FAQ's

How much interest will I pay?

The interest you pay is mainly a function of the type of financing, the interest rate, compounding and the amortization. Therefore, it is impossible to quote one number for everyone. For an exact estimate, our friendly expert consultants will calculate the total borrowing cost for [Read more]

Who typically gets a reverse mortgage?

Anyone who: 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 [Read more]

How long do I have to repay?

Repayment timeframe depends on what sort of financing you get. With a Reverse Mortgage You don’t make any repayment until you no longer live in the home. With a Seniors HELOC You make minimum interest-only payments each month (unless you choose to capitalize those payments). [Read more]

What happens after I apply?

Once you apply we will:  Call you to answer all your questions. Complete your application with you. Ask permission to obtain your credit report. Review your paperwork. Submit to the lender’s underwriter. Notify you of the lender’s decision. Arrange appraisal and lawyer meetings. Finalize approval [Read more]

What is a CHIP reverse mortgage?

CHIP reverse mortgage is a brand of reverse mortgage offered by HomeEquity Bank, a federally regulated Schedule 1 Canadian bank. HomeEquity Bank is Canada’s oldest and largest reverse mortgage provider. A CHIP reverse mortgage is like other reverse mortgages in that it provides cash to senior homeowners [Read more]

How much money can I qualify for?

This reverse mortgage calculator provides a good sense of how much you might qualify for. Our calculator tends to be conservative since it has to apply to a broad spectrum of borrowers. So in some cases, you might qualify for more. These are the main [Read more]

What are the eligibility requirements?

A reverse mortgage requires that you: Be at least 55 years old (the same goes for your spouse) Own a marketable home with sufficient equity Keep your property taxes and home insurance up to date, and your property maintained. A Seniors HELOC and Seniors Mortgage [Read more]

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 [Read more]

What are the costs (fees)?

Seniors Reverse Mortgage Costs Appraisal*: $195 (after rebate) Independent Legal Advice: $450 (approx.) Setup Fee: $1795 / $2495 (CHIP reverse mortgage / Income Advantage) or $995 (PATH reverse mortgage) Legal Fees:  $800 (approx.; applies only to the PATH reverse mortgage only making it roughly equivalent [Read more]

How long does it take?

A reverse mortgage can be closed in about 30 days. A Seniors HELOC or Seniors Mortgage can be closed in as little as 18 days, assuming you have all the documentation available and arrange for a quick appraisal*. That assumes approved credit, of course. *Minimum [Read more]