Financial Services

Reverse Mortgage Canada

Convert home equity to cash.

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Mortgage Products

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Reverse Mortgage Advantages

Maximize your retirement experience by ensuring that you have the necessary funds to RETIRE BETTER.

Access to funds:

A reverse mortgage allows homeowners to access a portion of the equity in their home, providing a source of funds that can be used to cover expenses or improve their quality of life.

No regular payments:

With a reverse mortgage, homeowners do not need to make regular payments on the loan. The loan, including the interest, is paid back when the home is sold, or the homeowner passes away.

Flexibility:

Reverse mortgages provide borrowers with flexibility in how they use the funds. The funds can be used for any purpose, whether to pay for daily expenses, travel, or home improvements.

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Support Family

Are you interested in aiding your family during their most critical moments? By acquiring additional income, you can assist them with significant purchases.

No risk of default:

Advantage:

With a reverse mortgage, homeowners cannot default on the loan, as the equity in their home backs the loan.

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Security of tenure:

Advantage:

Homeowners can continue to live in their homes as long as they meet the loan terms. They can also move or sell their home anytime, without penalty.

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Protection against falling house prices:

Advantage:

Reverse mortgages are non-recourse loans, which means that homeowners are not responsible for any shortfall if the value of their home falls below the amount owing on loan.

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About the Reverse Mortgage

Unlike traditional mortgages, borrowers do not have to make monthly payments. Instead, interest accumulates on the loan balance and is added to the principal amount owing. The loan, including the good, is paid back when the homeowner sells the home, moves out or passes away.

Reverse mortgages can be a valuable financial tool for seniors with significant home equity who want to access it without selling. However, it's essential to carefully consider the potential risks and fees associated with reverse mortgages before deciding if it's the right option.

Reverse Mortgage Considerations:

Eligibility criteria: Age, home ownership, and property location determine reverse mortgage eligibility.
Loan amount: The loan amount is based on the home's value and the borrower's age. The older the borrower and the more valuable the house, the higher the loan amount.
Interest rates: Reverse mortgage interest rates can be fixed or variable and may be higher than traditional mortgage rates.
Fees: Reverse mortgages often have higher costs than traditional mortgages, including appraisal fees, legal fees, and administrative fees.
Repayment: The loan and interest must be repaid when the homeowner sells the home, moves out or passes away. If the loan balance exceeds the home's value at the time of repayment, the borrower's estate may be responsible for the difference.
Impact on inheritance: A reverse mortgage can reduce the equity available to heirs depending on the loan amount and interest rates.
Alternatives: There may be alternative options to a reverse mortgage, such as downsizing or selling the home and using the proceeds to fund retirement. It's important to carefully evaluate all options before making a decision.

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Reverse Mortgage VS HELOC

Here are some advantages of reverse mortgages in Canada compared to a Home Equity Line of Credit (HELOC):

No monthly payments: With a reverse mortgage, borrowers do not have to make monthly payments as with a HELOC.
No income requirements: Unlike a HELOC, which typically requires borrowers to have a regular income to qualify, a reverse mortgage is available to seniors with limited income.
Fixed interest rates: Reverse mortgages in Canada typically offer fixed interest rates, which provide greater certainty for borrowers compared to variable interest rates that HELOCs often have.
Tax-free funds: The funds received from a reverse mortgage are tax-free, whereas interest paid on a HELOC may not be tax-deductible.
Longer repayment terms: Reverse mortgages in Canada typically have longer repayment terms than a HELOC, which can give borrowers more time to repay the loan.
No risk of default: Since no monthly payments are required with a reverse mortgage, borrowers do not have the risk of defaulting on payments, which can happen with a HELOC if a borrower cannot make monthly payments.

It's important to note that reverse mortgages and HELOCs have unique advantages and disadvantages, and what is best for an individual depends on their specific financial situation and goals.

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Learn more

Get the best out of your retirement and learn how to retire well with a Reverse Mortgage from retirebetter.ca

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Read our 5 Star Reviews

You could take our word for it, but why not look at some of these testimonials from our clients?

"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 reverse mortgage. 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 reverse mortgage 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 reverse mortgage 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 reverse mortgage and working with everyone at RetireBetter.ca! I still keep in touch with them and consider them my friends.”

Michelle, Mississauga