A: A Reverse Mortgage is secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you.

The big advantage with the Reverse Mortgage is that you do not have to make any regular mortgage payments for as long as you or your spouse lives in your home. That’s what has made reverse mortgages such a popular solution in Canada, the U.K., the U.S., Australia and other countries.

A: You can receive up to 55% of the value of your home. The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value. You can contact us and we will quickly give you an estimate of how much you may be approved for.

A: No, you won’t lose your home or have it taken by the lender as long as you: continue to pay your property taxes, maintain the home in good condition, and keep your homeowner’s insurance up to date.

A: Yes, you can get a reverse mortgage even if you have an existing mortgage. In fact, many homeowners use the reverse mortgage funds to pay off their current mortgage, eliminating monthly payments and freeing up cash flow. The key is having enough home equity — our team can help you assess your eligibility and show you how it works.

A: You can choose how you want to receive the money. You have the option to 1) receive all the money you’re eligible for in one lump-sum advance, 2) take some now and more later, or 3) receive funds in recurring installments over a set period.

A: In our many years of experience, over 99% of homeowners have money left over when their loan is repaid. The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.

A: There are one time fees to arrange a reverse mortgage such as an appraisal fee, fee for independent legal advice as well as our fee for administration, title insurance, and registration. With the exception of the appraisal fee, these fees are paid for with the funding dollars.

A: There are no monthly payments required as long as the homeowner is living in the home.