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.
Licensed mortgage brokers and agents, tightly regulated and monitored are able to provide reverse mortgages to homeowners.
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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.
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.