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Reverse Mortgage
FREE CANADA REVERSE MORTGAGE GUIDE.
This Retirement Strategy is Game-Changing!
As a retiree and homeowner, you are fortunate to have built equity over the years. However, even owning a home may not be enough to shield you from the rising costs and financial challenges that many retirees face today.
We understand that retirement should be a time of security and peace of mind. If you’re facing financial challenges, let’s talk about solutions tailored specifically to help you thrive. Whether it's reducing debt, improving cash flow, or securing the care you need, there are ways to build a more financially stable future in retirement.
Seniors are using the Strategies found in this Interactive eBook to give themselves an edge in achieving a financially secure retirement in just 21 Days.
Our comprehensive eBook offers the latest insights and strategies for integrating reverse mortgages into a responsible and effective retirement plan.
Discover how this powerful tool can boost your financial security, improve your quality of life, and leave a lasting legacy for your loved ones.
Download now to transform your retirement planning and secure a brighter future!
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See why Retirees are Praising this Revolutionary Retirement eBook.
Get Pre-Approved
THOUSANDS OF HOMEOWNERS AGE 55 OR OLDER HAVE REVERSE MORTGAGES
WE SHOP THE BEST REVERSE MORTGAGE PROVIDER
GET YOUR FREE NO-OBLIGATION PRE-APPROVAL TO FIND OUT HOW MUCH YOU QUALIFY FOR.
Easy To Qualify
NO MORTGAGE PAYMENTS EVER!
IMPROVE YOUR HOUSEHOLD CASH FLOW TO ENJOY A BETTER AND STRESS FREE LIFESTYLE
APPROVAL BASED ON HOME EQUITY ONLY
INCOME OR GOOD ENOUGH CREDIT? DOESN’T MATTER
HOME EQUITY LOAN – REVERSE MORTGAGE
GUARANTEED & DESIGNED TO HELP HOMEOWNERS AGE 55 OR OLDER
BETTER THAN ANY HOME EQUITY LINE OF CREDIT
GET FRIENDLY UNBIASED OPINION FROM A LICENSED REVERSE MORTGAGE BROKER!
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FRIENDLY & HELPFUL
MATTHEW HINES
Canada’s Expert
PROVIDING UNBIASED OPINION
TO IMPROVE YOUR LIFESTYLE, INCOME AND HAPPINESS
416-908-2070
Discover the Power of a Reverse Mortgage!
Access Up to 55% of Your Home Equity
Homeowners in Canada aged 55+ can tap into their home equity with a reverse mortgage, unlocking up to 55% (up to 65% in some circumstances) of their home’s value. No monthly payments are required, and the loan only needs to be repaid when you sell your home, move out permanently, or the last survivor passes away.
What a Reverse Mortgage REALLY IS
A reverse mortgage is more than just a loan; it’s a financial tool that provides added security and flexibility for retirees. When used correctly, it can be a game-changer, offering an edge in achieving financial stability. Boost your financial security, enhance your quality of life, and ensure a lasting legacy for your loved ones.
Versatile and Tax-Free Funds
You can use the money from a reverse mortgage for any purpose, whether it’s a lump sum, installments, or a combination. Best of all, the funds you receive are tax-free. Receive tax-free funds from your home’s equity to cover expenses like debt, renovations, or day-to-day costs, without impacting your government benefits.
Beyond CHIP Reverse Mortgage
Most people have heard of the CHIP Reverse Mortgage offered by HomeEquity Bank, but there are other lenders out there as well.
No More Mortgage Payments
Enjoy the freedom of being mortgage payment-free. A reverse mortgage allows you to stop making monthly payments while still owning your home.
Flexible Financial Options
Choose how to receive your funds—whether as a lump sum, occasionally as needed, scheduled monthly payments, or a combination — based on your financial needs and goals.
Preserve Home Ownership
Keep full ownership of your home while living in it, with the flexibility to sell or refinance at any time. You maintain control over your property and equity growth.
Secure Your Future and Legacy
Reverse mortgages allow you to live comfortably and potentially pass on wealth to your heirs by leveraging home equity to build a tax-free savings plan or fund an early inheritance.
Stay in Your Home for Life
With a reverse mortgage, you are guaranteed the right to live in your home for as long as you wish, or until the last surviving homeowner passes away, without fear of eviction or foreclosure.
No Credit or Income Requirements
Unlike traditional loans, reverse mortgages don’t require proof of income or creditworthiness, making them accessible for retirees with limited financial resources.
Protect Against Market Fluctuations
Reverse mortgages provide a steady source of income that isn’t affected by stock market volatility, ensuring stability and peace of mind during retirement.
Preserve Investments
A reverse mortgage allows you to tap into home equity without having to liquidate your other retirement savings or investments, helping to protect your financial future.
Eliminate High-Interest Debt
A reverse mortgage can help you pay off high-interest credit card debt or other loans, improving your financial situation by lowering your monthly expenses.
Flexible Repayment Options
You are in control of repayment. You can choose to make no payments, partial payments, or full interest payments, giving you flexibility based on your financial situation.
No Impact on Government Benefits
Reverse mortgage proceeds do not affect eligibility for Canadian government benefits like CPP, OAS, GIS, or other pensions, allowing you to maintain your full entitlements.
