Reverse Mortgages
Access Your Home Equity And Defer Your Mortgage Payments
Every Canadian deserves a financially secure and comfortable retirement. If you are 55 years of age or older, a reverse mortgage can help you access your home equity while remaining in your principal residence.
A reverse mortgage is a loan against your property that allows qualifying senior homeowners to convert a portion of their home equity into a source of cash. This money is tax-free and does not require any monthly mortgage payments until you sell or move out of your home.
Here's how it works
1. Get an estimate of how much of your home equity you can access
This varies, depending on your age (the younger you are, the smaller the percentage you may access).
2. Review your estimate with your mortgage agent
We are happy to work with you to review your estimates and we are always ready to answer any questions you have.
3. Select a payment plan
You can access money as a one-time lump sum, monthly payments or both – it’s tailored to your individual needs.
4. Life goes on
You continue to own and live in your own home. No payments required till mortgage comes due. Enjoy life on your terms.
How are reverse mortgage loan amounts determined?
- Your age, with a higher amount available for higher ages. Eligibility kicks in at age 55, and your maximum borrowing power is a percentage of your home’s value. (Anywhere from 15% to 55%)
- Your Property Value
Reverse Mortgages
Uses of a Reverse Mortgage
A first time home buyer’s mortgage journey does not need to be stressful. To start, here are the typical steps you would go through to get your first mortgage:
No mortgage payments!
Pay off a traditional mortgage and never worry again about monthly mortgage payments.
Inheritance & Gifts
Provide a living inheritance and gift money to your adult children or grandchildren
Debt Management
Pay off any existing debt
Purchasing power
Buy a new home!
Investing
Rental properties, vacation property, stocks, business start-up or franchises
Home upgrades
Retrofit your home to age more comfortably
Long-term care
Hire full or part-time nursing care.
Renovations
Renovations for you or your children's home
Get in touch with us
Feel free to reach out and ask questions
We’re happy to answer any questions you might have. Please reach out using the form here, or using any of the options below.
- 647-779-1901 (Please text using SMS/Whatsapp for faster responses)
- Click here to schedule a free mortgage consultation
- ron@ronmortgages.com
- Working hours: Mon - Sat: 8:00am - 8:00pm
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