unlock equity in your home with a reverse mortgage

Reverse Mortgages in Toronto

Home Equity Loans for Seniors

Achieve Financial Freedom by Unlocking Equity in Your Home in Toronto

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What Is a Reverse Mortgage?

A reverse mortgage in Toronto is a financial solution tailored for homeowners aged 55 and over. It allows you to access up to 55% of your home's value without the requirement to make regular mortgage payments. Instead of monthly payments, the loan balance becomes due when you move out, sell your home, or the last borrower passes away.

This financial tool is designed for Toronto residents who wish to enhance their retirement income without selling their home. It provides flexibility and financial security, as you retain the title and control of your home. You can receive the funds in a lump sum, regular instalments, or a combination of both, depending on your needs.

Reverse mortgages in Toronto have grown in popularity as they offer a practical way for seniors to use their home equity to cover living expenses, home improvements, or even to assist family members financially. By choosing a reverse mortgage, Toronto homeowners can enjoy a more comfortable and secure retirement while staying in their beloved homes.

How a Reverse Mortgage in Toronto Can Help Seniors

You can use your tax-free proceeds any way you like.

pay off debt with a reverse mortgage

Manage Debt After Retirement

retire comfortably

Stop Working and Retire Comfortably

how a reverse mortgage can help seniors

Maintain Your Standard of Living

increase income after retirement

Take Retirement to the Next Level

How RetireBetter Got Michael
More Equity From His Home

Recent Client Examples

Jason & Sarah (Age 69 & 68)

Property Value: $2.3M

Approved For: $815k

Goal: Travel and home renovations.

Michelle & Tom (Age 65 & 67)

Property Value: $750k

Approved For: $241k

Goal: Needed more money for expenses. Turned down for home equity loan.

Janet (Age 71)

Property Value: $650k

Approved For: $216k

Goal: Give $100k to each of her daughters.

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Get a free no-obligation consultation. Enter your details below and we'll get back to you.

Or Call Us: 1 (855) 999-3244

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how much can I get from a reverse mortgage in Toronto

How Much Can I Get From a Reverse Mortgage in Toronto?

The amount you can receive from a reverse mortgage in Toronto depends on several factors: your age (and the age of your spouse if applicable), your home's appraised value, and the location and type of home. Generally, the older you are and the more valuable your home, the more you can borrow.

In Toronto, the maximum you can access is typically up to 55% of your home's value. However, the exact amount varies. An appraisal of your home is necessary to determine its market value and subsequently the available amount for the reverse mortgage. The process is straightforward and can be easily arranged.

SPEAK TO A CERTIFIED ADVISOR

1 (855) 999-3244
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Trustpilot Reviews

"My wife and I both get pensions but we were struggling to make ends meet with everything getting so expensive! Plus we were shocked to see how much my wife’s PSW was going to cost every month. After researching our options, we decided to work with RetireBetter.ca to obtain a HELOC for seniors. The staff was incredibly patient and helpful, guiding us through the process step-by-step. Life is so much better now! We highly recommend RetireBetter.ca to anyone facing similar challenges"

William, Vancouver

"I wanted to help my daughter and her family purchase a home but I was worried about my own financial stability. After speaking with Sunita at RetireBetter.ca, I realized that a no payment HELOC was the perfect solution for my needs. She explained everything to me and even spoke with daughter to answer her questions. It was a great overall experience!”

John, Ottawa

"After my husband passed away, I was concerned about my ability to manage everything on my pension. After speaking with Stephanie at RetireBetter.ca, I learned about the benefits of a reverse mortgage. She helped me with everything and now I have all the financial stability I need. Stephanie really made the process stress-free for me. I highly recommend RetireBetter.ca to anyone looking for a way to live peacefully at home."

Susan, Toronto

"I wanted to buy a summer home in Florida but really didn’t want to sell my investments yet. Syed at RetireBetter.ca showed me how I could use a Home Equity Loan for Seniors to get what I wanted. It really was the best thing for me. They are terrific people doing terrific work---thank you, guys!”

Michael, Oakville

“I wanted to renovate my home and live there as long as I could. The people at RetireBetter.ca showed me how I could do that with a reverse mortgage. My home is perfect for my needs now and I am so comfortable and happy now!”

Elizabeth, Calgary

"Nobody tells you how expensive and stressful downsizing is and I thought that was the best way to save on costs. But I didn’t want to leave my home and lose all those memories or lose my independence. I am so happy now after getting a HELOC for Seniors and working with everyone at RetireBetter.ca! I still keep in touch with them and consider them my friends.”

