Reverse Mortgages in Vancouver, BC A reverse mortgage is a great tool for the right situation! Considering a Reverse Mortgage? Let our reverse mortgage lenders in Vancouver, BC guide you through this type of mortgage. We have been successful in financing many reverse mortgages, with many happy clients, and are looking forward to helping you too! A reverse mortgage is a no-payment loan that allows you to take out money from your home’s equity without having to sell your home. Reverse Mortgages: • Monthly payments are NOT required • Income IS NOT required to get a reverse mortgage • Credit is not required to get a reverse mortgage • Designed exclusively for Canadians aged 55 and older • Provides access of up to 55% of a home’s value • The money received from your reverse mortgage is tax free; there’s also no pension impact • Homeowners always maintain ownership of their home • The reverse mortgage lender cannot go after any outside-of-home assets With a reverse mortgage, you pay back your loan when you move out of your home, sell it or when the last borrower dies. This means you don’t need to make any payments on a reverse mortgage until the loan is due. A Reverse Mortgage Can: • Preserve investments and maintain financial independence • Arrange for in-home care or renovate to improve home’s mobility • Give loved ones an early inheritance • Help your children or even grandchildren buy their first home • Pay for unexpected expenses • Pay off debts and/or relieve financial pressures • Buy a vacation property • Improve tax-free cash flow Contact our reverse mortgage lenders near you for more information and to see if it’s a right fit for you! Contact Pinsky Mortgages Reverse Mortgage Lenders in Vancouver, BCTalk to Pinsky Mortgages today for a free estimate with no commitments 93% of Canadians want to age in place, in the home they love. With Reverse mortgages, you can stay in the home you love and access the equity in your home for to live retirement your own way (and/or to provide for your family). Reverse mortgages come with many options too… The normal reverse mortgage, the most popular choice, is for homeowners who are looking for a one-time lump sum. This is best suited for: • Paying off stressful debt, • Renovations which could increase your home’s value, • A large expense (health, car, or helping family), or • Loan consolidation of high interest loans or additional mortgages. There is also a Reverse Mortgage that can provide monthly income. This is best suited for: • Boosting your day-to-day lifestyle, • Increasing monthly cashflow, or • Protecting your investments for longer-term retirement. Lastly, there are shorter term financing solutions for flexibility. This is best suited for: • Bridge financing or as a short-term cashflow solution, • Avoiding high prepayment penalties with bank lenders, and can have • Flexibility to convert to a longer-term solution. Frequently Asked Questions[ Will I still own my home? ]Absolutely! You will always maintain complete ownership and title of your home. We will never ask you to move or sell, provided you: pay your property taxes and home insurance, and keep your property well maintained.Frequently Asked Questions[ How are fees and interest rates calculated? ]Reverse mortgages are offered in both fixed and variable rate terms. The variable rate will fluctuate based on the lender’s Prime Rate. Fixed rates are set for a predetermined time period and are available for a 6-month, 1-year, 3-year or 5-year period. Like a conventional mortgage there are administrative fees and closing costs.Frequently Asked Questions[ Can I owe more than my house is worth? ]Every reverse mortgage comes with a No Negative Equity Guarantee, which means the amount you will have to pay on the due date will not exceed the fair market value of your home as long as the conditions of the loan are met. In fact, 99% of clients have equity remaining in the home after the loan is repaid.Frequently Asked Questions[ What if I have an existing mortgage? ]The existing mortgage will have to be paid with the reverse mortgage funds, the remaining proceeds can be used however you may choose.Frequently Asked Questions[ Are surviving spouses stuck with repaying the loan if their partner passes away? ]No, as long as the surviving spouse is on title, they can choose to remain in the home without having to make a repayment until they move or sell.Frequently Asked Questions[ Is a home equity line of credit (HELOC) a better option? ]You should always explore all options before making a decision. HELOCs are a good short-term borrowing option for those who can pay the interest and loan back in the near future. However, HELOCs are callable loans with monthly payments and risk non-renewal or cancellation.Frequently Asked Questions[ Do I have to make any payments? ]No, there are no monthly mortgage payments. You have the option of making regularly scheduled interest payments. The loan only becomes due once you move or sell the home.Frequently Asked Questions[ Will my government benefits be affected? ]No, reverse mortgages will not affect any government benefits you may receive, such as Old Age Security (OAS), Canada Pension Plan (CPP), or Guaranteed Income Supplement (GIS).Frequently Asked Questions[ What is the minimum property value for the Reverse Mortgage? ]Your property must have an appraised value of at least $150,000 for some Reverse Mortgages and $300,000 for others. That shouldn’t be an issue for most homeowners. Personalized Mortgage {} Together we develop mortgage strategies with pre-payment scenarios tailored just for you. This important step allows you to pay down your mortgage faster while paying less interest overall. Most importantly, we go over “Payment Shock” and how to avoid it. Book A Free Consultation. You should get the best mortgage possible! Request a free