Reverse Mortgages

If you’re 55 or older, you can purchase a home or refinance your home with a reverse mortgage, it could be the solution to unlocking the equity in your home while staying in it. With Your Mortgage Needs, we make the process easy and stress-free, so you can enjoy the financial freedom you deserve. Whether it’s supplementing your retirement income or covering unexpected expenses, we’ll guide you through the options to help you make the best decision for your future.


If you’re 55 or older, a reverse mortgage can help you access up to 55% of your home’s equity without selling your home.

Why Consider a Reverse Mortgage?

  • Supplement your retirement income.
  • Cover unexpected expenses or help with major purchases.
  • Stay in the home you love while leveraging its value.

How It Works:

  1. Borrow against your home’s equity with no monthly payments required.
  2. Repay the loan when you sell the home or from your estate.

A reverse mortgage allows homeowners aged 55 and over to access up to 55% of their home’s equity without selling the property. The loan is repaid when you sell the home or move out.

The amount depends on factors like your age, home’s value, and location. Older homeowners with higher-value homes can typically borrow more.

Costs may include higher interest rates than traditional mortgages, home appraisal fees, setup fees, and legal fees. These can often be financed through the reverse mortgage itself. 

-Government of Canada

Yes, you will still own your home if you get a reverse mortgage in Canada. A reverse mortgage allows you to access the equity in your home without having to sell it or move out. You remain on the title of your property as long as you or your spouse live in it

Interest is added to the loan balance over time, meaning the amount owed increases. However, you don’t have to make regular payments; the loan is repaid when you sell the home or move out.

While not required, some lenders allow voluntary payments to reduce the principal and interest accumulation.

In Canada, reverse mortgages are non-recourse loans, meaning you or your estate won’t owe more than the home’s fair market value at the time of sale.

No, you can use the funds for any purpose, such as home renovations, medical expenses, or supplementing retirement income.

Your estate may need to repay the reverse mortgage and interest within a set period of time

The capitalization rate (cap rate) is a metric used to evaluate the profitability of an investment property. It’s calculated by dividing the net operating income by the property’s current market value.

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