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This helps us understand your current situation. You need to be a homeowner to obtain a Protected HELOC®. There are exceptions, though: if you're in the process of purchasing a home or need financing for vacant land, we can also assist with that! Our brokerage is capable of handling Protected HELOC® for purchases, as well as offering private mortgage financing for vacant land requiring construction financing.

While income is not typically a factor for qualifying for a Protected HELOC®, we ask this to understand your financial situation and ensure that the Protected HELOC® fits your long-term needs.

We're asking about the number of bedrooms in your home so we can better understand the layout and size of your property. This helps us assess the overall value and make sure we’re offering the right options for your needs.

The number of bathrooms is another important factor in determining your home’s value. By knowing this, we can provide more accurate estimates and ensure your home’s value is considered fairly in the pre-approval process.

Knowing the size of your home (in square footage) helps us better understand its market value. It allows us to provide a more accurate pre-approval that reflects your home’s worth and the potential equity you may be able to access.

The size of your lot is important as it can impact the overall value of your home. A larger lot might increase your home’s value, which helps us provide you with a more accurate assessment for the reverse mortgage process. We are just looking for your 'best guess' at this time.

This helps us understand your equity position in the home. While you do not need to have owned the home for a certain length of time, it is important for us to know how much equity you may have built up.

If your property type is not listed, please provide additional details so we can assess whether it is eligible for a Protected HELOC®.

This gives us a sense of whether your home is above or below average in terms of condition or value, which can impact the loan amount for which you may qualify.

Understanding any recent improvements or upgrades to your property can help us estimate its current value and your equity, which is important for calculating your Protected HELOC® eligibility.

If your property needs repairs, this could impact its value. We’d like to know if there are areas of your home that require attention so we can factor that into our recommendation.

Some homes that have an upper / lower floor design are easy to renovate to create a rental suite. We can add this cost into our funding solution.

Creating a rental suite produces predictable monthly income that greatly improves lifestyle. Encouraged wherever it makes sense.

Home insurance is required for a Protected HELOC® to ensure your property is covered in the event of damage or loss.

We want to ensure that obtaining a new mortgage won’t affect any existing insurance coverage. It may be necessary to replace or update certain policies to ensure they still serve their intended purpose. This type of insurance can provide important financial security, particularly if you face health challenges in retirement. Please note, having insurance is not a requirement to qualify for a Protected HELOC®.

Often, when a Protected HELOC® is taken out, all existing debts, such as credit cards, any outstanding mortgages, and even car loans, are paid off. Once these debts are fully settled, it’s important to review whether continuing to pay credit insurance premiums is still necessary. You may notice potential savings. We recommend consulting with an insurance broker to determine if such coverage is still required.

We need to know if any legal actions could affect your ability to move forward with a Protected HELOC®.

While not necessarily disqualifying, this helps us understand your financial history and any potential concerns related to your mortgage application.

We ask this to ensure there are no complications regarding your home ownership or its eligibility for a Protected HELOC®.

This is to assess your full financial picture and ensure we account for any other assets that may affect your Protected HELOC® eligibility.

If you are a co-signer, this may affect your financial obligations, but it doesn’t typically impact your eligibility for a Protected HELOC®.

You may select more than one use. Understanding how you plan to use the funds helps us recommend the best solution for your needs (e.g. home renovations, debt consolidation, or to create additional 'non-taxable' retirement income).

For example, you can receive a fixed monthly payout with a Home Equity Tax-Free Annuity, or access funds through a MasterCard, which allows up to $2,000 in monthly spending, resetting back to $2,000 the next month. The MasterCard program offers the lowest card rate in Canada (e.g., 7.99% or less, fixed for your mortgage term); with no monthly payments required! Both are non-taxable and will not affect existing OAS/GIS supplemental income benefits. Both these income options are designed to supplement your existing retirement pensions.

This helps us tailor our communication to your level of understanding and ensure we explain all aspects of the Protected HELOC® clearly to you.

If you haven’t already, we strongly encourage you to read the guide(s), as it provides essential information about how these mortgages work.

This is to ensure that you are fully informed before committing to a Protected HELOC®. We want you to feel confident and knowledgeable about your decision.

A lawyer will provide you with impartial legal advice to ensure that you fully understand the mortgage agreement and its implications before proceeding with the funding.

Your marital status is relevant for determining how your property is held and any potential impact on the Protected HELOC® application, especially if you have a spouse or partner.

If you belong to a senior or retiree organization, we just need to know which one so we can see if any special benefits or promotions are available for members when using our services.

We ask this to ensure we are aware of any outstanding debts on your property, as these may affect the Protected HELOC® options available to you.

Knowing the balance owing helps us determine how much equity is left in your home, so we can determine the size of your Protected HELOC®.

This helps us understand your overall financial obligations. However, your eligibility for a Protected HELOC® will mainly depend on your home’s equity, not your current debts.

This question is to assess all your current liabilities. However, your car loan or lease will not typically affect your Protected HELOC® qualification.

Understanding your future plans helps us recommend the best financial strategy for your situation. A Protected HELOC® is typically a long-term solution, so we want to make sure this fits your plans.

If there are concerns about your home no longer meeting your needs, such as accessibility or size issues, we want to understand them so we can suggest the most appropriate options for your financial security.

Again, we are only look for your 'best guess' for value from either an older appraisal, recent property assessment or the sale of place close to you that is similar to yours

If there is another co-owner of the property, we need to include them in the Protected HELOC® process. Both owners must typically be involved in the decision and application process.

Since Protected HELOC® are primarily based on home equity, your credit rating is not as critical as it would be for other types of loans. This helps us gauge any potential concerns, but does not, on its own, affect qualification.

We want to ensure open communication throughout the process. Please feel free to reach out with any questions at any time.