Calgary Mortgage Broker/ Specialist
A reverse mortgage is a type of loan that allows homeowners to borrow against the equity in their home. The loan does not have to be repaid until the borrower dies, moves, or sells the home. Reverse mortgages can be an attractive option for seniors who want to supplement their income or stay in their homes longer.
A mortgage pre-approval is so important to ensure that you are buying within your purchasing ability. There is nothing worse than having your heart set on a home that ultimately you cannot qualify for the mortgage to buy. A critical part of the pre-approval is ensuring you have all of your documents ready, down payment in place, taxes filed, taxes paid, and income verification documents. Finally when it comes to the actual mortgage ensure you consider the terms of the mortgage and not just the rate. Different lenders have different terms and saving a little on rate could cost you way more in the long run due to a term in the mortgage you did not understand, realize or expect to get in the way of your future.