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.
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.
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.
