Access up to 55% of the value
of your home with Reverse Mortgage

Just think of it as a mortgage in reverse. Instead of making monthly payments, you will receive scheduled payments, or a lump-sum amount, if you choose. A Reverse Mortgage allows you to access up to 55% of the equity in your home. You can use the money however you choose, whether it’s to repay other debts, renovate your home, or take a vacation. The money you receive is tax-free and will not impact your pension or other income. You do not have to make mortgage payments and you will maintain ownership, for as long as you or your spouse live in your home. You will never be forced to sell.

The Reverse Mortgage is designed for homeowners, age 55 and older, who are looking for extra income and want to remain in the comfort of their home without having to sell it. If you are thinking of moving into assisted living or alternative housing in the near future, this may not be the best option for you.

With a Reverse Mortgage, you can receive up to 55% of the value of your home, tax-free. The amount you will receive is based on your age, and that of any other title holders, the location and type of home, the condition of your home, and its current appraised value.

How do I receive the money? 

You will never owe more that your house is worth. In most cases, homeowners have money left over when the loan is repaid. The amount you owe on the due date will not be more than the fair market value, as long as you have met your mortgage obligations (remained living in your home, paid your property taxes and insurance, and kept your home in good condition).

Your home should continue to appreciate in value and offset interest costs and loss of equity. The amount of equity remaining in your home will depend on the current value of your home and the amount owing on your  Reverse Mortgage.

No, you will always keep the title and maintain ownership for as long as you live in your home.

You will need to pay off your existing mortgage, and any outstanding debts or liens registered against your property. You can do this with the initial advance proceeds from your Reverse Mortgage.

You have other options, but here are the advantages of a Reverse Mortgage:

• you don’t have to sell your home,
• you don’t have to make regular loan payments,
• you don’t have to pay tax on the money you borrow,
• you can choose when and how you would like to receive the money.

There are one-time fees to arrange a reverse mortgage such as an appraisal fee, fee for independent legal advice as well as our fee for administration, title insurance, and registration. These fees can be paid from the money you receive, with the exception of the appraisal fee. 

There are no monthly payments required as long as you are living in your home.