Reverse Mortgage

Will a reverse mortgage work for you?

Canadian homeowners want to retire where they feel most comfortable, and often, that's in a home they both own and love.

A reverse mortgage (also known as an equity release) draws a portion of your home equity, turning it into a source of cash. These funds aren't taxed and typically don't require principal repayment until you decide to move or sell (though interest payments may be required, depending on the product).

We work with accredited Canadian lenders and know the restrictions and regulations to help you find the best lender and product.

Will you retain ownership of your home with a reverse mortgage?

Getting a reverse mortgage with a credible lender means that the mortgage is listed on your title (as is customary for a mortgage), but you maintain title ownership and control of your home.

Can the bank foreclose on your home because of a reverse mortgage?

Typically, taking out a reverse mortgage doesn't jeopardize your home ownership, even if the property value decreases, assuming you keep up your property taxes and insurance payments, the property remains in good condition, and you continue to reside in the home.

Is a reverse mortgage just for retirement funds?

A reverse mortgage, assuming you meet eligibility with a lender, can offer you funds for other purposes, such as:

• Consolidating debt
• Early inheritance
• Reduced income
• Divorce payout to keep the home
• Medical or homecare costs
• Investment

Are you eligible for a reverse mortgage?

Here are some criteria that may be involved in applying for a reverse mortgage:

• Your options may depend on whether you live in a major urban Canadian centre or a remote area
• Your home is your principal residence, meaning you live there for a (pre-determined) minimum length of time in a calendar year
• Titleholders of the residence typically apply as joint borrowers
• Your home is owner-occupied and not a second home
• You live in a detached or semi-detached home, condo, or townhome
• You demonstrate the ability to pay for certain expenses, such as annual property taxes, insurance, and condo fees (the lender may hold back a portion of the funds and do a gradual release to ensure the payments are being made as required)
• Available for homeowners aged 55+

Here for you, on your terms.

Getting the best lender for your reverse mortgage needs can help you save on rates compared to some alternative lenders or getting an unsecured loan.

We're here to help! Contact us in the way that is most convenient for you:

• Call or send us a message
• Contact an expert True North broker who speaks your preferred language
• Schedule a call back
• Drop by a True North location near you

Have questions? We're mortgage experts, but also real people who put you first when dealing with lenders. We work with you to provide the best solution for your situation.

Contact us, today!