What Cana Reverse MortgageHelp You With?
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How Much Could You Get?
Age / House Value
$500k
$1mil
$1.5mil
Age / House Value
Age / House Value
$500k
$500k
$1mil
$1mil
$1.5mil
$1.5mil
55
~ $200k
~ $390k
~ $585k
Age / House Value
55
$500k
~ $200k
$1mil
~ $390k
$1.5mil
~ $585k
65
~ $250k
~ $500k
~ $750k
Age / House Value
65
$500k
~ $250k
$1mil
~ $500k
$1.5mil
~ $750k
75
~ $265k
~ $530k
~ $795k
Age / House Value
75
$500k
~ $265k
$1mil
~ $530k
$1.5mil
~ $795k
85
~ $295k
~ $590k
~ $885k
Age / House Value
85
$500k
~ $295k
$1mil
~ $590k
$1.5mil
~ $885k
How Much Could You Get?
Check out this illustrative table below showing how much you could get based on your age and house value
Your Age:
$500k
~ $200k
house value / estimated amount you get
$1mil
~ $390k
house value / estimated amount you get
$1.5mil
~ $585k
house value / estimated amount you get
$500k
~ $250k
house value / estimated amount you get
$1mil
~ $500k
house value / estimated amount you get
$1.5mil
~ $750k
house value / estimated amount you get
$500k
~ $265k
house value / estimated amount you get
$1mil
~ $530k
house value / estimated amount you get
$1.5mil
~ $795k
house value / estimated amount you get
$500k
~ $295k
house value / estimated amount you get
$1mil
~ $590k
house value / estimated amount you get
$1.5mil
~ $885k
house value / estimated amount you get
Canadian Reverse Mortgages FAQs
Look through the answers to the most popular questions of our customers.
What is a Canadian reverse mortgage?
A reverse mortgage is a financial tool designed for homeowners 55 and older. It allows you to turn a portion of your home's equity into tax-free cash. You can borrow up to 59% of your home's value, and the best part is there are no monthly repayments to worry about. Whether you prefer a lump sum or gradual payouts over time, the choice is yours. And throughout all of this, you'll continue to own and live in your home. In simple terms, a reverse mortgage lets you tap into the money you've invested in your home over the years without the regular financial burdens of a typical loan.
Do you still own your home with a reverse mortgage?
You still own your home and have control over it. Just make sure to pay your property taxes and keep the house in good shape. The reverse mortgage lender just holds a type of loan against your home, like a regular mortgage.
Are Canadian reverse mortgages expensive?
To get a reverse mortgage, your home's value needs to be checked by an appraiser, and you must consult a lawyer. You'll also have some set fees, like for closing the deal. However, when you weigh it against the costs of moving or getting a smaller house, a reverse mortgage often ends up being the more cost-effective option.
Can you leave your home to your family if you pass away?
The idea that "You can't leave your home to your family" is not true, at least for Canadian reverse mortgages. After you're gone, your family can choose to keep the house by converting the reverse mortgage into a regular mortgage. Plus, thanks to special protection, they won't owe more than what the house is worth, as long as all loan rules are followed.
Reverse Mortgage vs Home Equity Line of Credit
Canadian Reverse Mortgage and a HELOC are two different ways to tap into the value of your home. A Reverse Mortgage is designed especially for seniors and almost no income is needed to qualify. With it, you can get money based on your home’s value, and while you don't have to make monthly payments, you can choose to pay monthly if you want to reduce the accumulating interest. In contrast, a HELOC works more like a credit card where you borrow money as needed, but it usually requires a steady, higher income to qualify and you must make monthly payments, including interest, on the money you use.
Can you owe more than the value of your home with a Canadian Reverse Mortgage?
The government requires that with reverse mortgages, you won't owe more than what your home is worth when it's time to pay. As long as you follow the loan rules, even if house prices change, you're protected from owing more than your home's value.
What are the interest rates for Canadian reverse mortgages?
Interest rates for a reverse mortgage are close to those of a home equity Line of Credit. However, it's easier to qualify for a reverse mortgage, and there's the big advantage of no monthly payments, which many retirees appreciate.
Will a reverse mortgage impact my government pension or benefits?
Funds from a Canadian reverse mortgage are considered tax-free equity, not income. Because of this, your Canada Pension Plan (CPP), Old Age Security (OAS), or other government benefits will not be negatively affected. This means you can safely access your home's equity without worrying about losing or reducing your retirement benefits.
How A Reverse Mortgage Can Help You
01.
Cashflow
Access tax-free cash from your home’s equity without selling or making monthly payments.
02.
Retirement
Supplement your retirement income and cover expenses like healthcare or home renovations.
03.
Stability
Stay in your home as long as you live, with no repayment required until you move or sell.
04.
Flexibility
Use your home equity strategically—delay drawing from RRSPs or investments, giving them more time to grow while reducing potential tax impact.
Mortgage Choices for Seniors: A Comparison
Reverse Mortgage vs. HELOC vs. Conventional Loan: What’s Right for Seniors?
Home Equity Line of Credit (HELOC)
Features:
Variable interest rates
Monthly payments are required
Full income verification needed
Borrowing limit up to 65% of the property's value
It’s possible to owe more than the property is worth
Reverse Mortgage
Features:
Offers either variable or fixed interest rates
No mandatory monthly payments
Minimal income documentation required
Borrow up to 59% of the home’s appraised value
You can never owe more than the home's market value
Conventional Mortgage
Features:
Offers either variable or fixed interest rates
Monthly payments are required
Full income verification needed
Borrowing limit up to 80% of the property's value
It’s possible to owe more than the property is worth
Compare Your Mortgage Options
Reverse Mortgage vs. HELOC vs. Conventional Loan: What’s Right for Seniors?
Home Equity Line of Credit (HELOC)
● Variable interest rates● Monthly payments are required● Full income verification needed● Borrowing limit up to 65% of the property's value● It’s possible to owe more than the property is worth
Reverse Mortgage
● Offers either variable or fixed interest rates● No mandatory monthly payments● Minimal income documentation required● Borrow up to 59% of the home’s appraised value● You can never owe more than the home's market value
Conventional Mortgage
● Offers either variable or fixed interest rates● Monthly payments are required● Full income verification needed● Borrowing limit up to 80% of the property's value● It’s possible to owe more than the property is worth
What Our Client Say
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Alexander Gasenko
Alexander is a licensed Toronto Mortgage Broker and founder of Canadian Reverse Mortgage Advisors Inc. His goal is to empower seniors to achieve financial security, maintain their independence, age in their own home, and enjoy retirement to its fullest.
Address
Suite 204 - 3582 Major Mackenzie Drive W,Vaughan, ON L4H 3T6DLC Silver Leaf Financial Group Inc. Lic#13415
Phone
+1 416 577 3504
ac.setartsaf%40xela
Schedule
Mo-Fr: 9am-6pmSat: 9am-4pm
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