Reverse Mortgage

Your Home's Value, Your Retirement Funds

For senior homeowners, a reverse mortgage allows you to access the equity in your home without the need to sell or relocate, enabling you to utilize the funds as you see fit during your retirement.

Our knowledgeable brokers at Axe Mortgage can assist you in determining whether a reverse mortgage aligns with your circumstances. We'll take the time to understand your requirements and explain the specifics to help you make an informed decision.

We'll also handle negotiations with lenders on your behalf to secure the most favorable rate, ensuring a smooth and hassle-free process.

Is a Reverse Mortgage Suitable for You?

Many Canadian homeowners wish to retire in the comfort of their own homes.

A reverse mortgage, also known as an equity release, allows you to convert a portion of your home equity into cash. These funds are tax-free and typically do not require principal repayment until you choose to move or sell your home, though interest payments may be necessary depending on the specific product.

We collaborate with accredited Canadian lenders and are well-versed in the relevant restrictions and regulations to help you identify the most suitable lender and product for your needs.

Do You Retain Ownership of Your Home with a Reverse Mortgage?

When you obtain a reverse mortgage from a reputable lender, the mortgage is registered on your property's title, as is standard practice. However, you continue to hold title ownership and maintain control over your home.

Can the Bank Foreclose on Your Home Due to a Reverse Mortgage?

Generally, securing a reverse mortgage does not endanger your homeownership, even if the property's value declines. This is contingent upon your adherence to property tax and insurance payments, maintaining the property's condition, and continuing to reside in the home.

Is a Reverse Mortgage Exclusively for Retirement Funds?

Provided you meet the lender's eligibility criteria, a reverse mortgage can offer funds for various purposes, including:

• Debt consolidation
• Providing an early inheritance
• Supplementing reduced income
• Facilitating a divorce settlement to retain the home
• Covering medical or homecare expenses
• Making investments

Are You Eligible for a Reverse Mortgage?

Eligibility criteria for a reverse mortgage may include:

• The location of your residence, whether in a major Canadian urban center or a remote area
• The home serves as your principal residence, meaning you occupy it for a predetermined minimum duration each year
• All individuals listed on the title typically apply as joint borrowers
• The property is owner-occupied and not a secondary residence
• The dwelling is a detached or semi-detached house, condominium, or townhouse
• Demonstrated ability to cover certain expenses, such as annual property taxes, insurance, and condominium fees (the lender may retain a portion of the funds and release them gradually to ensure these payments are made as required)
• Available to homeowners aged 55 and above

Here for You, on Your Terms

Selecting the right lender for your reverse mortgage can result in savings through more favorable rates compared to some alternative lenders or unsecured loans.

We're here to assist you! Reach out to us in the manner most convenient for you:

• Call or send us a message
• Connect with an expert Axe broker who speaks your preferred language
• Schedule a callback