Reverse Mortgage Canada

Turn the equity in your home into cash with a reverse mortgage in BC.

Let our Reverse Mortgage Specialists show you how!

Your Ideal Retirement, Right in Your Home Sweet Home

Are you 55+ and sitting on a treasure trove of home equity? Rampone-Marsh is your gateway to converting that equity into endless possibilities. Join the skyrocketing number of Canadians who are already living their dream retirements thanks to this empowering financial lifeline. Elevate your golden years beyond imagination—there’s no time like NOW to discover the magic of a reverse mortgage!

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What is a reverse mortgage?

Reverse Mortgages are a type of lending that allows you access to up to 55% of the equity in your home, without having to sell or make regular payments. A tax-free option, that will not affect any Old Age Security (OAS) benefits or Guaranteed Income Supplement (GIS) government benefits you may receive.

It’s important to note that you maintain full ownership and control of your home, and you will never be asked to move or sell your home to repay a CHIP reverse mortgage.

Is a Reverse Mortgage a Good Fit For You?

Age 55 or older and residing in a Canadian province

Home appraised value of at least $150,000

Secured debt below the approved reverse mortgage lending amount

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Benefits of a reverse mortgage

In essence, a reverse mortgage could be a great option for Canadian homeowners aged 55 or older, with many benefits:

Money can be used for anything you choose (Cover medical expenses, consolidate debt, buy another property or renovate existing property)
Only will have to repay if you sell or move
No monthly payments
Maintain ownership of your property, as well as remaining equity
Option to receive funds in a tax-free lump sum or in regular tax-free payments
Qualification is not affected by “stress-test”
Access up to 55% of your home’s appraised value

The CHIP Reverse mortgage process is safe and convenient, let Rampone-Marsh show you how a reverse mortgage could help make your dream retirement a reality.

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Are you eligible for a reverse mortgage?

Are you Eligible for a Reverse Mortgage?

With such a unique type of lending Reverse mortgages also have a unique set of requirements for qualifying. There are a few prerequisites that must be met to qualify for a reverse mortgage:

Homeowners must be 55 or older and live in a province of Canada
The appraised value of their home must be at least $150,000

Their secured debt must be less than the reverse mortgage lending amount they are approved for

Calculating the value of your reverse mortgage

Each reverse mortgage is a loan based on the equity of your home. The age of the applicant is one of the primary factors in determining the amount they are able to collect.

The chart below offers a simplified breakdown of rough estimates on reverse mortgage rates for a husband and wife who own a detached home.

Age | Approximate Loan to Home Value

55 | 11 – 14%

60 | 16 – 21%

65 | 22 – 30%

70 | 26 – 37%

75 | 32 – 44%

80 | 37 – 53%

82+ | 39 – 55%

To see for yourself, you can try using the calculator available on CHIP’s own website, or just give us a call to get the exact numbers for yourself!

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Reverse mortgages shouldn’t be confusing. Here are our answers to your most common questions!

What is a reverse mortgage?

Reverse Mortgages are a type of lending that allows you access to up to 55% of the equity in your home, without having to sell or make regular payments.

What can I use the money from my Reverse Mortgage for?

The money from your reverse mortgage can be used for anything you choose, some examples are: covering medical expenses, consolidating debt, buying another property, renovating an existing property, or supplementing retirement income.

Do I lose ownership of my home with a Reverse mortgage?

You will retain full ownership and title of your home, though you are expected to live in the home and maintain the property, staying on top of property taxes and insurance.

Are there any costs to get a Reverse Mortgage?

There are one-time fees for arranging a reverse mortgage, such as the appraisal fee, fee for legal advice, and fee for administration and registration.

Beyond that, there are no monthly payments required as long as the homeowner continues living in the home.

Can I get a Reverse Mortgage if I owe on my current mortgage?

That’s ok! Reverse mortgages are commonly used to supplement income or pay off expenses such as an existing mortgage.

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Talk to your team at Rampone-Marsh Mortgages to start your reverse mortgage application today.

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May 4, 2020

We used Aaron Marsh just this past month to get a first mortgage on our home to purchase a business. First we went to our long time financial institution, they…

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May 4, 2020

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