What is a reverse mortgage?

A reverse mortgage is a loan available to Canadian homeowners aged 55 and older that allows you to access a portion of your home’s equity without selling your property.

Unlike a traditional mortgage, you are not required to make regular monthly payments. Instead, the loan is repaid when you sell the home, move out permanently, or pass away.

You remain the owner of your home and continue living in it as long as you:

• Maintain the property

• Keep property taxes current

• Maintain home insurance

The amount you can access depends on your age, the value of your home, and its location.

Why homeowners choose this option?

Supplement Retirement Income

Access funds without selling investments or drawing down savings.

Simplify Finances

Pay off high-interest debt and reduce monthly obligations.

Fund Life Goals

Cover renovations, travel, healthcare costs, or help children and grandchildren with a down payment.

Stay in Your Home

Remain in the home you love while improving cash flow and peace of mind.

Is reverse mortgage right for you?

This option may be worth considering if:

• You are 55 or older

• You want to improve monthly cash flow

• You have significant home equity

• You plan to remain in your home long term

• You prefer flexibility without mandatory monthly payments

A reverse mortgage is not the right fit for everyone. A personalized review ensures it aligns with your overall financial plan.

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Home Equity Assessment

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Your home is evaluated to determine its current market value. The amount you can access depends on your age, property value, and location.

Choose How You Receive Funds

You can receive the funds as a lump sum, monthly payments, or a combination.

Independent Legal Advice

Continue living in your home, with no required monthly mortgage payments, as long as taxes, insurance, and maintenance are kept up.

Final Approval & Funding

Your new mortgage replaces the old one, and funds are allocated according to your plan.

How It Works

Curious what your monthly payments could look like?

Use the calculator to explore potential estimates based on your age and property value.

Let’s Review Your Options

Contact

613-864-1822
joseline@mulvalemortgages.com

Joseline Mulvale

Mortgage Agent Level 2

#M24002279

Referral Mortgages

FSRA #13316