A reverse mortgage is a loan available to homeowners 55 years or older that allows them to access a portion of their home equity without selling their home. The loan does not require monthly payments and is repaid when the homeowner sells the house, moves out, or passes away.

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Who Qualifies for a Reverse Mortgage?

To obtain a reverse mortgage, homeowners must be 55 years or older and the property to be mortgaged must be the homeowner's primary residence.

How Much Can I Get With A Reverse Mortgage?

The exact amount varies based on the borrower's age and home value. Typically, borrowers can access up to 55% of their home's value.

Why Would I Want A Reverse Mortgage?

As owners approach retirement, income sources may be limited, putting other sources of financing out of reach. However, owners may need cash for new expenses, such as trips, home renovations, or additional healthcare support, or simply helping with a down payment for their children. This option allows homeowners to maintain their current lifestyle and home, while having the flexibility to pay for their expenses.

Can I Pay Back A Reverse Mortgage?

Yes you can! Even though you are not required to pay back any amount until the loan becomes due, several options exist, including interest only paybacks or paying back the entire principal. We work with you to ensure that you have a customized solution that suits your needs at competitive pricing, and explain any costs associated with each option.

Will My Children Have To Pay If My House Value Goes Down?

Nope! In Canada, reverse mortgages are covered by no negative equity guarantees, which means you will not need to repay any more than the property value.

Does The Bank Take Ownership Of My Property?

You are still the owner! The homeowner always retains ownership of their home. The loan only becomes due when the homeowner moves or passes away. At that point, the heirs must either repay the loan or sell the home to settle the debt. If the home value is higher than the loan, then any remaining funds will be given to the heirs.