Reverse Mortgage
Interested In Finding Out More About Reverse Mortgages?
A reverse mortgage (equity release) lets eligible homeowners convert part of their home equity into cash while staying in their home. Monthly mortgage payments are not required; repayment typically occurs when the property is sold, you relocate, or it is no longer your main residence.
This mortgage option is ideal for retirees looking to enhance their income, manage unforeseen costs, or enjoy financial freedom while staying in their home. Some products allow optional interest payments, while others let interest accumulate until repayment.
Canadian law mandates that borrowers receive independent legal counsel prior to approval for a reverse mortgage, helping them comprehend all terms, fees, and the potential impact on their home equity.
We help you evaluate all options, including reverse mortgages, HELOCs, and refinancing, so you can select the solution that best fits your financial goals and life stage.
How a Reverse Mortgage Works: A Guide for Homeowners
This type of loan enables Canadians 55+ to borrow against their home equity with no monthly mortgage payments, with repayment due upon sale, permanent relocation, or estate settlement.
Funds can be received in flexible ways:
- Lump Sum: Receive a single advance of cash for immediate use.
- Regular Installments: Access monthly or scheduled payments to supplement your income.
- Line of Credit: Draw funds as needed, providing flexibility and control over your finances.
- Hybrid Approach: Combine a lump sum with regular installments to suit your financial goals and cash flow needs.
“In Canada, reverse mortgages come with a ‘no negative equity guarantee,’ ensuring that you will never owe more than the value of your home when it is sold.”
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Simplifying the mortgage process and empowering you with smart choices.
Our mission is to demystify the mortgage journey, making it accessible and clear. We empower you with informed decisions, ensuring you make the smartest choices for your future.
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With [8 years] of hands-on experience in the mortgage industry, successfully navigate the home financing process with confidence. From first-time buyers to seasoned investors, we bring deep market knowledge and reliable guidance at every stage of the mortgage journey.
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