More financial freedom, right from your own home. Let's explore whether a reverse mortgage makes sense for your situation, together.
A reverse mortgage is a way for homeowners 55 and older to access the equity they've built in their home, as tax free cash, without having to sell or move. You stay in your home, you keep ownership, and there are no monthly mortgage payments required. The loan is repaid when you sell, move out or pass away. It's that straightforward.
No monthly mortgage payments, ever.
No negative equity guarantee, so you will never owe more than your home is worth.
Your appraisal is fully covered once your reverse mortgage is funded.
Get a free estimate with absolutely no obligation.
Your privacy and confidentiality are always protected.
A completely free service built on simple, honest advice.
Frequently Asked Questions
-
Yes, absolutely. This is one of the biggest misconceptions about reverse mortgages. You remain on the title and keep full ownership of your home for as long as you live there. Nothing changes about how you live in or use your home.
-
No, never. There are no required monthly mortgage payments with a reverse mortgage. The loan is only repaid when you sell, move out or pass away. You do have the option to make interest payments if you choose to, but it is never a requirement.
-
Your estate will have the opportunity to repay the reverse mortgage, typically through the sale of the home. Thanks to the no negative equity guarantee provided by all lenders, your family will never owe more than the home is worth. Your loved ones will not be left with unexpected debt.
-
Yes. In fact this is one of the most common uses for a reverse mortgage. The existing mortgage would be paid off first using the reverse mortgage funds, eliminating that monthly payment entirely and freeing up your cash flow.
-
This depends on a few factors including your age, your home's value and location. Generally the older you are and the more your home is worth, the more you can access. I can walk you through a free estimate with no obligation so you know exactly where you stand.
-
Whatever you need it for. There are absolutely no restrictions on how you use the funds. Clients use it for everything from supplementing retirement income and covering healthcare costs, to helping family, renovating their home or simply having more breathing room day to day.
-
No. Because the funds from a reverse mortgage are considered a loan and not income, they are tax free and will not affect your CPP, OAS or most other government benefits.
-
Every lender offers a no negative equity guarantee, which means you will never owe more than the fair market value of your home when it is time to repay. You are protected regardless of what happens to the market.
-
Yes. Your family has the option to repay the reverse mortgage and keep the home when the time comes. Many families choose to sell the home, repay the loan and keep whatever equity remains. The choice is entirely theirs.
-
A HELOC requires monthly payments and your lender can reduce or freeze your credit limit at any time. A reverse mortgage has no required monthly payments and the funds cannot be taken away. For many people in retirement a reverse mortgage offers more stability and peace of mind.
-
There are some upfront costs including a home appraisal, legal fees and a setup fee. The good news is the appraisal is fully covered once your reverse mortgage is funded. I will walk you through every cost clearly and transparently before you make any decisions.
-
From application to funding the process typically takes a few weeks. I will be with you every step of the way to make sure everything moves as smoothly as possible and that you always know what is happening and why.
Common Misconceptions
"I have to sell my home to get a reverse mortgage." Not at all. That is actually the opposite of how it works. A reverse mortgage allows you to access your equity while staying in the home you love, for as long as you choose to live there.
"It is only for people who are struggling financially." Many clients are financially comfortable but want more flexibility and freedom in retirement. A reverse mortgage is a financial planning tool, not a last resort. It is about having choices.
"The process is complicated and overwhelming." It does not have to be. I walk every client through the process step by step, in plain language, at whatever pace works for them. There is no pressure and no rush.
"The bank will own my home." This is the most common misconception and it simply is not true. You keep full ownership of your home and remain on the title the entire time. The bank holds the mortgage, just like any other mortgage, but your home is yours.
"I could end up owing more than my home is worth." Every reverse mortgage lender in Canada provides a no negative equity guarantee. This means no matter what happens to the market, you will never owe more than the fair market value of your home. You and your family are fully protected.
"My kids will be left with my debt." Your estate will never be responsible for more than what the home sells for. If there is equity left after the loan is repaid, it goes to your family. If the home sells for less than what is owed, the lender absorbs the difference, not your loved ones.
Benefits
Tax free cash The money you receive from a reverse mortgage is completely tax free and does not count as income. It will not affect your CPP, OAS or most other government benefits. It is simply your equity, working for you.
No monthly mortgage payments, ever You never have to make a single monthly payment. The loan is only repaid when you sell, move out or pass away. Whatever you access is yours to use freely without any added financial pressure.
Stay in the home you love You do not have to sell or downsize to access your equity. A reverse mortgage lets you stay exactly where you are, in the home and community you have built your life around, for as long as you choose.
Complete flexibility in how you receive your funds You can choose to receive your money as a lump sum, in regular installments or a combination of both. However it works best for your life is how we will set it up.
No negative equity guarantee Every lender provides this guarantee, meaning you will never owe more than your home is worth. You and your family are fully protected no matter what happens in the market.
Freedom and peace of mind More than anything, a reverse mortgage gives you options. Whether that means less financial stress, more generosity with family, more travel or simply more breathing room, it is about living the retirement you deserve.
Hi, I'm Colleen, a Victoria based mortgage broker with a background in registered nursing. What I carried from that chapter of my life into this one is a genuine commitment to making sure every person I work with feels truly cared for, heard and supported.
Reverse mortgages are something I am deeply passionate about because I have seen firsthand the difference they can make in people's lives. I take the time to walk you through everything clearly and honestly, at your pace and with absolutely no pressure. Everything we discuss is completely confidential and I am always available when you need me.
If you are curious about whether a reverse mortgage could work for you, I would love to have that conversation.
Let’s Work Together
Curious about what a reverse mortgage could mean for your life? I would love to chat. There is no obligation, no pressure and no wrong question. Reach out and let's figure it out together.
Sometimes life does not go as planned and unexpected things happen. Being able to stay in your own home and truly enjoy your retirement rather than worrying about cash flow is priceless. If you are looking for honest, confidential advice from someone who genuinely cares, let's chat. I will make the process simple and straightforward for you and if you would prefer to meet in person I am always happy to do that. I look forward to connecting with you.