Frequently Asked Questions

Canadian Reverse Mortgages Index

Smiling man in a green shirt with laptop

You have Questions?

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.

We Have Answers

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

Find out more about this question

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.

Find out more about this question

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.

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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.

Find out more about this question

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.

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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.

Find out more about this question

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.

Find out more about this question

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.

Find out more about this question

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!

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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

Find out more about this question

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.

Lotus Income

© 2024 Lotus Income - Specializing in Canadian Reverse Mortgages.  Although we make every attempt to ensure our reverse mortgage information is correct, Lotus Income does not guarantee the accuracy of the information on our website. Please speak to a mortgage broker for the latest details. Mortgage application form powered by Wizara.

Hits