REVERSE MORTGAGE

A reverse mortgage is a financial product that allows homeowners to convert a portion of their home equity into tax-free cash without having to sell their home or make monthly payments. Homeowners can borrow up to 59% of their home's value while retaining ownership of the home they love. Homeowners continue to live on the property, maintain it, pay property taxes, and Keep home insurance up to date.

Qualification for a Reverse Mortgage

• Designed for Canadian homeowners aged 55 or older
• Be the legal owner(s) of the property and have zero or low mortgage balance remaining.
• The home must be your primary residence (you live there at least 6 months of the year)
• Eligible properties typically include Detached homes, Townhouses, Semi-detached homes and Condominiums.
  

Benefits of a Reverse Mortgage

• No Negative Equity Guarantee: You or your estate will never be required to pay more than your home is worth when the final settlement is made. 
• Spousal Protection: If one borrower passes away, the surviving partner is not required to requalify; all terms remain the same. 
• Immediate access to cash: Funding when you need it without the requirement to make a payment during your lifetime if you choose this strategy
• Avoiding pension claw backs
• Build on your memories without losing old ones

Who needs a Reverse Mortgage?

Many Canadians are benefiting from reverse mortgages today by staying in the homes they love and comfortably ageing in place - the options are endless!

• Pay off an existing mortgage to eliminate payments and increase cash flow
• Clear balances on existing credit cards and loans,
• Make home improvements
• To gift a down payment to a loved one or pay for children's wedding & Education
• To improve the quality of life by adding safety features or renovating a home
• The option of buying a vacation property, an investment or preserving an investment portfolio
• Paying for health care or in-home care
• Capital injection to your business
• Leaving a legacy to a charity
• Handle unexpected expenses