Why choose you folks to work with?
Unlock Equity is partnered with a team of Licensed Mortgage Brokers who are also Certified Reverse Mortgage Specialists. These BBB accredited professionals have access to a whole host of mortgage products, not just reverse mortgages. This means that when you work with us, you’re not limited to a single solution. A reverse mortgage might be perfect for you – but if it’s not, we can help customize another solution that is perfect for your situation.
Other reverse-mortgage-only providers can’t offer this flexibility.
Is there any age restrictions?
Yes, the minimum age for each applicant is 55, there is no maximum.
I’m in poor health, will that prevent me from being approved?
Not at all!
What’s the most money you can get?
Up to a maximum of 55% of the appraised value of your home.
Is there a minimum value my home needs to be worth?
Yes, the minimum value of your home must be $150,000.
What happens if I wind up owing more than my home is worth, will I lose it?
No, our lenders guarantee that your mortgage loan balance will never exceed your home’s market value. When it comes time for repayment of the mortgage in full, this is even if the market value of your home never rises over time or drops. In fact, it’s been found that on average over 50% of the home’s value remains in the form of equity when reverse mortgages are typically repaid, ensuring you’re still able to leave behind a valuable asset to your loved ones.
How long does the whole process take?
From start (your inquiry) to finish (monies in your hands) we’ve done it in as little as 3-4 weeks.
My spouse and I have mobility issues, do we have to come into your offices?
Absolutely not, in this modern world we can complete the whole process without inconveniencing you at all.
Do I have to pay taxes on the monies I receive?
Absolutely not, all the monies you receive are tax free!
Can I take the money in installments or do I have to take it all upfront?
You can elect to take the money in installments if that’s what works best for you.
I already have a mortgage on my home, am I eligible?
Yes, your new reverse mortgage would simply pay out your existing mortgage or home equity line of credit.
What if the reverse mortgage is not sufficient enough to pay out my existing mortgage & debts, am I out of options?
Not necessarily, we do have access to additional loan products that allow clients to unlock equity beyond the reverse mortgage limits on a case by case basis.
I own a mobile home, am I eligible?
Yes, provided you own the land. In addition, the mobile home (also referred to as a manufactured home) must be permanently fixed to a foundation or concrete slab, and most importantly you need to own the land. If you live in BC, then the mobile/manufactured home needs to have been or will be deregistered from the BC Manufactured Home Registry at the closing of your mortgage.
My home is on lease land, am I eligible?
Yes, homes on lease land are eligible if the lease is associated with corporate or privately held land. If however, it’s associated with either First Nations and/or the crown or a township, unfortunately you’re not eligible for a reverse mortgage.
When I take out a reverse mortgage in Canada, does the title change, in other words do I/we come off title to my/our home?
Absolutely not! When you take a reverse mortgage, just like any other mortgage, your house stays in your name.
What happens if I sell my home?
When you sell your home you have the option of paying out your reverse mortgage in full, or if you would like you can transfer it to the new home. If the new home you’re purchasing is the same value or more then your current one, you just move the entire balance over to the new home. If it’s less, then you would use part of your sale proceeds to ‘pay down’ your reverse mortgage balance and transfer the rest to the new home. Very simple!
I have less than perfect credit, am I still eligible?
Yes, a reverse mortgage approval is not driven by credit score.
My bank told me that because I have very limited income they couldn’t approve me, will you tell me the same thing?
No, a reverse mortgage approval is not driven by income, so even those with very limited income are eligible.
My bank told me that my “debt service ratio” was out of line and that’s why they declined my application for a home loan, will the reverse mortgage lender tell me the same thing?
No, once again reverse mortgages are not declined due to “debt service ratios” being out of line, our lenders understand that due to circumstances this can be the case (ratios out of line).
What happens if either myself or my spouse have to move into assisted care?
So long as at least one of you is still living in the home, the reverse mortgage will continue on, only when both of you are no longer residing in the home would the home loan need to be paid out. Even then, the lender will give you and your family or those authorized on your behalf, on average 6 months to do so, thereby allowing ample time to sell the home or have a family member purchase it and pay out the existing reverse mortgage.
I currently have a lot of debts. Am I ineligible for this type of home loan?
Not at all, provided you have enough equity in your property and we can formulate a good game plan to deal with your debts, we would be all systems go!
Is there any restrictions on what I can use the funds from a reverse mortgage for?
No, other than paying out any existing mortgages if any, the funds are yours to do with as you please!
When do I begin to make repayments on the loan?
Never if you so choose, other than when the home is sold or you’re no longer living there, no repayments are required. However, if you so choose, you can make a payment! Some seniors opt to pay down ‘something’ on their mortgage every year, for them keeping the loan balance to a minimum is important, while for others it simply isn’t and they don’t.
I have a new spouse/partner and they’re not on title now, do I have to add them to title as both I and my family would prefer not to?
No, if you prefer to leave the title as is, we can work with that, just bear in mind that your spouse/partner still needs to be at least 55 years of age.
Can I pay out the reverse mortgage early if I decide I no longer want to have it?
Yes, you can pay it out at any time in full.
What happens if the market is down when the house ultimately sells, and the remaining equity is less than the reverse mortgage balance?
Even if what you owe exceeds the market value of you home at the time of it’s sale, the reverse mortgage lender guarantees that you or you heirs are/will not be responsible to make up the resulting shortfall. No other mortgage solutions provides that kind of “peace of mind” to seniors and their families.