Posted On Feb 26, 2023

What is a Reverse Mortgage and is it hard to obtain?


A Reverse Mortgage in Canada is a loan that allows to take funds from the equity in your home, tax free and with no monthly repayment contract.


It is a relatively easy process to apply for this mortgage:
1. Customer(s) must be over 55 years of age

2.Everyone on the title of the property must be 55 years of age or older

3.The home must have a value of $200,000. Or more and some property conditions apply

4. The home must be the applicant’s primary residence.


You can receive up to 55% of the value of the home but ages of the applicants play a big role in deciding how much can be taken out at any given time.  And, of course, these funds are not taxable and therefore do not affect any supplements that you may have. Unlike a normal mortgage the financial qualifications are lower- basically all the lender wants to be sure is that you can personally cover the operating costs of your home on your own – heat, light, water, Strata fees (if any) Property taxes.


The steps to securing a Reverse Mortgage in Canada are very basic and include:

  1. Initial phone call to Neil “Mortgage-Man” McJannet – 250-861-8758
  2. Some due diligence on your own- I suggest obtaining the e-Book mentioned below and informing your self of the features.
  3. Home appraisal: An initial estimate can be given during the interview but actual advance is based on a Full appraisal.
  4. Choose the right Reverse Mortgage program for you.
  5. Select a lawyer for Independent Legal Advice (ILA)
  6. Complete the legal process.
  7. Fund$ are available to you.


There is a lot of misconception about Reverse Mortgages In Canada so I always suggest doing you own due diligence rather than listening to the local expert that knows nothing about Reverse Mortgages In Canada.


“Knowledge is Power” so don’t just listen to what your neighbour says, do some research on your own. To help you in that regard, If you would like to get a free preview to - “Home Run, The Reverse Mortgage ADVANTAGE” just go to to download a copy of the introductory e-Book.


If you have any other questions or would just like to discuss a Reverse Mortgage in Canada please feel free to contact me or by phone at 250-861-8758.

I will let you know if this is not the product for you!