Canadian Reverse Mortgage Guide
2022 Edition Now Available For Download For Free
The Canadian Reverse Mortgage Guide
Find out what a reverse mortgage is, the benefits, the disadvantages, if they're a good solution for you and how they've helped other Canadians over the age of 55.
Regulations to Protect Homeowners
Reverse mortgage lenders are federally regulated by OSFI, just like all major banks.
Licensed mortgage brokers and agents, tightly regulated and monitored are able to provide reverse mortgages to homeowners.
Solutions for you
Reverse mortgages are one of the most flexible options available to homeowners over 55 years old.
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Is this for me?
What's inside the guide.
The Canadian Reverse Mortgage Guide has been written and reviewed by licensed mortgage agents who undergo strict consistent training and testing on all elements of credit, debt, and financing real estate.
We have access to over 70 lenders, thousands of mortgage and finance programs and peer advice groups, ensuring we’re always up-to-date on the latest rates, options and solutions.
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What's Inside?
Love from our past clients
Testimonials from past clients who have worked with us before...
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Your Certified Reverse Mortgage Specalist
Steve White Licensed Mortgage Agent
Steve has been providing financial advice and consulting on investments for nearly a decade. Heavily involved in numerous charities and social organizations from Rotary Clubs to youth shelters, Steve's tireless work ethic and determination for helping those in need is well known in his community.
A Few Ways Reverse Mortgages Can Help You
Reduce Monthly Payments
Help Family Purchase a Home
Home Repairs or Renovations
Travel or Support a Cause
Frequently Asked Questions
Common questions and misconceptions around Reverse Mortgages
You continue to own 100% of your home, just like a normal mortgage.
Over 99% of reverse mortgage customers have equity in their home when it comes time to repay the mortgage, and in most cases the amount of equity is more than 50% of the home value. Additionally, more and more seniors are using reverse mortgages to provide a living inheritance to their loved ones.
This is very rare, because of the benefit of home price growth over time. However, in the rare case that this occurs, rest easy. With the Home Equity Guarantee, meaning you’ll never have to pay us more than the fair value of your home.
The amount depends on two factors. One, the borrower’s age. And secondly, the home’s appraised value. Borrowers can generally access up to 55% of their home's value.
You can. While it’s encouraged to have a sound financial history, life happens and unforeseen circumstances arise.
You can take the mortgage proceeds upfront as a one-time advance (an Initial Advance). Alternatively, you can take a large sum upfront (minimum amount of $25,000) and the remaining funds as Single Advances and/or Recurring Advances scheduled over several years.
You could use the funds to cover daily expenses, home renovations, medical bills, in-home care, family needs, trips, or help a relative with a down payment, it’s up to you.
Yes, you can. We recognize needs change and our product is designed for that. That’s why we offer flexible options to repay a portion of principal and interest. If you choose to repay the entire balance, there may be a prepayment penalty, depending how long you've had the mortgage.