Jul
6
2009
Canadian Reverse Mortgage eligibility
Canada reverse mortgages is one of the best solutions for immediate financial crisis. However it is not meant for all. To be eligible for it you have to be 60 years or older and you must have your own residential building in Canada. The current mortgage cannot exceed 40% of the value of the home. The amount for which you are eligible will depend on your age as well as your home value. Percentage of equity withdrawal goes up in proportion to your age in reverse mortgages in Canada. At the same time the value of your home will also determine the extent of loan that you could avail.