Michelle, Mississauga

Reverse Mortgage Calculator Toronto

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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

equitable reverse mortgage rate

1 Year Fixed

8.24%

$995.00

chip reverse mortgage rate

1 Year Fixed

8.49%

$1,795.00

equitable reverse mortgage rate

2 Year Fixed

8.34%

$995.00

chip reverse mortgage rate

Not Available

equitable reverse mortgage rate

3 Year Fixed

7.79%

$995.00

chip reverse mortgage rate

3 Year Fixed

8.49%

$1,795.00

equitable reverse mortgage rate

5 Year Fixed

7.29%

$995.00

chip reverse mortgage rate

5 Year Fixed

8.24%

$1,795.00

equitable reverse mortgage rate

5 Year Variable

9.89%

$995.00

chip reverse mortgage rate

5 Year Variable

9.90%

$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

Speak to an Agent

Why Seniors in Toronto 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) 999-3244

How Does a Reverse Mortgage Work in Toronto?

A reverse mortgage in Toronto is a unique financial tool that allows senior homeowners to access a portion of their home equity without the need to sell or move out. It's specifically designed for individuals aged 55 and over. Here’s how it works:

1

Eligibility and Assessment: To qualify, you must be a homeowner in Toronto aged 55 or older. The amount you can borrow is determined by your age, the appraised value of your home, and its location.

2

Receiving Funds: Upon approval, you can choose how to receive the funds - either as a lump sum or through planned advances. This flexibility allows you to manage your finances according to your needs.

3

No Regular Payments: One of the key features of a reverse mortgage is that there are no mandatory monthly payments. The loan and the accrued interest are repayable when you choose to sell your home, move out, or upon the last borrower’s passing.

4

Retaining Ownership: You continue to own your home and retain the title. The reverse mortgage is secured against the property, but you remain the homeowner and can live in your home for as long as you wish.

how a reverse mortgage works in Toronto

Is a Reverse Mortgage a Good Idea for You?

If you are a senior over the age of 55, try our SUITABILITY QUIZ to see if a reverse mortgage is right for you.

Do you own your home?

Are you 55 or older?

Do you have a mortgage?

Are you retired or still working?

Do you worry about monthly expenses?

Are you concerned about outliving your savings?

Would you like to improve your lifestyle (go on vacations, buy a winter home)?

Would you like to help family members with financial assistance without selling your assets?

Are you concerned about outliving your savings?

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Sorry, you're not eligible unless you own a home

Thank you for completing our suitability quiz.

You need to be a homeowner to be eligible for this type of loan.

However, you do have alternative options.

Congratulations, Looks Like You Have Some Options

Thank you for completing our suitability quiz.

A reverse mortgage or a no payment HELOC look like good options to consider.

Pay off debts on a lower income

Thank you for completing our suitability quiz.

We have concluded that this type of loan is a suitable product for you.

Find out how to alleviate debt on a lower income.

Stop working and retire

Thank you for answering these essential questions.

We have concluded that this type of no payment loan is a suitable product for you.

Find out how to stop working and retire comfortably.

Maintain a standard of living on a lower income

Thank you for answering these essential questions.

We have concluded that a no payment loan is a suitable product for you.

Find out how to maintain a standard of living on a lower income.

Improve your lifestyle with a higher income

Thank you for answering these essential questions.

We have concluded that a  Reverse Mortgage is a suitable product for you.

Find out how to improve your lifestyle with a higher income.

Help family members with financial assistance

Thank you for answering these essential questions.

We have concluded that a No Payment Equity Release loan is a suitable product for you.

Find out how to help family members with financial assistance.

It looks like a Reverse Mortgage is not for you

Thank you for answering these essential questions.

We have concluded that this loan option is not a suitable product for you.

However, there are alternative options.

Reverse Mortgage vs. Mortgages for Seniors

The difference between a Reverse Mortgage, Home Equity Lines of Credit (HELOC) and a Conventional Mortgage

Green RetireBetter logo
Home Equity Line Of Credit
Includes:
Variable rate
Monthly payments required
Full Income requirements
Max loan 65% of home value
White RetireBetter logo
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
Green RetireBetter logo
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

What are the main differences between a reverse mortgage and a traditional home equity loan in Toronto?

A reverse mortgage does not require monthly payments and is only repayable under specific conditions, whereas a traditional home equity loan requires regular payments. Both allow seniors to access home equity, but reverse mortgages offer more flexibility for those aged 55 and over in Toronto.

How does my Toronto home's location affect my eligibility for a reverse mortgage?

The location of your home in Toronto can influence the loan amount due to varying property values and market conditions. Prime locations may lead to higher available equity.

Are reverse mortgages in Toronto safe for senior homeowners?

Yes, reverse mortgages in Toronto are regulated and offer a no-negative-equity guarantee, ensuring you never owe more than your home's value.

Can I still leave my home to my heirs if I take out a reverse mortgage in Toronto?

Yes, you can. Your heirs will have the option to repay the reverse mortgage and keep the home or sell the home to settle the loan.

What happens if I outlive the loan amount in my reverse mortgage in Toronto?

With a reverse mortgage, you can continue living in your home even if the loan amount is fully utilized. The loan is repayable only when you sell your home, move out, or pass away.

Reverse Mortgage Articles

Discover the latest insights and information from our Reverse Mortgage Specialists

Reverse Mortgage Locations

Reverse Mortgages are available across Canada including the following Ontario locations:

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