Reverse Mortgage
Interested In Finding Out More About Reverse Mortgages?
With a reverse mortgage (equity release), eligible homeowners can access part of their home’s equity without leaving their home. There are no monthly payments, and repayment typically happens when the home is sold, you relocate, or it’s no longer your main residence.
Perfect for retirees, this mortgage helps enhance income, manage unexpected costs, and enjoy financial freedom without leaving your home. Depending on the product, you can make optional interest payments or let interest accrue until repayment.
Before approving a reverse mortgage, Canadian law ensures borrowers receive independent legal guidance, helping them understand the terms, fees, and how it may affect their home equity.
From reverse mortgages to HELOCs and refinancing, we guide you through every option, helping you select the solution that fits your financial needs and life goals.
How a Reverse Mortgage Works: A Guide for Homeowners
For Canadians 55+, borrow against your home equity with no monthly payments—repayment happens when the home is sold, you relocate permanently, or the estate is settled.
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.
Canadian reverse mortgages come with a “no negative equity guarantee,” ensuring you’ll never owe more than your home’s value upon sale.
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