Get Quick Access to a Reverse Mortgage in Oakville
Patrick Romann is a licensed mortgage broker with around two decades of experience in mortgage financing, renewals, and reversals. Let me help you with financial security and 100% happiness.
Rewards of Home Equity
I understand that reverse mortgages in Oakville can be pretty confusing and complicated. Alone, you might not be able to navigate through the process. When you partner with Patrick Romann, you get to bypass all of that. I will do the hard work so you can reap the rewards.
Quick Approval For Reverse Mortgages
I'm Patrick Romann and I'm a recognized source for helping my clients get the mortgage lending and financing they need.
We make Mortgage Lending & Financing Possible for our clients living in Oakville.
Looking for a reverse mortgage in Oakville? I can help you find the best rates and get approval fast.
What Does My Reverse Mortgage Depend On?
Numerous factors affect your qualification for a reverse mortgage in Oakville, Ontario. Some are personal, while some are related to your home. Personal factors can be whether you are an individual or a couple, age, and current interest rates. Home-related factors are equity, location, home value, and more. Once I get your reverse mortgage approved, I will make sure that you get various options for acquiring your funds.
You can take a lump sum amount or regular monthly payments. You can even go for both. With this money, you can invest in a retirement account, renovate your home, pay healthcare debts, or anything else in between.
Reverse Mortgage Eligibility
There are primarily only two conditions to be eligible for a reverse mortgage. First, the obvious one, you must own a home in Canada. Second, you should be a minimum of 55 years old when applying for a reverse mortgage. If there are any other individuals registered on the title of your home, they also must be at least 55 years old to qualify for a reverse mortgage.
Another requirement to qualify for a reverse mortgage is that the house you will use for it must be your primary house. It cannot be your vacation home or second home that you use for rental income etc., which means that you must live in this home for at least six months in a year.
Then there are these other little requirements, such as receiving legal advice. This requirement usually comes from your lender. They may require you, as a reverse mortgage applicant, to get independent legal advice. Then you may need to provide proof if you received this legal advice. Further requirements of typical lenders for a reverse mortgage include:
- Your age
- Your address
- The condition of your home
- Type of home
- Your home’s appraised value
Payment Options for Your Reverse Mortgage
The lenders that I work with may offer you a full lump sum amount against your approved reverse mortgage. Or you can also choose to take a reasonably large upfront amount and then receive the remaining amount at a later stage when you may need it. Unlike other reverse mortgage lenders, we don’t have any restrictions on what you do with the amount except for any illegal activity.
Before Applying for a Reverse Mortgage
It's best to pay off your outstanding before applying. Outstanding loans or lines of credit may include your mortgage or equity line of credit (HELOC). Usually, people keep fighting to pay back their previous mortgages and fail to obtain a reverse mortgage in the process.
But when you come to Patrick Romann, I can help you get the reverse mortgage money, and then you can use that money to pay back those outstanding amounts. You will still be having enough left from the reverse mortgage that you will get. You can use this money for your home repairs and renovations, repay debts, buy something of greater value, etc.
Frequently Asked Questions
An individual must be at least 55 years old in order to qualify for a reverse mortgage.
The maximum you can get from a reverse mortgage is 55% of the total value of your home. So, you get to keep the rest of the value in your home as the remaining equity.
No, there is no requirement to make any payments against your reverse mortgage until the mortgage is due.
You can transfer the ownership of your property even if you owe a mortgage on the property. You just have to make some declarations of who will be paying the rest of the mortgage sum.
To state in the simplest words, a reverse mortgage is much better than those conventional equity loans for long-term and even for a short-term financial goal.
Why Work with Patrick Romann
Get in Touch
As a mortgage agent, I can help you secure a reverse mortgage. Contact me to discover how I can help you with all your mortgage needs in Oakville.