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| RetireBetter | Bank Call Centre | Other Brokers | |
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| Access to every reverse mortgage lender in Canada |  |
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| Provide unbiased expertise on every reverse mortgage product | |
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| Offer savings on upfront appraisal costs | |
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| Offer you CHIP bundles to 65% of home value | |
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| Offer loan increases between 2–20% | |
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| Nominated as Canada’s 2024 reverse mortgage broker of the year | |
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| 2024 #1 CHIP mortgage broker in Canada | |
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The major reverse mortgage lenders require all homeowners to be over the age of 55 in order to qualify for a reverse mortgage.Some of the small regional lenders may make an exception if a spouse is younger than 55. You can learn more about reverse mortgage age rules in our blog.
Yes, just like a traditional mortgage, there are fees associated with a reverse mortgage, including appraisal fees, legal fees, and the lenders administrative charges. Check out our blog article on Reverse Mortgage Fees for more information.
It is not possible to outlive your reverse mortgage as long as you get it from one of the national lenders. At the end of your mortgage term, you would simply renew your reverse mortgage for another term automatically. Automatic renewal may not be possible if you borrow from a smaller regional lender. You can learn more by reading How a Reverse Mortgage Works and What Happens to My Reverse Mortgage When I Die to learn more.
Yes, you can change your mind without penalty before the lawyers register the reverse mortgage against your home's title. After the reverse mortgage has been registered against the title of your home and you have received the funds, you will have to return all the funds along with interest and pay a prepayment penalty.
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RetireBetter, a division of Centum PrestoMortgages FSCO #12665/12675