How much are my payments?

Reverse Mortgage

Reverse mortgages have no required payments until you (and your spouse, if married) leave the home.

Seniors HELOC

HELOCs always require at least interest-only payments. But the Seniors HELOC generally requires no payments out of pocket.

Instead, you can generally use the HELOC itself to make the payments. This is called “capitalizing your payments.” By doing this you are basically paying interest on interest, but you are paying much less interest than a reverse mortgage.

To capitalize your payments, you need a special kind of HELOC and you need to deposit something into the HELOC each month, like your government OAS payments or CPP payments. (Note: You don’t necessarily need to use your OAS and CPP income to make the payments.)

Seniors Mortgage

The Seniors Mortgage requires normal mortgage payments. You can calculate your payments here, assuming you know the interest rate.

Otherwise, click here to set up a consultation and get a quick payment quote.