A reverse mortgage is a solution that’s designed for Canadian homeowners above the age of 55. The goal of this mortgage is to help a homeowner turn their equity into cash which is tax-free and without the ongoing requirement of monthly mortgage payments. Sometimes you need to put in reverse before you can conquer the road ahead!

The Year 2020 will be remembered for many concerning things. For many, not a year to remember and most folks I have talked to lately are happy and looking forward to the turn of the calendar and positive news in 2021. When it comes to the Metro Vancouver housing market and mortgage rates, many were actually caught off-guard with an increase in home prices and mortgage rates that are at historic lows and look to stay that way for the near future.

This is an opportunity for a homeowner to renegotiate their current mortgage plan and refinance at a new rate or new terms. There could be several benefits such as lowering your current monthly mortgage payment or to access the built up equity from your home for the betterment of your personal finances or home improvement projects. Generally speaking, a homeowner can potentially access up to 80% of their home’s appraised value.