To qualify for a mortgage in Canada, lenders typically consider three key factors:

1. Credit Score – Reflects your credit history and how responsibly you’ve managed debt and loans.

2. Debt-to-Income Ratio – Shows what portion of your income goes toward regular financial obligations, helping lenders assess your ability to manage additional debt.

3. Home Equity – The difference between the appraised value of the property and the amount you’re borrowing.

These criteria help lenders determine your overall financial stability and ability to repay the mortgage.

A reverse mortgage is a type of loan available to homeowners aged 55 or older that allows you to borrow against the equity in your home. Unlike a traditional mortgage, you don't make monthly payments. Instead, the loan is repaid when you sell your home, move out, or pass away. The amount you can borrow depends on factors such as your home's value, your age, and current interest rates.

This option can provide you with extra income or funds for retirement, but it’s important to understand that the loan balance will increase over time due to interest and fees. It’s a good idea to consult with a financial advisor to determine if a reverse mortgage is the right choice for your situation.

Contact us today to get started!

Get in touch with Fortune Link Mortgage Group Inc. and let us guide you through our quick and hassle-free pre-approval process. You can also get started directly by visiting: https://www.fortunelinkmortgagegroup.com/contact