Step 1/4

Info about you

Age:

Loading... Hang tight — we're fetching the most current mortgage rates just for you!

Mortgage Rate Disclaimer

Rates are subject to change without notice and may vary depending on creditworthiness, loan-to-value, property type, and other factors. The rates shown are for informational purposes only and do not constitute a commitment to lend. Terms and conditions apply.

Please contact us directly to obtain a personalized quote and confirm current rates.

Canadian Reverse Mortgages Explained!

Unlock the potential of your home with a Canadian reverse mortgage! In this comprehensive guide, Alexander Gasenko - Toronto and GTA mortgage broker, explains the world of reverse mortgages in Canada. Whether you're in Toronto, Ontario, or anywhere across the nation, this video will provide you with essential insights into how a reverse mortgage can empower homeowners aged 55 and older.

Canadian Reverse Mortgage Myths How Does a Reverse Mortgage Work in Canada

Are you considering a reverse mortgage in Toronto, Ontario, or anywhere in Canada? Get clear insights into Canadian reverse mortgages for seniors as we address common questions and concerns. Discover the truths about maintaining home ownership with a Canadian reverse mortgage.

Canadian Reverse Mortgages: Who Can Qualify?

Who can qualify for a Canadian Reverse Mortgages? Today, we delve deeper into how Canadian homeowners 55 and older can qualify to access the money built up in their homes.

Get FREE Reverse Mortgage Guide

Learn: 5 Things You Need To Know Before Getting A Reverse Mortgage! Get unique expert insights on reverse mortgage in Canada for free.

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.

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.

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

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 3T6Silver Leaf Financial Group Inc. Lic#13415

Phone

+1 416 577 3504

E-mail

ac.setartsaf%40xela

Schedule

Mo-Fr: 9am-6pmSat: 9am-4pm

“I was looking into a reverse mortgage in Toronto, given the whole situation with bills and house repairs.

Found Alex and, honestly, the best decision I made. Alex broke down the whole Toronto reverse mortgage scene for us, gave advice that felt right for what we needed, and things turned out way better than expected. If you're in Toronto and thinking about a reverse mortgage, Alex is your guy. So glad I stumbled upon his ad!”

Luke Peterson
GOOGLE REVIEW - ⭐⭐⭐⭐⭐

“With the rising costs of bills and home maintenance, I started exploring reverse mortgage options in Toronto.

That’s when I found Alex, and I’m so grateful I did. He walked me through the entire process, making everything clear and easy to understand. His advice was practical and suited my needs perfectly. In the end, things worked out even better than I had hoped. If you're in Toronto and considering a reverse mortgage, I highly recommend reaching out to Alex!”

Andy Willson
GOOGLE REVIEW - ⭐⭐⭐⭐⭐

“With retirement approaching and my savings not stretching as far as I had hoped, I started looking into reverse mortgage options in Toronto.

That’s when I found Alex, and I’m so glad I did. He took the time to explain every detail, making sure I fully understood my options. His guidance was clear, professional, and tailored to my needs. Thanks to his help, I was able to secure a solution that gave me financial peace of mind. If you're considering a reverse mortgage in Toronto, I highly recommend reaching out to Alex!”