Do you want to stay in your home longer? Access tax-free money to enjoy the freedom of your choosing. A reverse mortgage allows Canadian homeowners that are 55+ to take out equity they have built up in their homes. No monthly repayments are required.
A Reverse Mortgage gives improved financial stability and the ability to live your retirement your way. You retain ownership of your home and the mortgage is only payable when you sell or pass away.
We have options for you, two Canadian chartered banks, Home Equity Bank and Equitable Bank both have Reverse Mortgage products to suit your needs.
With a Reverse Mortgage you can:
- Pay off existing debt
- Renovate your home
- Cover monthly expenses
- Travel more
Eligibility and Qualifications
- Be a Canadian homeowner
- Age 55 or older (if you have a spouse, both of you must be at least 55 years old to be eligible)
- Home is in good condition
- Demonstrate you can pay your taxes and homeowners insurance
- Based on the type and location of your home
- Look at appraised value and equity in your home