REVERSE MORTGAGE

Reverse Mortgage Solutions to Enhance Your Lifestyle

SEE IF YOU QUALIFY

See if you qualify.

Take 30 seconds to answer a few questions and I will contact you with the loan amount for which you qualify. 

Contact Us

  First - leave me your contact information so I can get in touch with you!

Next, tell me a little bit about your property so I can give you an accurate estimate.

We decided to build a sunroom so we could enjoy some fall and winter sun without having to travel. My Reverse Mortgage let me build my sunroom without having to make loan payments.


Bob H.

We needed to be able to manage our lives without the family supporting us. The Reverse Mortgage means having a life.


Gordon & Aubrey A

The Reverse Mortgage frees you up to move forward in more positive ways, rather than being forced into a situation you’re not too happy with.

David H

SEE IF YOU QUALIFY

HOW TO APPLY

The Process is Simple

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Contact me

Contact me for more information about securing a reverse mortgage on your home. Start Here to get an idea of how much you could qualify for. 
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Get an appraisal

Once you decide to proceed, I will help arrange for an appraisal of your home.

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Fill out an application

Once we receive the appraisal, you’ll know exactly how much you are approved for. I can walk you through the application process, you can decide exactly how much money you would like to access, and we can get the process started. 
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Speak to a lawyer

You will want to talk with a lawyer and receive independent legal advice. However, in many years of experience, 99 out of 100 homeowners have money left over when their Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.

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Get your money

You will receive your tax-free money as a lump sum or multiple instalments.
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No Repayment While Living In your Home

Regular mortgage payments are not required while you or your spouse are living in the home. The full amount only becomes due when you and your spouse no longer live in the home.

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Frequently Asked Questions

  • How much money can I get from a Reverse Mortgage?

    The amount you are eligible to receive depends on the age of the youngest applicant, the value of your home, and the type and location of your property.*

  • Do I have to make any payments?

    No, there are no mortgage payments required until you choose to move, or sell your home. You do have the option to make advance interest payments to help reduce the amount owing at the end of your reverse mortgage.*

  • Can I lose my home?

    You will remain the owner of your home. We will never ask you to move or sell, provided you: pay your property taxes and home insurance, and keep your property well-maintained.

  • How does a reverse mortgage compare to a home equity line of credit?

    A home equity line of credit is a good option for some people. It requires you to make regular payments. Before getting one, you will also have to qualify based on your income and credit history. You may also have to requalify as time goes on.

  • What if I already have a mortgage?

    We will first pay off your existing mortgage, along with any other secured debt, and then give you the remaining proceeds.

  • Do I keep the equity left in the home?

    Yes! In our 30 years of experience, over 99% of homeowners have money left over when their Reverse Mortgage is repaid. And on average, the amount left over is more than 50% of the value of the home. This is due to the conservative limit (up to 55%*) we put on the amount that is made available to you; and the fact that most homes continue to increase in value.

  • What about downsizing?

    Downsizing is certainly an option but expenses can really add up with renovations, commissions, legal fees and land transfer taxes. Often you have to move away from the neighbourhood you love in order to purchase a home that will leave you with some extra cash for retirement.

  • Will my government benefits be affected?

    No, CHIP will not affect any government benefits you may receive, such as Old Age Security (OAS), Canada Pension Plan (CPP), or Guaranteed Income Supplement (GIS).

*Some Conditions Apply

More Questions? Contact me!

I stayed in the home I love

I’ve lived in the same house for over 30 years. I know everybody in the neighbourhood; we’d all spent years together. It’s like my neighbours are a second family. When I retired, I really thought I’d have to downsize and move to be able to afford a comfortable retirement. I reached out to my mortgage broker and she recommended a Reverse Mortgage. The Reverse Mortgage made it easy for me to stay in the home I love, close to my family and friends – even after retiring. I don’t know where I’d be without a Reverse Mortgage.

Joanna, Reverse Mortgage Owner

We retired our way

My wife and I started working full-time at a very young age. We bought our first home together when we were both just 24. I still remember the day we picked it out – it was perfect! After we had our third child, we knew we would always be working to stay on top of our mortgage payments. That meant we would have a tough time travelling, something we’d always dreamed of doing together. Since retiring, we have had the freedom to travel to three continents. Thanks to our reverse mortgage, we're retiring exactly how we wanted.

Greg,  Reverse Mortgage Owner

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Myths About Reverse Mortgages

Reverse mortgages have evolved from a needs-based product to a product many financial planners recommend as an important component of a comprehensive retirement plan. Below, the myths are separated from the facts.
  • MYTH: The bank owns the home

    FACT: The homeowner always maintains title ownership and control of their home, and they have the freedom to decide when and if they’d like to move or sell.

  • MYTH: Those with a reverse mortgage will owe more than their house is worth

    FACT: HomeEquity Bank’s conservative lending practices allow clients to take a maximum of 55% of the home’s appraised value. In fact, 99% of HomeEquity Bank’s clients have equity remaining in the home when the loan is repaid.

  • MYTH: Reverse mortgages are too expensive because the rates are high

    FACT: HomeEquity Bank rates are modestly higher than regular mortgages because there are no payments required.

  • MYTH: A reverse mortgage is a solution of last resort

    FACT: Many financial professionals recommend a reverse mortgage because it’s a great way to provide financial flexibility. Since it’s tax-free money, it allows retirement savings to last longer.

  • MYTH: The homeowner cannot get a reverse mortgage if they have an existing mortgage

    FACT: For clients that have an existing mortgage, the first step we will take is to pay off your conventional mortgage along with any other secured debt.

  • MYTH: The bank can force the homeowner to sell or foreclose at any time

    FACT: A reverse mortgage is a lifetime product, and as long as property taxes and insurance are in good standing, the property remains in good condition, and the homeowner is living in the home, the loan won’t be called even if the house decreases in value. Reverse mortgages provide peace-of-mind that the homeowner can stay in their home as long as they’d like.

  • MYTH: Surviving spouses are stuck paying the loan after the homeowner passes away

    FACT: Surviving spouses can choose to remain in the home without having to make a payment unless they choose to sell the home.

*Some Conditions Apply

RESOURCES

Reverse Mortgage Articles

Is a Reverse Mortgage Right for you?

By Sabeena Bubber • 06 Dec, 2023
In order to secure a mortgage today you better be ready to jump through a lot of hoops. As house prices continue to rise, and as the government continues to intervene, it doesn’t look like we’re going to see a reversal of this trend anytime soon. Mortgage qualification just isn’t what it used to be.

9 things you should know about a reverse mortgage

By Kirista Berry • 29 Nov, 2023
Find out 9 things you should know about a reverse mortgage

3 Misconceptions About Reverse Mortgages in Canada

By Sabeena Bubber • 23 Nov, 2023
Before having a conversation about the misconceptions of reverse mortgages in Canada, it's probably a good idea to outline some of their features. If you're a senior Canadian homeowner 55+, a reverse mortgage is an excellent financial solution designed specifically for you.
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