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Applicant Information

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

“I called Alexander Gasenko for a mortgage consultation and had a great experience.

He’s super knowledgeable and his advice saved me thousands of dollars. If you need a mortgage in Toronto, you should definitely give Alex a call. He’s honest, reliable, and knows his stuff. He answered all my questions and made the whole process easy. I’m really glad I reached out to him for help.”

Amanda Anderson
GOOGLE REVIEW - ⭐⭐⭐⭐⭐

“We met with Alexander Gasenko to discuss our options for purchasing our first property.

He explained the current market conditions and interest rates in detail, which helped us feel confident about the process. Following his advice, we were able to purchase our first home within a few months. The mortgage process went smoothly, and we secured a great rate with Scotiabank. I’d recommend Alexander to anyone looking for mortgage advice and support.”

Leonard Buglak
GOOGLE REVIEW - ⭐⭐⭐⭐⭐

“I had the pleasure of working with Alexander Gasenko on my mortgage, and as a first-time homebuyer, I came with a lot of questions.

Alex was incredibly patient, taking the time to explain every detail in a way that put me at ease. My mortgage was approved quickly—within just five business days—and Alex secured the best possible rate and deal available. I'm thrilled I chose to work with him and couldn’t be happier with the outcome! I highly recommend Alex to anyone looking for a mortgage in Toronto.”

Julia B
GOOGLE REVIEW - ⭐⭐⭐⭐⭐

“Alexander Gasenko was really excellent!

We had very good trust with him, and he trusted us also. Together, we got a very good successful result. Thank you so much Alex, it was a wonderful experience working with you!”

Fara k
GOOGLE REVIEW - ⭐⭐⭐⭐⭐

“I recently contacted Alexander Gasenko for a reverse mortgage, and the experience was exceptional.

From our first consultation to the final signing, Alex was incredibly knowledgeable, patient, and attentive. He took the time to explain the intricacies of reverse mortgages, ensuring I understood all my options and felt confident in my decision. Alex went above and beyond to find the best terms, making the process smooth and stress-free. His genuine care for my financial well-being truly set him apart. If you're considering a reverse mortgage, I highly recommend Alex for his outstanding service and expertise. Thank you, Alex, for your dedication and support!”

Svitlana Konstantinovska
GOOGLE REVIEW - ⭐⭐⭐⭐⭐

“Alexander offered valuable advice regarding my decision to sell or remortgage my current property.

His financial expertise was immeasurable. He provided multiple options that were specific to my current and future needs.”

Karen Ko
GOOGLE REVIEW - ⭐⭐⭐⭐⭐

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