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!
You get to choose how you want to receive the money, either in one lump sum or through planned advances over a set period of time.
That’s ok! Reverse mortgages are commonly used to supplement income or pay off expenses such as an existing mortgage.
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.
No, in fact reverse mortgages are often recommended by financial professionals as a means of supplementing income instead of relying on a line or credit or 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 and the secured debt must be less than the reverse mortgage lending amount they are approved for.
Whether you’re kickstarting your retirement or buying a second home, let us help you unpack how a reverse mortgage can help you get there faster.
