How a Reverse Mortgage Works
Access up to 59% of the value of your home
The Reverse Mortgage Process is Easy!
Estimate
Find out how much money you are eligible to receive with our free estimate.
Review
Our consultants will contact you to verify your information and answer questions.
Receive
You receive the money you need in one lump sum or in multiple installments, the choice is yours.
Payment
No monthly payments. The full amount becomes due when you are no longer in the home.
Changing the Financial Equation
If you're like many other 55+ Canadians, much of what you own fits into two categories - the equity in your home and the money you've saved. Chances are, the value of your home has grown over the years and makes up a good portion of your net worth. While having a home that has built value is a positive, you typically can’t spend that value unless you sell it. And that’s something many homeowners simply do not want to do, and something that most financial advisors would not suggest that you do.
A reverse mortgage lets you change the home equity and savings balance by turning some of your equity into cash. Unlike many mortgage-based financial products, you’re not obligated to make any payments until you choose to move or sell.
What makes this program work is that participants only take up to 59% of the value of their homes, which ensures you have access to the cash you want and also the security you need.
You're In Control with a Reverse Mortgage
You worked hard to become a homeowner, and it's important to us that we keep it that way. With a reverse mortgage, you always maintain control of your home*. In other words, you will never be forced to sell or move as a result of changing home values or earning power (remember, there are no payments). And, we guarantee the amount that you or your estate eventually has to repay will never exceed the fair market value of your home at the time it is sold.* There’s no reason your home should ever be a burden to you or your family.
* As long as you keep your property in good maintenance, pay your property taxes and property insurance, and your property is not in default
Your Money, Your Way
A reverse mortgage is structured to ensure you get the money you need in precisely the way you want it. Whether you wish to receive your money over time or in one lump sum, the choice is yours. Likewise, if at any time you would like to repay the principal and interest in full or switch to paying interest on an annual or monthly basis, you can do that too.
You Have Earned Your Home Equity
We believe you have the right to access the equity in your own home, regardless of your current income or health. To benefit from a reverse mortgage, there’s no need to provide information about your income, or medical history.
Where to get a reverse mortgage in Canada
There are two Canadian Schedule 1 banks that offer reverse mortgages. Both banks’ reverse mortgage products are similar in their design and function. Let us help you find the right solution today.
Are you eligible for a reverse mortgage?
Thousands of Canadian homeowners are already enjoying the benefits of a reverse mortgage.
To be eligible you must be:
- > A homeowner
- > Age 55+
- > Have lived in your home for a least 6 months this year
If there are other individuals listed on your home’s title, they must be at least 55 years old. The bank we choose to work with on your behalf may have other specific requirements – but we are here to guide you through the process and get in done on your behalf!
Take advantage of the benefits of a reverse mortgage to:
- > Pay off existing debt like a traditional mortgage or credit cards
- > Give your heirs tax free money now for things like a downpayment
- > Buy a secondary property to rent or enjoy for yourself
- > Add safety feature to your home or renovate
- > Pay for health care or in-home care
- > Give yourself more disposable income
