Reverse Mortgages in Toronto
Home Equity Loans for Seniors
Achieve Financial Freedom by Unlocking Equity in Your Home in Toronto
Free Consultation
Get a free no-obiligation consultation. Enter your details below and we'll get back to you as soon as we can.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
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.
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
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.
Talk to an Expert!
Get a free no-obligation consultation. Enter your details below and we'll get back to you.
Or Call Us: 1 (855) 999-3244
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
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
Trustpilot Reviews
Reverse Mortgage Calculator Toronto
Find out how much you can potentially access from your home equity
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
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
8.34%
$995.00
Not Available
3 Year Fixed
7.79%
$995.00
3 Year Fixed
8.49%
$1,795.00
5 Year Fixed
7.29%
$995.00
5 Year Fixed
8.24%
$1,795.00
5 Year Variable
9.89%
$995.00
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
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) 999-3244How 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.
RetireBetter Learning Center
In-depth articles that help you understand everything you need to know.
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.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
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
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.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
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:
partners
partners
partners
partners
partners
partners
