A reverse mortgage lets homeowners 55+ turn part of their home’s value into cash, with no regular mortgage payments required. I’ll compare it with your other options and tell you plainly if it isn’t the right fit.
- For homeowners 55 and older
- Up to 55% of your home’s value, depending on your age, home and location
- CHIP (HomeEquity Bank) and other reverse mortgage lenders compared
Or call 226-242-1969.
Send me the basics
How it works
- A 20-minute call: what you need the money for, and roughly what your home is worth.
- I compare a reverse mortgage with a HELOC, a refinance or downsizing, in writing.
- You decide, with family on the call if you’d like. Independent legal advice is part of every reverse mortgage.
The trade-offs, plainly
Interest is added to the balance instead of paid monthly, so the amount owing grows over time. Rates are higher than a regular mortgage. Selling or moving in the first few years can trigger a prepayment charge. Major Canadian lenders guarantee you won’t owe more than your home’s fair market value when it’s sold, as long as you keep up with property taxes, insurance and upkeep.
FAQ
Will the lender own my home?
No. You stay on title and keep ownership. The lender holds a mortgage against it, like any other mortgage.
Does it affect OAS or GIS?
The money is a loan, not income, so it isn’t taxed and doesn’t count as income for OAS or GIS.
What happens when I sell or pass away?
The balance plus interest is repaid from the sale. Whatever is left goes to you or your estate.
Can I pay some of it back?
Usually, yes. Most lenders allow partial repayments; the limits vary by lender.
Talk it through
Or call 226-242-1969.