For many Canadians approaching retirement, managing high debt loads, ongoing expenses, and reduced income can be a challenge. This is where a reverse mortgage can offer significant relief.
A reverse mortgage is also an excellent option for those who want to support their elderly parents. Instead of selling the family home or moving them into a care facility, a reverse mortgage allows you to access the home’s equity on a monthly basis. This can help cover in-home care and other ongoing costs, enabling your parents to stay in the comfort of their own home.
The primary goal of a reverse mortgage is to help Canadians over 55 unlock the equity in their homes, offering a pathway to financial ease. Unlike traditional mortgages, reverse mortgage borrowers are not required to make regular payments. This means they can receive a steady cash flow without the immediate burden of repayment. The only time payment is due is when the home is sold or the borrower moves out.
Unlock up to 55% of home equity without monthly payments.
Support in-home care for elderly parents with a reverse mortgage.
Enjoy no credit checks, minimal paperwork, and continued homeownership.
With a reverse mortgage, homeowners can access up to 55% of their home’s equity, either as a lump sum or through structured monthly payouts. Aside from the financial flexibility, reverse mortgages come with additional benefits:
- No monthly mortgage payments
- No income or credit checks required
- Minimal paperwork
- Homeownership and title remain with the homeowner
- Flexible options for early repayment
- Penalty waiver in the event of death or transition to a care facility, preserving the estate
