Stay in the home you love with a Reverse Mortgage
What Is a Reverse Mortgage?
A reverse mortgage allows eligible homeowners age 55+ to access a portion of their home equity without selling their home or making regular mortgage payments.
Unlike a traditional mortgage, payments are generally not required while you continue living in your home and meet the terms of the mortgage.
Many homeowners use a reverse mortgage to improve retirement cash flow, pay off debt, renovate their home, or access funds for other financial goals.
How does a reverse mortgage work?
With a reverse mortgage, you borrow against the value of your home. The amount you may qualify for can depend on several factors including:
- Age of homeowner(s)
- Property value
- Property location
- Type of property
- Current lending guidelines
Funds may be available as a lump sum, scheduled advances, or a combination depending on the lender and product. The loan is typically repaid when:
- The home is sold
- You move out permanently
- The last borrower passes away
QUICK KEY FACTS
✓ Available to eligible homeowners generally age 55+
✓ Your home is 100% yours!
✓ Tax-free advances and no required monthly payments
✓ Options for lump-sum or scheduled advances
✓ No minimum FICO score required
✓ Money can be used for almost any purpose
Common Uses for Reverse Mortgages
Homeowners may use a reverse mortgage to:
- Supplement retirement income
- Pay off an existing mortgage
- Consolidate debt
- Renovate or modify a home for aging in place
- Cover healthcare or living expenses
- Help family members financially
- Increase financial flexibility during retirement
REVERSE MORTGAGE MYTHS vs FACTS
Myth: The bank owns your home.
Fact: You remain the registered homeowner.
MYTH: Your heirs automatically lose the house.
FACT: Your estate can sell the home, refinance, or repay the loan.
Myth: Reverse mortgages are only for people struggling financially.
Fact: Some homeowners use reverse mortgages as part of broader retirement, cash flow, or estate planning strategies.
THINGS TO CONSIDER
Benefits to Consider
Potential advantages may include:
- Accessing home equity without selling
- No required monthly mortgage payments
- Remaining in your home
- Flexible use of funds
- Increased retirement cash flow
Important Considerations
Reverse mortgages are not the right fit for every homeowner. Things to review carefully include:
- Interest costs over time
- Impact on future home equity
- Estate planning considerations
- Available alternatives such as refinancing, HELOCs, downsizing, or other lending options
A review of your personal goals and financial situation is important.
About Me
As a licensed Ontario Mortgage Broker, I believe mortgage conversations should feel comfortable, informative, and pressure-free.
I understand that retirement financing decisions can feel overwhelming, especially when there is so much information — and misinformation — surrounding reverse mortgages.
My approach is simple: listen first, explain clearly, and help homeowners understand all of their available options.
Whether you're exploring a reverse mortgage, refinancing, or simply looking for answers, my goal is to provide honest guidance so you can make informed decisions that feel right for your situation and your future.
Diane Sainsbury, Mortgage Broker
Tel: 416-820-8471
email: diane.sainsbury@gmail,com