If you are 55 or older you need to read this.

Posted On May 29, 2023

When it comes to a Reverse Mortgage In Canada:

1. What lending institution will provide the Mortgage Funds?
   Currently there are 2 lenders for a Reverse Mortgage In Canada – HomeEquity Bank and Equitable Bank,
   Both of these lenders are Schedule 1 banks – similar to RBC, Bank of Montreal, Scotiabank so their activities are monitored accordingly.
2. Are there age restrictions to a Reverse Mortgage?
   In Canada all people on title must be 55 years of age or older to qualify.
3. What if I already have a Mortgage on my home?
   You can still take out a Reverse Mortgage, but the first funds are used to pay off the existing mortgage as a Reverse Mortgage must be a First charge on your home.
4. Will I lose my government subsidy if I take out a Reverse Mortgage?
   The income from a Reverse Mortgage is not taxable and therefore does not affect any government subsidy related to income.
5. How much money can I get?
   There are three main factors considered in the amount of money you would be eligible to receive. a.) The value of your home b.) the ages of all people on title that would be applying for the mortgage c.) The property type.  The maximum allowed on a Reverse Mortgage is 55% of the value of the property.

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

More information is available at:  www.reversemortgagesincanada.com 

If you would like to get a free preview to - “Home Run, The Reverse Mortgage ADVANTAGE”

To get your copy click the link below:

https://www.chip.ca/wp-content/uploads/Home_Run_Book.pdf