Reverse Mortgages Canada
A reverse mortgage accesses equity from your home.
We can access up to 55% of your home’s value. How do we do it?
- We provide you with a free estimate to see how much equity you can access.
- We gather all your information and ask a few questions.
- You can receive the money in one lump sum or in installments.
- You have no monthly payments and the loan is due when you are no longer in the home, for instance, when you sell your home or the homeowner passes away.
Did you know that reverse mortgages in Canada increased by 30% in 2022 to over $1billion for the second year in a row? The main benefit of a reverse mortgage is that homeowners can access equity in their home without the need to sell.
At Garrett Mortgages/CENTUM, we use a CHIP Reverse Mortgage to reverse the financial equation. Like many individuals, your net worth will be tied up in savings and your home when you reach retirement. With the increase in the housing market, the majority of your net worth could be derived from your home. With a CHIP Reverse Mortgage, you can access the equity in your home without giving up ownership. Contact us today to learn about the latest CHIP reverse mortgage rates in Canada.
How to Qualify for a Reverse Mortgage in Canada
- The title holder(s) on the property need to be 55 years or older.
- The home that is used with the reverse mortgage must be your primary residence.
- If you have a remaining mortgage or any debt that used the home as security, the monthly payment from your reverse mortgage will be put towards those debts first with the remaining amount of cash going to you.