Reverse Mortgages

Whether you’re concerned about covering day-to-day expenses or want to enjoy your retirement to the fullest, a reverse mortgage offers a flexible and beneficial solution.

get-approved-white
what is a reverse mortgage

What is a Reverse Mortgage?

A reverse mortgage is a type of loan designed specifically for homeowners who are aged 55 and older. This mortgage allows homeowners to convert a portion of their home equity into tax free cash without selling their home or taking out monthly mortgage payments.

This is a unique kind of mortgage loan because, unlike traditional mortgages where you pay the lender every month, a reverse mortgage pays you. This means you can get extra money without having to sell your house or make regular loan payments.

get-approved

How Does a Reverse Mortgages Work?

As retirement approaches, financial stability is everyone’s concern. Many homeowners explore their options and frequently find themselves asking, “How reverse mortgages work?” Turnedaway.ca is here to provide you with all the answers and guide you through unlocking the potential of your home’s value.

Eligibility

Borrowers must be at least 55 years old to qualify for this mortgage. If the home is co-owned, both parties need to meet the age requirement.

Loan Amount

The lender determines the maximum amount you can borrow based on factors like your age, the appraised value of your home, and the location of your property.

No Monthly Payments

Unlike a traditional mortgage, you're not required to make monthly payments on a reverse mortgage. Instead, the interest on the loan accrues over time and is added to the outstanding balance.

Repayment Options

The loan is repaid when you sell your home, move out, or pass away. The proceeds from the sale are used to repay the loan, and any remaining equity goes to you or your heirs.

canada reverse mortgage
reverse mortgage Canada

Benefits of Reverse Mortgages in Canada

Reverse mortgages offer a host of benefits for elderly homeowners in Canada. Here’s why it’s a smart choice:

Financial Freedom

Use the equity you’ve built up over the years to cover living expenses, medical bills, or to simply enjoy life.

Stay in Your Home

No need to downsize or move out. Stay in the place where you’ve built memories.

Supplement Your Retirement Income

Boost your pension and investment income, improving your quality of life.

Reduce Financial Stress

With no monthly mortgage payments, take a deep breath and relax.

Take the first step towards financial freedom. Contact us today to learn more about reverse mortgages in Canada and take control of your retirement finances.

Call Us: 1-855-668-3074
Approvals within 24 hours

No More Frustration From “NO’s”!

We can help you connect with a lender that best fits your needs and find you with the perfect reverse mortgage option. Talk to a mortgage broker now! 

Repaying your Reverse Mortgage

The truth is, you don’t have to make any payments on a reverse mortgage until you decide to move out or sell your home. This means you can enjoy the financial benefits without monthly loan repayments. When the time comes to repay, typically, the amount you owe will be the total of the cash you received plus any interest that has accrued. It’s important to know that the amount you owe cannot exceed the value of your home, ensuring financial safety for you or your heirs.

At TurnedAway.ca, we’re committed to helping you navigate through these details, making sure your reverse mortgage experience is stress-free and beneficial. 

canada reverse mortgage
reverse mortgage Canada

Why Choose TurnedAway.ca

Our team of experts is here to guide you every step of the way. We pride ourselves on our transparent, personalized services tailored to meet your unique needs.

  • With years of experience in the Canadian mortgage market
  • Provide personalized guidance to your unique situation
  • Support and assistance throughout the process
  • Transparency on every step of the way
  • Your satisfaction is our top priority

Take the first step towards financial freedom. Contact us today to check your eligibility!

Call Us: 1-855-668-3074
Approvals within 24 hours

Reverse Mortgage Frequently Asked Questions:

You can receive the funds as a lump sum, regular monthly payments, or a combination of both. The method of disbursement can be tailored to your financial needs.

No, there are no restrictions on how you can use the funds. Homeowners commonly use the money to cover living expenses, pay off existing debts, fund home renovations, or support family members.

Yes, you retain ownership of your home. You are still responsible for maintaining the home, paying property taxes, and homeowners' insurance.

If the value of your home decreases, you are protected under the terms of the reverse mortgage. You will never owe more than the fair market value of your home at the time it is sold, even if the loan balance exceeds this amount.

The loan needs to be repaid when you sell the home, move out permanently, or pass away. At that time, the loan balance, including interest and fees, will be due.

Costs can include interest, closing costs, appraisal fees, and administration fees. It is important to discuss all potential costs with your lender before proceeding.

Alternatives include downsizing, obtaining a home equity line of credit (HELOC), or selling and renting. Each option has its own pros and cons and should be considered based on individual circumstances.

Let’s Help You Find the Right Lender and Get the Financing You Need

Our expert team and strong connections with trusted lenders in Canada will help you find the ideal mortgage solution that suits your unique needs. Call us today or apply online and let us show you what 30 years of experience in alternative mortgage financing can do for you!