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Learn how a CHIP or reverse mortgage is the right fit for you:

A Reverse Mortgage is great for individuals who:

    • Wish to stay in their home
    • Want to access equity in their home to supplement living costs
    • Seek sharp rates
    • Are 55 or older

Why should you choose GLM Mortgage Group?

We Get You a Fast “YES” at the Sharpest Rate…Guaranteed

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We will call you back in no later than 90 minutes and help determine the right mortgage fit for you.

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What are the Personalities of Your Mortgage?

personalities-of-your-mortgage-product

  • Learn about what questions are important to ask your potential lender
  • Gain understanding on the difference between fixed and variable rates
  • Increase your knowledge on bank/financing related jargon
  • Become aware of the different aspects of a mortgage that can affect your mortgage financing decisions
  • Discover aspects of the mortgage process that are often overlooked when considering a mortgage.
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What Is a Reverse Mortgage?

In a mortgage, an individual borrows money from a bank to purchase a home and slowly “buys” the home from the bank over a period of time through monthly payments. With reverse mortgages just the opposite occurs. A person owning a home, either in it’s entirely or a significant portion, will agree to “sell” their home to a bank. The reverse mortgage companies pay the owner monthly installments, slowly purchasing the equity the person has acquired in their home. Effectively, the original mortgage amount increases to previous levels of debt while the money invested in the property via mortgage payments is returned to the owner. Reverse mortgages must be repaid when the borrower dies, sells the home, or ceases to live there as a principal residence. At such a time, the entire amount is returned to the lender, usually by selling the home and using the proceeds.

The reverse mortgage companies are making the payments instead of the home owner? That sounds like a pretty good deal. And it can be, but it is only for a very specific set of circumstances, so this type of loan won’t be the perfect solution for everyone. Reverse mortgages are intended for those persons who are either retired or close to retirement and are usually looking to get rid of their home at the end of the loan period. In order to qualify for this type of loan, a person must have reached a certain age which is determined by the lender, usually between 55 and 62. As well, the property in question must be either entirely owned or mostly owned by the borrower.

Reverse mortgage companies offer several different types of options for receiving the funds. In a “term” option, a fixed monthly payment is distributed for a specific amount of time. In the “tenure” option, a fixed monthly payment is paid for as long as the owner lives in his/her home. In a “line of credit” option, the owner can retrieve any portion of the qualifying amount at any time, limited only by using up the entire amount of equity. Finally, financial institutions are usually willing to agree to a combination of monthly payments and a line of credit.

Reverse mortgages can be advantageous in several different ways. If a homeowner is looking to perform some home repairs or pay off the home’s original mortgage, a reverse mortgage can assist. Disbursements through a reverse mortgage are considered non-taxable income, so the full amount is given directly to the homeowner. Because earnings from a reverse mortgage aren’t taxable, they don’t count towards eligibility for Social Security, Medicare, or other similar benefits.

Reverse mortgages are useful tools, but they aren’t for everyone. The best way to determine whether a given situation has merit is by consulting with a reverse mortgage broker. Reverse mortgage brokers are familiar with the territory and can be of great value during the process. The home is most likely a person’s greatest financial investment, and as such requires meticulous care. A reverse mortgage broker can advise and direct a home buyer to the best financial options available.

What is the GLM Mortgage Group?

GLM Mortgage Group, powered by Dominion Lending Centres, is your Vancouver and Lower Mainland Mortgage Brokerage service. We are always ready to move forward with you to obtain the mortgage you need with the sharpest mortgage rate available. Whether it’s a fixed rate or variable rate mortgage you are after, we are dedicated to finding the best mortgage rates in Vancouver, including Home Loans, Consolidation Loans, Lines of Credit and more. No matter what you need, our team of Mortgage Specialists will follow through to find the best mortgage product that fits your individual circumstances. Our free online mortgage calculator keeps you informed on how much your mortgage payment will be as well as show how different mortgage rates will affect the mortgage you require.As your Vancouver mortgage broker, GLM Mortgage is committed to clear communication with our clients. We make sure you are informed on all the mortgage options available to you. We call you back within 90 minutes to make sure that you have the fastest service available. We are not only available in Vancouver and the Lower Mainland, we are also available across Canada.GLM Mortgage Group is your Vancouver mortgage specialist. With over 22 years of experience in the investment industry we know how to wade through the challenging process of getting a mortgage. We provide smarter options to putting your mortgage in place. We know how important it is to have an experienced professional Mortgage Specialist available to walk through your mortgage experience and stay with you through to the very end.We get you a fast “YES” at the sharpest rate… guaranteed! Call us now so that you can get that mortgage you’ve been waiting for. We already have been working for you, making sure that you will have every option of a mortgage available to you. GLM Mortgage Group is on call for you!

Guide to Obtaining Good Credit

GLM Mortgage Group will help you to obtain the good credit you need in order to secure yourself a mortgage. Our free Guide to Obtaining Good Credit will provide you with the steps you need to improve your credit quickly. We show you how to obtain your credit report so that you are fully aware of what needs to be improved on as well as making sure there are no errors (as many as 80% of consumers have errors on their credit reports!). It can take as little as 30 days to improve your credit score! Download our free Guide to Obtaining Good Credit.
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Use our Mortgage Calculator

In searching for the right home for you, it’s good to know how much your mortgage payments will be and what you can budget for your payments. Our easy to use calculator will show you how much of a mortgage you can afford as well as what mortgage payments to expect based on the amount of the purchase price. At GLM Mortgage Group we believe in educating our clients. We give our Clients the tools they need to be as well informed as possible. Budgets are extremely important and our calculator makes figuring out mortgage payments easy as well as the right fit for you!
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Posted Rates

Canadian banks post rates that are generally higher than what a Mortgage Broker can offer. This is because the big banks (for example, Bank of Montreal and Royal Bank of Canada) expect you to negotiate down their rates. At GLM Mortgage Group, we post the best rates available anywhere. We have over 90 Lenders that we work with which is good news for our clients. We have the leverage to negotiate the best rates out there. Remember, GLM Mortgage Group works for you! Not the bank! We will get you the fastest YES at the sharpest rate….guaranteed!
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