Whether you require a new First Mortgage or a Second Mortgage, the process can be intimidating. As your Mortgage Broker, I am here to help alleviate the stress and make sure the process goes smoothly for you.

We will go through your application and discuss which options are most important to you. Whether that is rate or cash flow, we will work together to find the solution most suited to your needs.

By utilizing the Equity you have built up in your home, we can secured a Home Equity Secured Line of Credit to give you the lowest Interest Rate option available for future use.

The limit is based on a Maximum combined value of your existing Mortgage plus Line of Credit to a maximum of 80% of the appraised value. If you have paid off your mortgage, then we can advance a Line of Credit up to 65% of the appraised value.

Private Lenders are here to assist clients when they don’t qualify through the regular lending channels.

Whether that is based on credit challenges, post bankruptcy or pay off a proposal to get yoru credit re-established earlier, short times lines for house closing, blanket mortgages, property issues or even property location. Private lenders think outside the box and will provide the options and solutions for your financing needs.

A reverse mortgage is a loan that allows a homeowner to convert some of the equity in their house into cash without having to sell their home. With a reverse mortgage, instead of being required to make monthly payments, the homeowner actually receives cash from the lender.

The loan will need to be repaid when the borrower moves out of their home, sells the home, or when the last borrower dies. Because a reverse mortgage reduces the equity you have in your home, it’s sometimes called “equity release”. However, your reverse mortgage provider doesn’t actually take an ownership share in your home, as is sometimes assumed.

One of the key features of a reverse mortgage over alternatives like a second mortgage or a HELOC (Home Equity Line of Credit) is that a reverse mortgage does not require you to have an income to qualify. Both a second mortgage or a HELOC would need you to still have money coming in, which is not always the case for older Canadians.

One of the downsides of reverse mortgages is that they carry higher rates than conventional mortgages and slightly higher rates than HELOCs.

Gail Sylvester Mortgages can help you with all of your home financing needs.

Whether you’re a First-Time Home Buyer, looking to refinance with a Second Mortgage, in need of a Home Equity Line of Credit, or looking for a Private Mortgage – Gail can help you find the financing solution that works the best for you and your needs.

Book a call with Gail today to get started.

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