Individuals who previously failed to qualify for a reverse mortgage may now find they do so, thanks to these changes, reports Reversemortgageguide.ca

Victoria, BC -- (SBWIRE) -- 10/28/2014 -- According to Rate Hub, approximately 50 percent of Canadians over the age of 50 worry that they won't have enough money for retirement. In fact, they state they believe their savings will be gone within ten years of stopping work. Individuals aged 55 and older qualify for a reverse mortgage as long as they have equity built up in the home. Request a Free Guide for Canadians on Getting a Reverse Mortgage to learn more about this program and the Pros & Cons of a Reverse Mortgage as a Retirement Strategy.

"Individuals spend years planning for retirement, yet often find they cannot afford to do the things they dreamed of. With rising costs on essentials, more now find they are in this situation. With the help of a reverse mortgage, many individuals find they can obtain the money they need to live life as they dream. Anyone running short on retirement funds should check this option out," Kam Brar, spokesperson for ShangriLoan Ventures, LTD, declares.

Canadians now receive the option of obtaining up to 50 percent of the value of their home, in cash, using a reverse mortgage loan. Until recently, homeowners found they were limited to obtaining 40 percent of this value, yet this recent change allows homeowners to obtain more. Another change made involves the age at which one may take advantage of this program. The age requirement recently changed from 60 years to 55 years for the homeowner to qualify.

Brar carries on to say the Canadian government understands the rising cost of living impacts many individuals. A reverse mortgage assists those who find they regularly run short on funds. Payments may be received as a lump sum, as a line of credit, in monthly installments, or using a combination of these methods. Individuals aren't limited in what they may do with the funds either.

Reverse mortgages differ from a HELOC or home equity loan of credit in that no payments must be made to the loan provider. The loan only comes due when the home is sold or when the homeowner permanently leaves the home, and interest rates tend to be very comparable to those seen with other borrowing options currently offered. Individuals wishing to know more about this program should request the guide today to have all questions answered.

"With the help of this guide, consumers learn the answers to common questions surrounding reverse mortgages. In addition, one determines if they qualify for this program and how a reverse mortgage differs from a regular mortgage. The guide goes on to explain the pros and cons of this borrowing option, a concern of many, as ShangriLoan Ventures wants consumers to make an informed decision concerning a reverse mortgage in the context of their financial future," Brar explains.

About ShangriLoan Ventures, LTD
ReverseMortgageGuide.ca, a member of the ShangriLoan Ventures network, educates Canadian borrowers and has been successfully doing so for more than four years. ShangriLoan connects prospective, eligible buyers with local, licensed professionals who can assist them in finding the appropriate financial product in their region.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

New site ReverseMortgageGuide.ca will help Canadians discover how reverse mortgages can help them live more comfortable retirements without forcing unwanted choices, ShangriLoan Ventures reports

Victoria, BC -- (SBWIRE) -- 10/01/2014 -- ShangriLoan Ventures, LTD., announced the launch of ReverseMortgageGuide.ca, a new online resource for Canadians interested in learning about reverse mortgages. The new Internet destination provides a variety of guides and articles that will help visitors learn about the requirements, advantages, and potential drawbacks of this increasingly popular financing vehicle. In addition, visitors to the site can sign up for a free, hard-copy book that explains the option in exhaustive detail.

"With more older Canadians becoming interested in ways of tapping the equity in their homes," ShangriLoan Ventures representative Kam Brar said, "we are excited to launch ReverseMortgageGuide.ca as a way of answering all of the most common questions." A recent McKinsey & Company report titled "Are Canadians Ready For Retirement?" answered that question substantially in the negative. While the study found that a slim majority of Canadians will likely have the financial means to maintain their accustomed lifestyles even after leaving their careers behind, it also established that as many as 40% of the nation's citizens will face significant troubles.

One source of difficulty for retirees has traditionally been the fact that substantial portions of their accrued assets are typically tied up in home equity. That has often led, in the past, to newly retired people selling their homes of many years, an option that can produce much-needed immediate cash but also entails lifestyle changes that many would rather avoid.

ShangriLoan Ventures, LTD., has been a leading force for educating Canadians about another option, the reverse mortgage, and the newly launched site ReverseMortgageGuide.ca is a reflection of this continuing drive. Thanks to a recent loosening of the relevant Canadian laws, many people over the age of 55 can take advantage of tax-free reverse mortgages that allow them to convert up to 40% of the equity in their homes directly into cash. Reverse mortgages do not require any scheduled payments, instead being satisfied through the proceeds of an eventual home sale, an event that borrowers are under no pressure to arrange for until they or their heirs are ready for it. Additionally, interest rates on reverse mortgages tend to track those of other mortgage- and home-equity-related options very closely, making them even more attractive compared to home equity lines of credit and other alternatives.

The money obtained through qualifying reverse mortgages is completely free of restrictions, too, meaning that those who enter into such contracts can do with it as they wish. The new ReverseMortgageGuide.ca site delves into all of these details and more, both in online form and through a Free Guide on Reverse Mortgages in Canada that is available without obligation to all visitors.

It also hosts a variety of other informational resources that can help interested persons decide whether the option is right for them, including a list of Reverse Mortgage Pros & Cons that many in the industry have pointed out as being especially helpful.

