Unlock your home equity with a reverse mortgage
Our Homewise team helps you determine how much money you can borrow, and searches the market to find the most savings
Learn more todayOur Homewise team helps you determine how much money you can borrow, and searches the market to find the most savings
Learn more today
A reverse mortgage is simply a loan for Canadians aged 55 or better that enables them to unlock tax-free money from their home’s equity. It’s just like a traditional mortgage or HELOC but with the option of making payments. With a loan up to 55% of the value of their home, borrowers can choose whether to make payments or let the expected home value increases take care of the interest costs.
A reverse mortgage gives you access to the equity that has built up over the years. Whether it is to pay existing debts to reduce payments, or provide another stream of income, or provide an early inheritance to a family member, it is a great way to utilize the cash value your home has been building to enjoy today.
At Homewise, we work with multiple lenders, to find the lending option for your unique needs. Further, you will be set up with a personal Advisor to help explain everything at each step, provide advice and help you get the right option.
Our team will also help you decide if a reverse mortgage is right for you, or if a different mortgage option like refinancing or a line of credit (or no option at all) is best for you today and in the future. Whatever the situation, we can help you to identify the tool that will serve you best and ensure you clearly understand your options and why one may be better than another.
As Homewise has access to a variety of lending products, our advisors are geared toward finding the right one for you. Reviewing the benefits and drawbacks of any product is important, especially for Canadians 55 or better as making the right decision is critical. It is important to fully understand what our clients hope to achieve so that we can find the product that suits them best. As an example, some will consider a Line of Credit, however, a line of credit often required monthly payments as well as income for qualification. Understanding your situation will help us identify whether a reverse mortgage is right for you.
A reverse mortgage is a great way to unlock finances, access tax-free cash, improve cash flow and provide money to your loved ones, but it is a big financial decision. It should be discussed with loved ones and advisors. Rest-assured, every reverse mortgage borrower must get Independent Legal Advice before finalizing their mortgage.
Learn more in our FAQ section: CLICK HERE TO VIEW
Provide some brief information and we'll let you know how much equity you can access. One of our team members will call you to discuss your best options and answer any questions you have.
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