consultation and we’ll handle the rest. First & Last Name Phone Email How can we help? How did you hear about us? Select ItemReferralIndustry eventGoogle searchSocial mediaOther Book Now Our Mortgage Services Learn More First-Time Buyer? We are here to help you learn more about the mortgage process & how to find the best mortgage solution for you! Button navigation Learn More Renew / Refinance? Congratulations on your maturing mortgage… Now let us help you get a better rate! If your mortgage renewal is fast, now may be a great time to look at the other mortgage options and competitive rates that are available. Button navigation Learn More Advanced? For those looking beyond the more standard mortgage options, we can help you find the right advanced strategy for your home. Button navigation The Pinsky Home Buying Process We’re looking forward to providing you with the mortgage advice and service all of our clients and referrals have come to expect. [01] Review lenders, mortgage options, and mortgage types Not all mortgages or lenders are created equal. We will go over available mortgage options and highlight the features you may want based on your future financial goals. [02] Determine a timeline for your purchase Your purchase timeline dictates whether a pre-approval should be started or, if you have a home under contract, a firm approval should be processed right away. array(4) { [0]=> string(85) “https://pinskymortgages.ca/wp-content/uploads/2022/06/iStock-1322925955-1600×1067.jpg” [1]=> int(1600) [2]=> int(1067) [3]=> bool(true) } [03] Submit required documentation Your pre-approval is contingent upon lenders having your income documentation, down payment confirmation, and your credit bureau. [04] You and your Realtor will analyze your needs, wants and priorities for your new home Determine the type of home you are interested in purchasing. Your Realtor will help you find and rate properties based on criteria you create together. [05] Tour properties with your Realtor After looking at properties, you will find a home that fits your needs. [06] You and your Realtor decide on a desired purchase price The sellers will either accept, reject, or counter your offer. This process will go on until a mutual agreement is met. array(4) { [0]=> string(78) “https://pinskymortgages.ca/wp-content/uploads/2022/06/Team_Header-1600×900.jpg” [1]=> int(1600) [2]=> int(900) [3]=> bool(true) } array(4) { [0]=> string(76) “https://pinskymortgages.ca/wp-content/uploads/2022/06/Agents-1-1600×1067.jpg” [1]=> int(1600) [2]=> int(1067) [3]=> bool(true) } [07] Provide property information to Pinsky Mortgages Submit your closing contract, MLS listing, Property Disclosure Statement and Form B with its attachments. [08] Mortgage submission and your 3 Unique Mortgage Bids With a closing date in mind, we will be able to provide you with 3 competitive mortgage bids for your mortgage. Your initial pre-approval will be included in your options. [09] Property due diligence Have the home inspected by a qualified home inspector, read the strata minutes (if applicable), and become acquainted with any other relevant property information. At this time, an appraisal may be required by the lender. [10] Make arrangements Make arrangements with your: Conveyancing lawyer or notary Home insurance specialist Personal insurance specialist Movers or book your moving truck array(4) { [0]=> string(82) “https://pinskymortgages.ca/wp-content/uploads/2022/06/Our-Services-1-1600×1067.jpg” [1]=> int(1600) [2]=> int(1067) [3]=> bool(true) } [11] Completion Day On the completion day, your lawyer will handle the money and title transfer on your behalf. What our clients are saying After several last-minute letdowns from multiple local brokers only to be denied due to an unknown 3rd party’s neglect, I found Pinsky online with great-sounding reviews. I had barely left an email when suddenly Eitan was phoning me. After explaining my dilemma and the limited time frame he assured me it wouldn’t be a problem and not to worry anymore. There was no shortage of obstacles but Parmeeed and Eitan took the challenge and came through for me when no one else could. This morning I received a call from my new mortgage lender welcoming me to their bank. I am so grateful my Karma was in my favour to have found them. It goes without hesitation that I will recommend Pinsky Mortgage. — John Tait My partner and I primarily worked with Adam Clarke and could not have had a more positive experience purchasing our first home. Adam and team were extremely professional, responsive and very easy to work with. Adam guided us through the whole process and patiently answered every little question we had (and there were many). We would definitely recommend Pinsky Mortgages to everyone! — Caroline Graham A truly amazing team of professionals! Buying a place in this market can be very stressful, but Pinsky Mortgages were very supportive and helpful throughout the whole process. We always felt that we are in good hands. A special thank you to Adrianna for always being there to help and answer all our questions (we had a looooot of them). It’s so great to work with people who care! — Anastassiya Portnyagina Eitan and his team are extremely professional and guided us through the purchase of our first home. They were very responsive and made us feel confident that we understood the process from start to finish. Thank you to the team – we could not be happier with the end result! — Annie Stewart We could not have expected better! We worked with the A team (Adam C mostly). Adam was so on point and really got us a sweet deal. He was very helpful and friendly. He made the whole process so much simpler and stress-free, as he was on top of everything we needed. I would absolutely recommend working with him and Pinsky Mortgages. — Jeremy Bottein 5.0 on Google | Leave a Rewiew