Who typically gets a reverse mortgage?
- Owns a marketable home with sufficient equity
- Wants to stay in that home indefinitely
- Needs cash
- Doesn’t want to make payments
- Wants the easiest possible approval process
- Has no lower-cost options
The average age of a reverse mortgage borrower is 72, but clients as young as 55 can also enjoy the benefits of a Seniors Reverse Mortgage.
Fast Fact: 33% of Canadians aged 55+ “never” plan to sell their home (Source: CIBC poll, April 10, 2017).