Reverse
Mortgages
Turn your home equity into retirement freedom
A reverse mortgage is a no-payment loan that allows you to take out money from your home’s equity without having to sell your home.
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With a reverse mortgage, you pay back your loan when you move out of your home, sell it or when the last borrower dies. This means you don’t need to make any payments on a reverse mortgage until the loan is due.
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Reverse Mortgages:
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• Monthly payments are NOT required
• Income IS NOT required to get a reverse mortgage
• Credit is not required to get a reverse mortgage
• Designed exclusively for Canadians aged 55 and older
• Provides access of up to 55% of a home’s value
• The money received from your reverse mortgage is tax free; there’s also no pension impact
• Homeowners always maintain ownership of their home
• The reverse mortgage lender cannot go after any outside-of-home assets
A Reverse Mortgage Can:
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• Preserve investments and maintain financial independence
• Arrange for in-home care or renovate to improve home’s mobility
• Give loved ones an early inheritance
• Help your children or even grandchildren buy their first home
• Pay for unexpected expenses
• Pay off debts and/or relieve financial pressures
• Buy a vacation property
• Improve tax-free cash flow
93% of Canadians want to age in place, in the home they love.
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With Reverse mortgages, you can stay in the home you love and access the equity in your home for living retirement your own way (and/or to provide for your family).
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Reverse mortgages come with many options too…
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The normal reverse mortgage, the most popular choice, is for homeowners who are looking for a one-time lump sum.
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This is best suited for:
• Paying off stressful debt,
• Renovations which could increase your home’s value,
• A large expense (health, car, or helping family), or
• Loan consolidation of high interest loans or additional mortgages.
There is also a Reverse Mortgage that can provide monthly income.
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This is best suited for:
• Boosting your day-to-day lifestyle,
• Increasing monthly cashflow, or
• Protecting your investments for longer-term retirement.
Lastly, there are shorter term financing solutions for flexibility.
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This is best suited for:
• Bridge financing or as a short-term cashflow solution,
• Avoiding high prepayment penalties with bank lenders, and can have
• Flexibility to convert to a longer-term solution.