What is a Reverse Mortgage?

A reverse mortgage is a loan secured against the appraised value of your home.  It is designed exclusively for Canadian homeowners aged 55 years and older.  It enables you to convert up to 55% of your home’s value into tax-free cash, while staying in your home.  You don’t have to make any regular mortgage payments or pay back the loan until you move or sell.

Since the Reverse Mortgage is designed exclusively for Canadians over 55, it’s easier to qualify for than other lending options – you need to be a Canadian homeowner 55+ and the property is your primary residence. The amount you qualify for will depend on factors such as your age, the appraised value of your home, its location, and the type of home.

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Is It The Right Fit For You?

Even the most prepared and careful people know that life doesn’t always go as planned. If you or a loved one is facing a situation where a bit of additional money could help balance life in a big way, a reverse mortgage is a safe and secure option available to you. You may qualify if:

  • You’re 55 or older
  • You own your home
  • You’re looking for more income
  • Helping family with additional funds or down payment assistance
  • Your home is your castle – and want to stay there!
  • Renovations on your castle
  • Want to eliminate your existing mortgage payment, freeing up disposable income

It’s a decision that can be difficult – but we’re here to help make that process simpler. We’ll begin by walking you through the most important things you’ll need to know as you’re considering your options.

You can start by reading our frequently asked questions about reverse mortgages. When you’re ready, contact us to start talking about how we can help you find the right fit.

Contact me today for more information!

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