Indeed, for many people in Edmonton, purchasing their first home, or getting access to cash in an owned home are significant financial opportunities. Edmonton has initiatives to help individuals who are first-time home buying, and also those who are seniors who require home buying and or access to home equity. This blog is about a first time home buyer program which is being offered to people in Edmonton and also about Reverse mortgage broker Edmonton which are available to seniors.

The First-Time Home Buyer Incentive

It turns out that the first home buyer incentive Edmonton is a fairly good idea that is going to assist a significant number of first-time homebuyers in purchasing their first homes at affordable prices.

In the same year, the federal government launched the First-Time Home Buyer Incentive which is meant to help these buyers make the necessary down payments to qualify for a home purchase. Available in national territory, including Alberta specifically Edmonton, the program grants up to 10% contribution toward a first home purchase through a form of shared equity home financing.

first Home Buyer incentive Edmonton

When applying for the First-Time Home Buyer Incentive there are some basic requirements that buyers must meet concerning their income, the purchase price of the property, use of the property as a primary residence, as well as other conditions. The incentive ranges from a 5%rebate of the purchase price of a resale home or 10% rebate of the purchase price of a newly constructed home. Though it operates independently, it is financed by the federal government and Canada Mortgage and Housing Corporation (CMHC).

Ways of utilizing a Reverse Mortgage in Edmonton

For seniors who are homeowners, using home equity via a reverse mortgage at some later stage can enable them to source for cash for their needs in their post retirement age. Another kind of home equity loan is a reverse mortgage whereby individuals are provided with a part of the home value but still maintain full ownership of the home. It is said that the funds do not have to be paid back until the senior dies, sells their home or moves out, which makes it a versatile type.

Before entering into a reverse mortgage in Edmonton it is most recommended that one seek the services of a professional reverse mortgage broker to determine whether you should take up the reverse mortgage. Then the broker will have to state the advantages and disadvantages of the home equity, as well as who qualifies for the tax-free funds and how they can get it. They can also assist the seniors sit down and compare various reverse mortgage lenders as well as products, and come up with the one that best suits the senior in question in regard to his or her financial status and future plans.