The balance becomes due when the last homeowner passes away or moves from the home.
Reverse mortgage rates are reasonable and friendly, and it is simply added to the outstanding balance.
When you take a reverse mortgage you can stay in your own home for life.
The money you get from a reverse mortgage is tax free cash. You don't need to worry about any unexpected taxes.
The money won't affect the Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits if you are receiving them.
Use the money to pay off debts, do home repairs, cover healthcare or use it to help with your bills.
To meet the requirements for a reverse mortgage you must be:
At least 55 years old.
First, we need to know a little bit about you.
We can then tell you how much of the equity in your home can access. Possibly up to 55% of the value of your home.
You can call, book a Zoom meeting or fill out our secure application online.
Your application will be examined and we will contact you to discuss your application and together we will determine the best financial solution for you and your spouse.
As your mortgage broker, we will contact all the lenders to determine who will give you the best rate and the lowest fees.
You'll complete the papers with a lawyer's assistance, and money will be paid into your bank account.