Want to access 55% of your home value tax-free without having to make a payment while you’re living in the property? Homeowners above the age of 55 looking to supplement their income can do just that. If you aren’t ready to sell the home you adore, you might consider applying for a reverse mortgage.
Turkin Reverse Mortgage?
You’ve worked hard. Year after year, you’ve made your monthly mortgage payments, and your home has increased in value. Did you know you can use part of this equity to finance your retirement –without having to sell your property? Simply convert up to 55% of the value of your home into tax-free funds with a reverse mortgage. You won’t be forced to move, you’ll continue to own your property and you won’t have to make payments while you’re living in the home.
Whether you want to renovate, cover your bills or use the funds for general expenses, you can live in comfort without the stress of a monthly loan repayment plan. What amount will you qualify for?
The exact sum will depend on the:
• Ages of all title holders
• Property condition, type and location
• Appraised value of the home
After confirming your eligibility, you can choose how to receive your payments. Options include accepting a single lump-sum payment, scheduling monthly payments or combining the two.
Receive the money as tax-free cash to protect your government benefits (i.e., Canada Pension Plan and Old Age Security), as your taxable income won’t increase.
Maintain full ownership of your property. The title will stay in your name, and you won’t have to move or sell on anyone’s timeframe but yours.
If your income just isn’t cutting it, a reverse mortgage can help you access more money – and the freedom you need to fully enjoy your hobbies, lifestyle and family.
How it Works
A reverse mortgage is different from a traditional mortgage in that you don’t have to worry about meeting a minimum credit score or income requirement. Instead, a Turkin Reverse Mortgage is based on your home equity. During this process, you will maintain full ownership of your home and only pay back what you owe when you decide to move or sell. What’s more, you won’t owe more than the fair market value of the property, so long as you’ve maintained the condition of your home and stayed current on your taxes and insurance.
Our goal is to ensure a seamless experience. Reverse mortgage clients enjoy the support of a qualified agent who can give guide them throughout the process.
Determine the sum of your reverse mortgage.
One of our expert team members will reach out to answer questions and verify your information.
Access your money – choose between a lump-sum payment or installments.
Sit back and rest assured you won’t have to pay until you move or sell your home.
Frequently Asked Questions
Think of a reverse mortgage like a traditional one – only backwards (or in reverse). Instead of making monthly payments, you will receive payments, or a lump-sum amount if you prefer. This will allow you to access up to 55% of your home equity. The funds will be available for
you to use however you want: to repay other debts, to make property renovations or even to go on vacation. Note that the tax-free funds you receive will not affect your pension or other earnings. You won’t have to make mortgage payments, and you will still maintain full ownership of your home (for as long as you and your spouse live in the property). And you won’t under any circumstances be asked to sell.
Reverse mortgages are for homeowners above the age of 55 who are looking to supplement their income and stay in their home without being forced to sell. If you are considering assisted living or alternative housing, a reverse mortgage may not be an ideal fit for you.
You can receive up to 55% of the appraised value of your home – completely tax-free. The amount you receive will depend on factors such as the ages of all the title holders, the location and type of property, the condition the home is in and the property’s current value.
You can choose from a lump-sum payment, installments or a combination of both.
Never. Most homeowners actually have money left over once they repay their loan in full. The amount you owe will never exceed the fair market value of your property, unless you’ve failed to live in the home during your reverse mortgage, neglected to pay property taxes and insurance or allowed the condition of the property falter. If you meet the above conditions, your home will likely continue to appreciate in value and offset any interest expenses. The amount of equity remaining will depend on the current property value and the amount you owe on your reserve mortgage.
No. You will maintain full ownership and control over your home for as long as you live in the property.
To be eligible for a reverse mortgage, you will need to pay off your existing mortgage, along with any outstanding debts or liens associated with your property. That said, the initial advance proceeds from your reverse mortgage may help to cover these expenses.
Not necessarily. Though you do have other options, the benefits of a reverse mortgage are
expansive. They include not having to:
• Sell your home
• Make monthly loan payments
• Pay tax on the funds you borrow
You will also have the luxury of choosing when and how you receive the money.
The expenses you may incur with a reverse mortgage consist of one-time fees to arrange the loan itself. These include an appraisal fee, a fee for independent legal advice and our administrative fee for title insurance and registration. With the exception of the appraisal fee, these expenses can be paid with the money you receive from your reverse mortgage.
You won’t have to make monthly payments until you move or sell your home. Affordability won’t be an issue as long as you stay put.
How much do you want to borrow?
Give us a call or use our online form to submit an inquiry. Our mortgage experts will gladly serve you.