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A lot of homeowners cringe at the idea of borrowing money against their homes. Why would you take away from your biggest asset, something you’ve worked hard at making through years of home loan payments?
When in dire need of cash, be it to supplement retirement income, covering the extra cost of repairs or paying bills, some will remain set in their memory-filled homes, while others may decide to downsize. Options are plenty. But, it’s crucial to understand what’s the viable option. Will your retirement funds last? What backup alternatives do you have? Whatever you decide on, your home should be near the top of the list.
Once you’re 62 or older, a reverse mortgage can be a great way to access the home equity and convert it into cash income without selling the home. It can be a sound financial decision for some but a flawed one for others. Be sure that you comprehend how reverse mortgages work before deciding to go ahead. Speaking about the myths and misinformation about Reverse Mortgage, Guaranti Mortgage, a four-times ThreeBestRated® award-winning Mortgage Broker firm, shares,” A reverse mortgage can be complicated, and our seniors who are still on the fence should know about these myths before making the decision:
● Having a reverse mortgage implies that you don’t own the home.
● In the end, you will owe more than the actual value of your home.
● Failing to make timely payments can result in eviction.
● Only people under the age of 62 can apply for a reverse mortgage.
● Arranging a reverse mortgage is a costly process.
A reverse mortgage is a strategic and helpful financial tool to access cash in retirement; a great option to go for when it comes to investing in the future. It can offer financial serenity and provide a sound retirement. If you decide to look for one, the best practice is to speak with a licensed financial and reverse mortgage expert like the Guaranti Mortgage.
About Guaranti Mortgage – professionalism and integrity
Established in 2015, Guaranti Mortgage is a ThreeBestRated® award-winning and rapidly growing brokerage corporation in Richmond, BC. With their down-to-earth working ethics, they provide financial solutions to businesses and individuals of British Columbia.
Guaranti Mortgage is a one-stop mortgage and financial service that provides top-notch residential and commercial mortgage solutions, well-rounded financial planning and insurance services that cover a variety of needs for clients. Their vision is to bring hope, growth and protection to their clients with versatile professional services in good faith.
On receiving the 2022 ThreeBestRated® award for one of the best mortgage brokers in Richmond, Elvis Hui – founder and CEO of Guaranti Mortgage, says, “ Winning this award is a matter of pride for me as well as the whole team. It reflects all the hard work each individual puts day-in-day-out towards customer service and satisfaction.
Guaranti Mortgages keeps long-term affiliation with major banks and other financial institutions in Canada. As a professional and experienced mortgage brokerage, they ensure that a variety of mortgage products are available to choose from, and assist in selecting the most suitable one for your unique requirements. Their nation-wide top mortgage broker team provides (but is not limited to) residential mortgages, construction loans, commercial mortgages. With years of industry experience and insights, they can find the most suitable mortgage solution for each customer.
Apart from Mortgage, Guaranti Group also provides Wealth planning and Insurance services to their clients.
To know more about Guaranti Group or their financial solutions, visit https://guaranti.ca/en/.
About ThreeBestRated
Three Best Rated® was created in 2014 with the simple goal of finding the top 3 local businesses, professionals, restaurants, health care providers, and everything in-between, in any city. Every business is meticulously handpicked by our employees. We check business’s reputation, history, complaints, ratings, proximity, satisfaction, trust, cost, general excellence, reviews, and more, using our 50-Point Inspection. We only display businesses that are verified by our employees. Other places will call this “hard work” and “unnecessary”. We call it “due diligence” and “the right thing to do”. Our website is updated on a regular basis for quality and the latest business information.
Three Best Rated has the honor of helping 4.5 million customers every month find the best businesses in any city – without any effort!
