What is a reverse mortgage

A reverse mortgage is a type of loan for homeowners, usually aged 55 or older. It allows you to borrow money from your home equity without selling your home. You may do so by converting a portion of your home equity into tax-free money. Financial institutions sometimes call this “equity release.”

You may usually borrow up to 55% of the current value of your home. This money doesn’t affect the Old Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits you may be getting.

The maximum amount you may borrow depends on:

  • your age and the age of other individuals registered on the title of your home
  • your home’s condition, type and appraised value
  • your lender

To be eligible, the home you’re using to secure a reverse mortgage must usually be your primary residence. This typically means you live in the home for at least 6 months a year.

https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reverse-mortgages.html

Contact now to see if you qualify