Frequently asked questions about the Reverse Mortgage Program
What are the eligibility requirements?
Available to homeowners 55 and older on their principal residence.There are no medical, income or credit qualifications. Any outstanding loans secured by your home must be retired with the proceeds from your Reverse Mortgage/Home Income Plan.
How much equity can I take out?
You can receive up to 50% of the value of your home. The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value.
What kind of arrangements can be made to receive the money?
You can choose how you want to receive the money. A Reverse Mortgage gives you the option of receiving all the money you’re eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. You can even combine a lump sum advance at the beginning with ongoing advances over time.
Is my home ownership protected?
YES. With our reverse mortgage, title remains in the homeowner’s name and you will never be asked to move or sell to repay their Reverse Mortgage/Home Income Plan. As a homeowner you are responsible for up-to-date payment of property taxes, fire insurance and condominium/maintenance fees (if applicable), and maintenance of the property.
Will I be taxed on this money?
You receive the money tax-free. It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS).
What are the Set-Up costs?
Appraisal Fee: Typically from $175 to $400 as an out-of-pocket cost.
Actual amount varies by province and for urban and rural properties. Request for an independent appraisal is ordered through us.
Independent legal advice is required: Typically $300 to $600. We can recommend a trusted legal professional for you if you don’t have one already. It is recommended that you discuss fees with the legal advisor before proceeding.
These legal costs will be deducted from your Reverse Mortgage funds so they are not an out-of-pocket expense. Includes title search, title insurance and registration.
Yes, Please Contact Me At The Number Provided Below To Confirm My Eligibility For The Canadian Reverse Mortgage Program
This request for contact by no means obligates you to sign up to the Reverse Mortgage Program. We will ALWAYS arrange a consultation to discuss whether this program is right for you.