Reverse mortgage in Canada
Mortgage Maestro can help you determine if a reverse mortgage is the right solution for you and guide you through the application process. If you are 55 years of age or older and a homeowner we can help you unlock the equity in your home through a reverse mortgage in Canada.
What is a reverse mortgage in Canada?
Reverse mortgages in Canada are designed for homeowners aged 55 and older. You can access your home equity, make no mortgage payments and stay in your home for as long as you choose. You can use the funds for anything you like, such as unexpected expenses, day-to-day spending, travel, home renovations, debt consolidation or assisting your adult children with their down payment or tuition expenses. Once approved, you can choose to receive the tax-free payments all at once or monthly or, as needed.
You maintain ownership of your home until you move or sell.
How to qualify for a reverse mortgage in Canada
If you are 55 years of age or older and a homeowner and need access to additional funds, a reverse mortgage may be a good solution. Because the mortgage is payment free, it can help you meet short or long term financial goals without worrying about monthly repayments. You may be eligible for a reverse mortgage if:
- You are at least 55 years old
- The home that you are borrowing against is your primary residence
Our trusted reverse mortgage experts can help you understand the pros and cons of reverse mortgages and if it is the right solution for you.
Features and benefits of reverse mortgages in Canada
Here is why reverse mortgages have become so popular in Canada:
If you are a Canadian homeowner looking to borrow a large sum of money without being stuck with exorbitant monthly payments, it is hard to beat a reverse mortgage. You do not have to make payments until you move or sell your home.
Flexibility in Accessing Home Equity
With a reverse mortgage from Mortgage Maestro, you can receive your loan amount as a lump sum or monthly payout. This can help you budget wisely for major expenses like home renovations or meet regular expenses like utility bill payments.
Continued Home Ownership
For most Canadians, a primary residence is the largest concentration of wealth. With a reverse mortgage, you can tap into that wealth without selling your property. Canadians 55 years or older find this especially helpful for covering major costs without giving up their home.
Enjoy Your Retirement On Your Terms
If you are a 55+ years old homeowner and want to retire in your home, a reverse mortgage can provide additional income while you continue to live in your home. Manage your day-to-day expenses with this no payment loan.
Apply online in minutes
Whether you need a first-time home buyer loan or are buying your third property, we’ll help you find the right solution for your needs.
Connect with mortgage experts
One of our experts will contact you to explain the process and provide mortgage solutions tailored to your needs.
Get approved with confidence
Once we agree on a solution, our team will work with the financial institution of your choice to complete the mortgage process.
Frequently asked questions about reverse mortgages in Canada
How much can I borrow through a reverse mortgage in Canada?
You may be able to borrow up to 55% of your home’s value.
When do I need to repay my reverse mortgage?
Until you move or sell the house.
How much do I have to pay monthly on my reverse mortgage in Canada?
You do not have to make monthly payments. If you would like to set up monthly or annual interest payments it can be discussed directly with the lender.
How do I confirm if I’m eligible for a reverse mortgage in Canada?
If you are a Canadian homeowner who is 55 years of age or older, you may be eligible for a reverse mortgage. If you are not sure whether you qualify, contact us at Mortgage Maestro. We will help you evaluate your financial situation and find the best reverse mortgage solution.
What is the interest rate on a reverse mortgage in Canada?
Your interest rate with a reverse mortgage in Canada will depend on several factors, including your credit score and the amount you plan on borrowing. A Mortgage Maestro advisor will happily guide you through the application process and discuss your options.