Mortgage Forces specializes in home equity loans and reverse mortgages for current or former service members, Canadians holding DND jobs, and their families. We understand the financial demands of the military lifestyle, and our agents work with every client free of charge to obtain the best rates from highly reputable lenders.
A home equity loan uses the equity you have built up in your home as collateral. With a home equity loan, the borrower receives the loan amount upfront, and equal monthly payments are scheduled for a fixed term. A home equity line of credit (HELOC) is another type of loan that allows the borrower to use the loan as a line of credit, pulling from an account when needed as long as the credit limit is not surpassed. In both options, the amount you borrow is typically limited to about 85 percent of the current equity held in your home. Mortgage Forces helps qualifying clients of all ages determine which home equity loan will best match their financial situation and needs.
Reverse mortgages, however, are only available to senior homeowners. These mortgages also provide a line of credit and hold the house as collateral, but this option does not require monthly payments. Interest builds on the loan until it is due, which is when the borrower sells or vacates the home for a prolonged period, or when the mortgage holder dies.
Contact us today to work with a Mortgage Forces specialist to learn whether a home equity loan or reverse mortgage is right for your family’s financial needs.