About ShangriLoan Ventures, LTD
For over four years, the ShangriLoan Ventures network has used a variety of innovative online properties to connect prospective borrowers with the financial industry professionals who are positioned to help them best.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reverse mortgage guides allow Canadians to catch up on recent changes to the reverse mortgage market and learn about pros and cons, reports ReverseMortgageGuide.ca

Victoria, BC -- (SBWIRE) -- 07/31/2014 -- ReverseMortgageGuide.ca, part of the ShangriLoan Ventures network, recently released information about important changes to the Canadian reverse mortgage guidelines. These changes make it easier for people to get these unique loans at a younger age than previously possible. It's also now possible to use a reverse mortgage to gain access to more of a house's equity.

When first hearing about reverse mortgages, many people think they are a wonderful option. They're aimed at senior citizens, and for this age group, they can seem like they have no downsides. This is because with a reverse mortgage, the lender pays the borrower but doesn't require any repayment until the house is sold. An elderly person can easily imagine taking the money and never having to pay it back, since it's fairly unlikely for someone of this age to sell their house. However, ReverseMortgageGuide.ca warns that there are both benefits and drawbacks to this sort of arrangement. They have put up an informational page titled Pros & Cons of a Reverse Mortgage to help clarify just what to look out for.

"The main drawback to a reverse mortgage is that it comes due when the house is sold," said Kam Brar of ShangriLoan Ventures, LTD. "If the house needs to be sold within the first three years, penalties often apply. For most, however, this drawback becomes most apparent if the home is passed on to heirs. The heirs will usually want to sell a house since it's very unusual to want to keep an old one as a spare, but they'll find that the expected return is reduced by the amount of the loan."

The recent changes make things easier for borrowers who get a reverse mortgage, but will also make it possible for even more of a house's sale value to be tied up in the repayment. It used to be that these mortgages were capped at 40 percent of a home's equity, but now, up to 50 percent of equity can be mortgaged. Another change is that Canadians no longer have to be 60 years old to get the loans. Now, the minimum age is 55. This is great for people who need to access a large amount of cash between ages 55 and 60, but also makes it a bit more likely that the house will be sold before the borrower passes away.

"As these issues show, there are some distinct factors that some may consider to be drawbacks. It's always important to learn all of the ins and outs of any loan product. We make it easier to do this with our Reverse Mortgage Guide for Canadians, which is a good place to find an overview of what makes a reverse mortgage unique." Brar said.

About ReverseMortgageGuide.ca and ShangriLoan Ventures, Ltd.
ReverseMortgageGuide.ca is part of the ShangriLoan Ventures network, which has been educating Canadian borrowers for over 4 years. ShangriLoan connects eligible prospective borrowers with licensed, local professionals who can help them in their respective region.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

New reverse mortgage guidelines make it possible for younger Canadians to get loans and to access more of their homes' equity, reports ShangriLoan Ventures

Victoria, BC -- (SBWIRE) -- 07/31/2014 -- ShangriLoan Ventures, Ltd. has announced the arrival of important changes in reverse mortgage terms and availability for residents of Canada. These changes make the loans more useful as well as expanding their availability to a larger number of residents. Reverse mortgages, unlike home equity lines of credit, are intended to provide homeowners with loans that don't need to be paid back at a set time. Instead, they are only paid when the house is sold.

"One of the most exciting changes is that reverse mortgages are now available to people as young as 55," said Kam Brar of ShangriLoan Ventures. "These loans used to have a minimum age requirement of 60, so the change lets many more people obtain them. Another change is that the loans can now provide up to 50 percent of the home's equity to the borrower, when before, it was just 40 percent."

While the relaxed requirements are exciting, one of the most exciting things is simply the way reverse mortgages work. They originally got this name because instead of the borrower sending the lender monthly payments, the lender sent payments to the buyer. Now, however, there are many ways to get the proceeds of such loans. They can still be sent as monthly payments, which makes daily life easier for people who need to know that their ongoing needs will be covered, but they can also be paid out as a lump sum. Lines of credit and combinations of loan payout methods are also possible at some lenders.

"The only catch is that the loan must be paid off if the house is sold. If someone holds onto their house until they die, that will mean that there will be less value in the estate. However, it still makes sense for many elderly people to go ahead and get a reverse mortgage. Thanks to the equity value cap, 50 percent of the home's value is preserved, and the ongoing payments from the lender can make the difference between poverty and an acceptable quality of life," Brar said.

That payoff requirement is one of the reasons that these loans are restricted to senior citizens. Younger people are more likely to sell their houses and then face hardship when the loan amount has to be paid all at once. A senior citizen, on the other hand, may face no drawbacks at all.

"It's very important for would-be borrowers to know exactly what they're getting into before signing any papers. This prevents bad financial surprises down the line. For this reason, we've put together a guide with reverse mortgage information for Canadians. We'll mail it to anyone who enters a name, address, and phone number into the form on our site at ReverseMortgageGuide.ca," Brar said."

About ShangriLoan Ventures, Ltd.
ReverseMortgageGuide.ca is part of the ShangriLoan Ventures network, which has been educating Canadian borrowers for over 4 years. ShangriLoan connects eligible prospective borrowers with licensed, local professionals who can help them in their respective region.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm