Our CEO explaining reverse mortgages on BNN
What is a reverse mortgage?
A reverse mortgage is a way to convert your home equity into tax-free cash. It’s available to homeowners 55 or older.
Reverse mortgages are different from regular mortgages or credit lines in that no payments are required until you no longer live in the property.
You’re in Control
You are never forced to move or repay a reverse mortgage, as long as you keep the home in a reasonable state of repair and pay your property taxes and home insurance. Most importantly, you’re guaranteed to never owe more than your home is worth at the time it is sold.
Reverse Mortgage Uses
Reverse mortgage proceeds can be used for virtually anything. You can:
- Eliminate debts
- Make home improvements
- Help your children or grandchildren
- Make a special trip or purchase
- Use it as a down payment on another property
Important reverse mortgage facts:
- Minimum age: 55 (for all applicants)
- Minimum home value: $150,000
- Minimum Days to Close: 24-30
The Seniors Reverse Mortgage™
Our advisors do things quite differently than most:
Compared to Reverse Mortgage Providers
Seniors Equity is proud to offer products from Canada’s two reverse mortgage lenders, HomeEquity Bank (CHIP reverse mortgage) and Equitable Bank (PATH reverse mortgage).
The main difference when dealing with us, versus dealing with a lender directly, is that our advisors recommend the best solution from all lenders. We aim to offer completely unbiased advice.
Compared to Mortgage Brokers
Our advisors are passionate seniors advocates. We specialize only in financing for Canadians aged 55+.
Seniors Equity has developed unique products precisely geared to the needs of seniors. Our hallmark is the Seniors Equity Plan™, an exclusive home equity release strategy designed to minimize borrowing cost and maximize your future options.
How do I qualify for a Reverse Mortgage?
Qualifying for a reverse mortgage is far easier than any other loan or mortgage. You simply need to:
- be 55 or over (if married, both must be 55+)
- own a marketable property that is your principal residence
- have sufficient equity
- have enough income to cover your property taxes and home insurance
Reverse mortgages are a good idea for many, but not all. There may be lower cost alternatives, particularly if you can afford a monthly payment. Our advisors will explain the alternatives to ensure you’re fully informed.