Turn Home Equity Into Cash
Get tax-free cash with no monthly payments to enjoy retirement your way.
What is a Reverse Mortgage?
It’s a financial solution for Seniors over 55.
A reverse mortgage lets homeowners over 55 borrow up to 55% of their home's value, allowing them to stay in the home that they love.
Borrowers access their home's equity tax-free and can receive funds as a lump sum or through installments, with no required payments unless they choose to pay interest.
Homeowners retain full ownership, and repayment is deferred until the home is sold, the owner moves out permanently or passes away.
Whether you currently have a mortgage and are looking to pay it out with a reverse mortgage, or are simply considering your options, we can help find the right solution.
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Reverse Mortgage Quick-Facts and Features
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1
Tax Free Money
The money you receive does not constitute a part of your taxable income, meaning that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not affected.
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2
Maintain Ownership of Your Home
Contrary to popular belief, you will not lose your home with a Canadian reverse mortgage. You'll never be asked to move or sell to repay your Reverse Mortgage. The requirement is to maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
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3
Use The Money Anyway You Wish
A reverse mortgage can help you enjoy your retirement or cover unexpected expenses. Pay for medical bills, upgrade your home, help family and loved ones, travel and pay monthly expenses without depleting your current savings. The only condition is that any outstanding loans secured by your home must be paid out with the proceeds from your Reverse Mortgage.
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4
Keep All Remaining Home Equity
In many years of experience, 99 out of 100 homeowners have money left over when their Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
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5
Basic Qualification
To qualify, you must be a Canadian homeowner, 55 years of age or older. The age qualification applies to both you and your spouse. Get up to 55% the value of your home; No credit, no health check and no income needed. Your home must be your primary residence.
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6
No Repayment While Living In your Home
Regular mortgage payments are not required while you or your spouse are living in the home. The full amount only becomes due when you and your spouse no longer live in the home.
What’s Next?
Reach out today to start your journey and get personalized answers to your questions. We’ll walk you through every step.
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We'll show you how much of a Reverse Mortgage you qualify for!
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