Frequently Asked Questions

Canadian Reverse Mortgages Index

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FAQs on Reverse Mortgages

We put together a list of Frequently Asked Questions (FAQs) about Reverse Mortgage loans in Canada. If you cannot find the answers you are seeking, then one of our agents will be happy to answer them for you. The is no obligation or pressure sales when you call us. Just simple answers to your questions.

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A reverse mortgage is an easy and safe way to unlock the money in your home.

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Nothing changes with your reverse mortgage. You will continue to have peace of mind. The loan amount can't be demanded by the bank because the property decreases in value.

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That's up to you. As long as your home remains your primary residence, and you keep your property well-maintained, and you pay your home insurance and property taxes, the loan can last as long as you want.

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

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Yes. They may even enhance the stability of your retirement.

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A reverse mortgage can be paid back at any time, but repayment usually occurs when homeowners sell or move.

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When you get a reverse mortgage, we will pay off your existing mortgage and any other secured debts first, so that they are no longer concerns.

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Actually, no. We recommend reverse mortgages to supplement your income so that you don't need to sell, downsize, or take out any other loans.

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With the exception of an appraisal fee, all fees are paid from your reverse mortgage.

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As long as you stay in your home and meet some basic requirements, there are no payments required!

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You can qualify if you're a Canadian homeowner aged 55 or older who will remain in your home.

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No. In fact, Lotus Income's reverse mortgage rates beat most alternative financial solutions.

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In the short term, your mileage may vary, but in the long term, there's no better option than a reverse mortgage.

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No, not as long as you keep your commitments for the term of your reverse mortgage.

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If your surviving spouse is on the title, they are protected. They may stay in the home as long as they like as long as they continue to meet the reverse mortgage's requirements.

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If your home increases in value, so will your home equity. This means you have the option to apply and receive more money from your home.

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You keep all the remaining equity of your own home after you pay-off the reverse mortgage. It does not depreciate the value of your home.

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Whether you have children or any heirs or if you do not have any children or heirs, their are several options that we can discuss with you. We want to ensure that you are at ease and that your needs are looked after. However, always discuss your wishes clearly with your family!

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Absolutely not! Trained professionals are available to assist you every step of the way. We can even arrange the appraisal for you.

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Most homes in Canada do qualify! All you need is your home to have a minimum value of $150,000.

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Not much! You will need the following; 2 pieces of valid ID, a copy of your home insurance, copy of your property tax, copy of any debts secured by the property and if necessary, power of attorney information

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As the homeowner, you are always in control. You are able to sell your home and move if you choose to do so.

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Whatever you want! Pay off any debts, take a vacation or save the money for a rainy day.

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Yes! There are a few different options. You choose the best for your needs and situation.

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All you have to do is ensure you have valid home insurance and keep up your property. That's it!

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What is a Reverse Mortgage?

It's a financial product that allows you to access the equity in your home and convert it into tax-free money.

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