Reverse Mortgage

HomeReverse Mortgage

Reverse Mortgage

Access up to 55% of the value of your home, tax-free, without ever having to make a payment for as long as you live in your home. If you are a homeowner, 55 or older, and in need of extra income but don’t want to sell the home you love, now is the time to consider a Reverse Mortgage.

We know you’ve worked hard over the years to pay down your mortgage. Your home has increased in value, and now you can use some of that equity to finance your retirement without having to sell your home. You can convert up to 55% of your home’s value into tax-free cash. 

  • the age of all title holders to the property
  • the property type and location of your home
  • the current appraised value of your home

Once we establish how much you are eligible for, you get to decide how you would like to receive the payments. You can take one lump-sum payment, scheduled monthly payments, or a combination of the two.

Unlike a regular mortgage, you don’t have to worry about minimum credit scores or an income requirement. The Reverse Mortgage is based entirely on your home’s equity. You maintain ownership and control of your home and you pay back what you owe only when you decide to move or sell your home. You will never owe more than the fair market value of your home, as long as you have maintained the condition of your home, and kept your property taxes and insurance current. We try to make the process as simple as possible, and you will get the support of a qualified mortgage agent who will take you through every step and provide the answers you need.


Did not find what you were looking for? Contact Benson Mortgages specialist.

How does a Reverse Mortgage work?

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.

Who is it for?

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.

How much can I get?

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.

Could I end up owing more than the house is worth?

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.

Will the bank own my home?

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

What if I already have a mortgage?

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.

Should reverse mortgages only be considered as a loan of last resort?

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.
What fees will I have to pay to get a reverse mortgage?

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.

What if I can’t afford payments?

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

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Call or use our online form to submit a mortgage inquiry. We look forward to working with you!
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