Enjoy a Better Quality of Life
Use the additional cash flow to improve your lifestyle—travel, pursue hobbies, or engage in social activities that may have previously been out of reach.
Reverse Mortgage Learning Centre
In-depth articles, written by our in-house experts that help you understand everything you need to know about Reverse Mortgages in Canada.
Navigating Retirement Assistance Programs for Canadian Seniors
Transitioning from a steady job into retirement can be a daunting experience. For many, the concern lies in whether their accumulated savings will be enough to sustain them through this new phase of life. This is especially true for those from lower-income households, where savings might not have reached the desired level.
Fortunately, Canada offers a variety of assistance programs aimed at ensuring seniors can enjoy their retirement years without financial strain. Whether choosing to age in place or move into a community like Seasons Retirement, these programs are designed to provide much-needed support. Let’s delve into these programs, exploring their benefits, eligibility criteria, and application processes.
Key Assistance Programs for Canadian Seniors
Canada has implemented several programs to help seniors transition smoothly into retirement, ensuring they can live comfortably without the worry of needing to return to work. Here’s a closer look at these programs:
1. Canada Pension Plan (CPP)
The CPP provides a monthly taxable benefit that replaces a portion of a senior’s income upon retirement, lasting for the remainder of their life. To qualify, individuals must:
Have contributed to the CPP at least once.
Be at least 60 years old.
Seniors can contribute to the CPP through employment within Canada or via credits received from a former spouse. Applications are submitted via the form on Canada.ca, and the benefit amount is influenced by their lifetime earnings, contributions, and the age they start receiving the pension.
2. Guaranteed Income Supplement (GIS)
The GIS offers a monthly non-taxable supplement to seniors who already receive the OAS and meet specific income thresholds. Eligibility requires:
Being at least 65 years old.
Residing in Canada.
Receiving the OAS.
Having an income below the GIS threshold.
Most seniors are automatically enrolled, but some may need to apply manually through the Canada website’s contact page.
3. Old Age Security (OAS)
OAS is a monthly payment for those aged 65 and older, typically automatically enrolled by Service Canada. The benefit amount depends on the recipient’s income and the duration of their residency in Canada after turning 18. Note that this benefit is taxable.
4. Veteran Affairs Senior Support
For veterans, Veteran Affairs Canada offers various benefits to help them age in place, including:
Financial assistance for health services and medical devices.
Mobility support and home adaptations.
Home maintenance and meal preparation services.
Long-term care support.
These benefits also extend to spouses and dependents. To apply, veterans must contact a Legion Command Service Officer.
5. Allowance for the Survivor Benefit
This program provides regular payments to seniors aged 60-64 who have lost a spouse or common-law partner and have not remarried. Eligibility requires:
Residency in Canada.
Income below the program’s threshold.
Benefits commence a month after the spouse’s death or the applicant’s 60th birthday. Applications are managed through Service Canada’s website or their toll-free number.
Conclusion
The Canadian government offers a comprehensive range of programs to ensure seniors can enjoy a secure and comfortable retirement, whether they choose to stay in their homes or move to a retirement community. If you or your loved one qualify for any of these programs, incorporating them into your retirement plan can provide financial peace of mind and help you transition smoothly from work to retirement.
Frequently Asked Questions (FAQs)
Find answers to common questions we receive about Reverse Mortgages in Canada
Will I Lose Ownership Of My Home?
No. You remain the owner and have full control of your home. As long as you meet the four obligations of a Reverse Mortgage, you will never be asked to move or sell your home. You and your spouse can stay in your home as long as you wish.
How Much Do I Qualify To Borrow?
The amount you are eligible for depends on four factors, including your age, the age of your spouse, your home’s value, type of property, and the location of your home. To get this amount, simply contact us to Get Your Free No-Obligation Reverse Mortgage Analysis.
Do I Have To Make Payments?
NO. The answer is simply that no payments are required until you move or sell your home. That includes any interest accrued during the lifetime of the Reverse Mortgage. You can voluntarily make payments though and essentially turn a Reverse Mortgage into something similar to a Home Equity Line Of Credit (HELOC).
Will I Lose The Equity In My Home?
YES. Over 99% of homeowners have money left over when their Reverse Mortgage is repaid. And, on average, the remaining balance is over 50% of the value of the home. The remaining equity that is earned on the home during the lifetime of the Reverse Mortgage is yours to keep.
Will My Government Benefits Be Affected?
Money received from a Reverse Mortgages is not considered income and therefor, does not affect any government benefits you may be receiving, including but not limited to Old Age Security, or the Canadian Pension Plan.
Can I use a Reverse Mortgage To Pay Off My Existing Mortgage?
Absolutely! This is one of the most common uses of a Reverse Mortgage. The only catch is that the Reverse Mortgage funds must first pay off any existing mortgage(s). Any remaining balance is yours to do with as you please.
Is A Reverse Mortgage A SCAM?
A Reverse Mortgage in Canada is NOT a SCAM. It is not designed to take advantage of you and is Federally Regulated the same as any of the Canadian "Big 6" Banks. Read what the Financial Consumer Agency of Canada has to say.
Locations:
*Located inside the Royal LePage Signature Realty Offices.
(416) 908-2070
contact@homeequityfreedom.ca
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