment.

Clients should always explore all their options before making a decision. HELOCs are a good short-term borrowing option for people who can pay the interest and loan back in the near future. Whereas a reverse mortgage is a long-term financial solution that doesn’t require any monthly payments and provides the ability to prolong retirement savings.

A reverse mortgage can be used to consolidate existing debt, eliminate monthly debt payments and provide financial security. If a client has existing debt, these would need to be paid off first and the remainder of the funds can be used however the client chooses.

A reverse mortgage frees up equity that is tied up in the value of a home and can allow the borrowers to enjoy their retirement on their terms. In fact, many financial professionals recommend a reverse mortgage as the proceeds are tax-free and after paying off debts, can be used for anything the client chooses, from purchasing a vacation home to helping grandchildren with school tuition.

Reverse Mortgage rates can be more favourable than alternative lenders’ rates on second mortgages or unsecured loans. Plus, with a reverse mortgage, clients don’t have to worry about making any repayments as the debt isn’t owed until the borrower(s) pass away or no longer live in the home.

Clients can qualify for up to 55% of their home’s appraised value, and every reverse mortgage comes with a “No Negative Equity Guarantee,” meaning that the overall debt will not exceed the loan cost as long as the conditions of the loan are met. 99% of HomeEquity Bank’s clients have equity remaining in the home after repaying the loan.

A reverse mortgage is a lifetime product and as long as the property taxes and
insurance are in good standing, the property remains in good condition, and the
homeowner is living in the home, the loan won’t be called even if the house decreases
in value.

The homeowner always maintains title ownership and control of their home,
The Bank simply has a first mortgage on the title.

Still have questions?  I can help!

Contact Nicole Tracey, Independent Mortgage Agent of Mortgage Architects in Stratford, Ontario now and let us help you make your dream of owning a home a reality. We specialize in first-time home buyer mortgages and we’ll work with you every step of the way to find the perfect solution for your needs. Don’t wait – contact us today to start your home buying journey.

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I’ll help you find the mortgage you need to get your next home

Book a call to get the process started. There’s no better time to start than today!

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