Reverse Mortgages
Home Equity Loans for Seniors
Achieve Financial Freedom by Unlocking Equity in Your Home in Canada
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What Is a Reverse Mortgage?
A reverse mortgage is a home equity loan that allows Canadian homeowners aged 55 and older to access up to 59% of the value of their home.
You make no monthly payments with a reverse mortgage and the loan does not need to be repaid until you sell your home, move or pass away.
You can use the money from a reverse mortgage for any purpose and can receive the money lump-sum or in installments.
How a Reverse Mortgage Can Help Seniors
You can use your tax-free proceeds any way you like.
Manage Debt After Retirement
Stop Working and Retire Comfortably
Maintain Your Standard of Living
Take Retirement to the Next Level
How RetireBetter Got Michael
More Equity From His Home
How Much Can I Get From a Reverse Mortgage?
The amount of money available for borrowing depends on your age, your home's value and its location.
Your loan approval will NOT be reduced if you have low income or bad credit!
You can use our reverse mortgage calculator with no personal information to find out how much you can potentially access from your home equity..
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1 (855) 999-3244
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Reverse Mortgage Interest Rates
Get better rates and fees using RetireBetter for your reverse mortgage. Available across Canada!
Lender
Mortgage Terms
Rate
Setup Fee
1 Year Fixed
8.24%
$995.00
1 Year Fixed
8.49%
$1,795.00
2 Year Fixed
7.74%
$995.00
Not Available
3 Year Fixed
7.14%
$995.00
3 Year Fixed
7.58%
$1,795.00
5 Year Fixed
6.74%
$995.00
5 Year Fixed
6.99%
$1,795.00
5 Year Variable
9.89%
$995.00
5 Year Variable
9.88%
$1,795.00
Disclosure: Prime Rate (P) is 7.2%. Equitable Flex Lite and CHIP Mortgage rates shown. Rates/fees for other EQ and HEB products may differ. Rates shown are posted rates, actual rates may vary. APR rates available upon request. Rates may change without notice. Subject to lender approval. E&OE.
Save Money with RetireBetter, Canada's Top Reverse Mortgage Broker
Why Seniors Work With RetireBetter
1
With our access to special low interest rates, we can save you thousands of dollars in interest.
2
We can get you larger loan approvals than you could get on your own.
3
We can reduce your initial setup costs by up to $500.
4
As a broker, we have the experience and knowledge to make the process stress-free for you.
Our Reverse Mortgage Process
Get a no payment loan easily in just a few steps
1
Speak to a Reverse Mortgage Expert
Explore your options with no obligations
2
Decide How You Want to Receive the Funds
Funds can be received in a lump sum or over time.
3
Sign Your Documents
We get all the paperwork ready for you to sign.
4
Enjoy Your Retirement
Enjoy your tax-free, payment-free loan for life.
SPEAK TO A CERTIFIED ADVISOR
1 (855) 999-3244How Does a Reverse Mortgage Work?
A reverse mortgage loan amount is determined by your age and your home's value—you can get this loan even with low income and bad credit!
When you get this special no payment loan for seniors, you can collect your money lump-sum, in regular instalments or just when you need it—just like a HELOC. and you can spend your money however you like.
If you wish, you may make payments towards your loan, but it it's not necessary.
The lender simply adds the interest to the loan balance so you no longer need to make payments.
Getting this loan specially designed for homeowners over the age of 55 is easy.
By working with an experienced broker like RetireBetter, you'll complete the process easily.
RetireBetter Learning Center
In-depth articles that help you understand everything you need to know.
Reverse Mortgage vs. Mortgages for Seniors
The difference between a Reverse Mortgage, Home Equity Lines of Credit (HELOC) and a Conventional Mortgage
Home Equity Line Of Credit
Includes:
Variable rate
Monthly payments required
Full Income requirements
Max loan 65% of home value
REVERSE MORTGAGE
Includes:
Variable rate or Fixed rate
No regular payments
Light income requirements
Max loan 59% of home value
Never owe more than value of home
CONVENTIONAL MORTGAGE
Includes:
Variable rate or Fixed rate
Monthly payments required
Full income requirements
Max loan 80% of home value
Could owe more than value of home
The Complete Guide to a Reverse Mortgage in Canada
Get instant access to our book that explains everything you need to know about a Reverse Mortgage in Canada.
Get expert insights on reverse mortgages that you won't find anywhere else.
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Frequently Asked Questions
Find answers to common questions we receive about reverse mortgages
Can I get a reverse mortgage if I already have a mortgage?
Yes, your existing mortgage will be paid off with the new loan proceeds.
You will receive all of the remaining money, either in installments or lump-sum.
Can I use a reverse mortgage to buy a home?
You can use this no payment loan for any purpose, including buying a home.
Remember, you will only get 59% of the home value if you deal directly with HomeEquity Bank for a CHIP Reverse Mortgage.
RetireBetter can you get a reverse mortgage for up to 65% of the new home value.
Can you be too old to get a reverse mortgage in Canada?
There is no upper age limit to qualify for a reverse mortgage in Canada. In fact, the older you are, the more you will qualify for.
Can I get a reverse mortgage if my children live with me?
You can get a reverse mortgage if your children live with you for any reason so long as they are not owners of the home and registered on title.
CHIP Reverse Mortgages and Flex Reverse Mortgages require all owners on title to be over the age of 55.
We do have reverse mortgage lenders available if any of the owners are less than 55 years old.
When and how do you pay back a reverse mortgage?
You have the option of paying a reverse mortgage back at any time you want.
You must pay a reverse mortgage back when you sell, move or pass away.
You or your estate can pay back a reverse mortgage from the proceeds of the home sale.
Reverse Mortgage Articles
Discover the latest insights and information from our Reverse Mortgage Specialists
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