In Canada, a reverse mortgage is a low interest loan that uses your home’s equity as collateral. Supplementing your income using this sort of equity takeout is tax-free with no mandatory repayments. Plus, it is only available to seniors.
Simply put, a reverse mortgage is a home loan.
In Canada, a homeowner who is 55 or older and has equity built up in their home can borrow up to 55%* of the property’s appraised value and receive funds as a lump sum, fixed monthly payment or line of credit. Unlike a traditional mortgage, a reverse mortgage doesn’t require the homeowner to pay back the home loan until the sale of the house or until the passing of the homeowner(s).
Homeowners can use the payments they receive for whatever they want. Some use the equity takeout for investments, going on vacations, paying medical expenses or remodelling their home.
Apply for a Canadian Reverse Mortgage to receive tax-free money! You can receive cash in one or more lump sums, or on a regular schedule of your choice, just like a pension.
You still own your home. The reverse mortgage is secured against your home’s equity, and we guarantee that you will never owe more than your home is worth.
In Canada, a reverse mortgage requires no payments! You will receive money, and as long as you live in your home, you will not need to make any payments.
Use the proceeds of your Canadian reverse mortgage for anything you like! The money is yours, and you are free to use it to live on your terms.
With reverse mortgages, a homeowner’s age determines how much money a homeowner can borrow. For more information, talk to one of our reverse mortgage professionals or learn how age determines the amount homeowners can borrow.
Getting a reverse mortgage is a big step. If you have kids or some family members that you would like us to talk to, just let us know.
Let’s get on a 3-way phone call.
In Canada, a reverse mortgage is a low-interest loan that uses your home’s equity as collateral. Supplementing your income using this sort of equity takeout is tax-free with no mandatory repayments. Plus, it is only available to seniors.