Reverse Mortgage

A solution designed specifically to meet the needs of senior homeowners.

Reverse mortgages continue to gain popularity for Canadian homeowners aged 55 plus. One reason for the increased popularity of the reverse mortgage is simple necessity. Many retired Canadians are looking for options to increase their cash flow either by paying-out other debts, or by accessing cash to help with everyday life expenses. In addition, Canadians have a growing preference to remain in their homes for as long as possible. Doing so may require costly renovations and upkeep. Whatever your need, a reverse mortgage might be a great solution!

REMEMBER, YOU'RE IN THE DRIVER'S SEAT

You’ve got a track record as an owner, and lenders will want your business and will compete for it. That’s where a mortgage broker can really help. Your first step is to connect with us. With low interest rates and a growing selection of innovative mortgage solutions, you could potentially save thousands by shopping around.

COMPARISON SHOP

Until recently, only a few lenders offered reverse mortgages in Canada. Growing demand has brought more competition, giving homeowners 55+ access to more options, competitive rates, and greater flexibility. Working with an experienced mortgage broker helps you compare reverse mortgage lenders and find the right solution for your financial goals.

WE DO THE MATH

You’ll be offered a number of loan options, so discuss them with your Mortgage Broker and choose one that best suits your needs. Over and above considering the lowest rate, discuss whether a fixed or adjustable rate is better for your situation.

ASK FOR MORE

There will be a few fees and costs associated with this process, such as legal and administrative costs for transferring the mortgage, as well as a mortgage discharge fee. Your Mortgage Broker can ask to have these costs absorbed – it’s worth asking because it’s competitive out there.

SIT BACK AND RELAX

That’s it. Once your renewal is completed you can sit back and give yourself a pat on the back (and your Mortgage Broker too).

FACTOR IN A FEW ADDITIONAL COSTS

There will be a few fees and costs associated with this process, such as brokerage or underwriting fees or transaction, settlement, and closing costs. Your Mortgage Broker can discuss these with you and factor into the mortgage.