What is a Reverse Mortgage?
A reverse mortgage in Canada is similar to a home equity line of credit—but with a major advantage: no monthly mortgage payments are required, and you don’t need to sell your home to access your funds. Homeowners aged 55 and older can unlock up to 55% of their home’s equity as a tax-free loan, which can be received as a lump sum, monthly installments, or a customized combination.
Unlike traditional loans or lines of credit, a reverse mortgage is secured by your home’s value and is only repaid when you sell your home, move out permanently, or pass away. It’s an ideal solution for Canadian seniors who want to boost their retirement income, cover expenses, gift a living inheritance, or access funds without selling investments and triggering capital gains taxes.
If you’re exploring options to improve your financial flexibility in retirement, we can help you determine whether a reverse mortgage aligns with your goals. Contact us today for personalized guidance and to learn more about your reverse mortgage eligibility in Canada.
Benefits
You’re Protected
With a reverse mortgage, you’ll never owe more than your home’s value—ensuring you’re fully protected from market changes.
No Monthly Payments
With a reverse mortgage, you’ll never owe more than your home’s value—ensuring you’re fully protected from market changes.
Secure Retirement Income
Leverage your home equity to boost retirement income and savings—completely tax-free for Canadian homeowners aged 55+.
Live in Your Home for Life
A reverse mortgage lets you access your home equity while continuing to live comfortably in the home you’ve built.
FAQs
Who retains ownership of the house with a reverse mortgage?
With a reverse mortgage, you still have ownership of your home. You are using your home equity as security for the loan.
Who can benefit from a reverse mortgage?
If you are aged 55 or older, are planning to stay in your home for a while, and are looking to increase your retirement income to cover everyday expenses, this is for you. You can access the equity in your home and receive a lump sum or regular payments from a lender to support your retirement needs.
How much money can I borrow from a reverse mortgage?
On average, you can get between 40% to 60% of your home’s appraised value. Several factors determine the percentage such as your age and interest rates. Contact us today to find out more.
What does a reverse mortgage require?
You must own a home that is your primary residence or a place you live in at least 6 months out of the year. Any of the owners listed on the title of the property must be at least 55 years old.
How to apply for a reverse mortgage?
Contact us to get started. We will work with you every step of the way. We are known for our transparency and integrity in everything we do. With over 25 years of experience, we ensure all our customers know the facts before making a decision. We have access to multiple lenders to find the best rate for you – we represent you, not the lender.