Frequently Asked Questions

Canadian Reverse Mortgages

Who Will Own My Home?

You will. You maintain full title and ownership of your home.

You are in charge and have control. You maintain ownership of your home. The bank (lender) will not own your home.

Your responsibilities: Your home must remain your primary residence. Keep your property well maintained and pay your home insurance and property taxes. That's all you have to do.

Guaranteed by reverse mortgage lenders in Canada: unlike other mortgages, with a reverse mortgage in Canada, you will never be asked to leave your home as long as you fulfill your responsibilities. Reverse mortgages in Canada are not demand loans. This means the bank (lender) can not demand payment, cancel the loan, or force you to re-qualify as long as you live in the home, keep the property taxes and home insurance up to date, and maintain the home in good condition. 

Lotus Income

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