Reverse Mortgages in Canada
Mortgage Maestro will help you determine when a reverse mortgage is the right solution for you and be your guide through the application process. You have done a great thing by purchasing a home and paying the mortgage down or off completely throughout your working years, what a great investment you have made.
Like other investments, more and more financial planners are activating their clients home “investment” as part of a diversified retirement plan, in other words, the reverse of a diversified savings plan, if you will.
The reverse mortgage landscape has changed in Canada in the sense that there only used to be one Bank offering these mortgages, now there are multiple Banks and lenders offering them and as mortgage professionals that work for you, we can sort through the products and help you select the one that fits your goals the best.
Over the last decade our team members have helped hundreds of Canadian homeowners live their best life possible and have funded or facilitated hundreds of reverse mortgage solutions in addition to home equity lines of credit and traditional mortgages in the process.
You deserve to live your best life and we can help you unlock the equity in your home in British Columbia, Alberta and Ontario, Canada.
What is a Reverse Mortgage?
Reverse mortgages in British Columbia, Alberta and Ontario are designed for homeowners looking to access the equity in their home while improving their monthly cash flow as the same time. You can access your home equity, make no mortgage payments and stay in your home for as long as you choose with most of the products available today.
What would you use the funds for if you unlocked your homes equity today?
You can use the funds for anything you like, such as travel, home renovations and improvements, unexpected expenses, day-to-day spending, debt consolidation or a warm inheritance to your adult children or grandchildren. Once approved, you can choose to receive the tax-free funds all at once, smaller lumps sums, monthly income or a combination of a lump sum and monthly income.
You maintain ownership of your home until you decide to move or sell, you are in control.
How to qualify for a reverse mortgage in British Columbia, Alberta and Ontario, 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 money without having large monthly payments, it is hard to beat a reverse mortgage. You do not have to make payments until you move or sell your home, they are 100% optional.
Flexibility in Accessing Home Equity
With a reverse mortgage from Mortgage Maestro, you can receive your full loan amount as a lump sum, a smaller lump sum, monthly deposits into your bank account, or a combination of a lump sum and monthly deposits into your bank account. This will positively help your monthly budget and cash flow and you can even achieve some of the dreams you always wanted.
Continued Home Ownership
For most Canadian homeowners, a primary residence is their largest concentration of wealth, their largest investment. The good news is that it typically has been their most consistent investment over time. With a reverse mortgage, you can tap into that wealth without selling your property. These options to unlock your home’s equity can be especially helpful for covering major expenses or unexpected costs without giving up your 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.
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.