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WHAT IS A REVERSE MORTGAGE?

A reverse mortgage is a loan for seniors typically aged 55 and over, allowing them to convert part of their home equity into cash without selling their home or requiring monthly mortgage payments. The loan is repaid when the homeowner moves out or sells the house.

Click the video below to get a brief overview of a reverse mortgage.


Some Benefits to a Reverse Mortgage

Use the money how you want

Whether for supplementing retirement, covering healthcare costs, home improvements, or even taking a dream vacation.

NO Mortgage Payments Required

You can supplement retirement income, cover healthcare costs, make home improvements, or even taking a dream vacation.

Maintain Home Ownership

You will never be asked to move or sell to repay your Reverse Mortgage. You maintain taxes, insurance and maintenance costs.

NO Income Requirement

You are retired! You're not supposed to have a big income anymore. With no payments being made there is no need for income requirements

Tax Free Money

It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.


NO Credit Requirement

Good credit or Bad it just doesn't matter with reverse mortgages. We qualify you based on the equity in the property. Apply with confidence!

SEE HOW MUCH OF A REVERSE MORTGAGE YOU QUALIFY FOR

With a few quick questions we can see what you qualify for and what the next steps will be.

SEE WHAT I QUALIFY FOR
HOW DOES IT WORK?

COMPLETE APP

With our questionnaire complete we will send you a list of documents required.

CHOOSE LENDER

With all paperwork in hand we can provide you lender options for you to choose from.

SIGN PAPERWORK

You will sign the approval paperwork with us and the lawyer representing you.

GET MONEY

At closing the lawyer will disburse the funds where necessary.

OUR MOST FREQUENTLY ASKED QUESTIONS
How does a Reverse Mortgage work?

How does a Reverse Mortgage work?

A Reverse Mortgage is secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you.

The big advantage with the Reverse Mortgage is that you do not have to make any regular mortgage payments for as long as you or your spouse lives in your home. That’s what has made reverse mortgages such a popular solution in Canada, the U.K., the U.S., Australia and other countries.

Who is it for?

Who is it for?

The Reverse Mortgage is designed exclusively for homeowners age 55 and better. This age qualification applies to both you and your spouse.

How much can I get and how is it calculated?

You can receive up to 55% of the value of your home. The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value. You can contact me and I can quickly give you an estimate of how much you may be approved for. 

How do I receive the money?

How do I receive the money?

You can choose how you want to receive the money. The Reverse Mortgage gives you the option of receiving all the money you’re eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. Planned advances are available on the Income Advantage Program.

Will the homeowner owe more than the house is worth?

Will the homeowner owe more than the house is worth?

The homeowner keeps all the equity remaining in the home. In our many years of experience, over 99% of homeowners have money left over when their loan is repaid. The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.

Will the bank own the home?

Will the bank own the home?

No. The homeowner retains title and maintains ownership of the home. It’s required for the homeowner to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.

What if the homeowner has an existing mortgage?

What if the homeowner has an existing mortgage?

Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.
Should reverse mortgages only be considered as a loan of last resort?

Should reverse mortgages only be considered as a loan of last resort?

No. Many financial professionals recommend a reverse mortgage to supplement monthly income instead of selling and downsizing, or taking out a conventional mortgage or a line of credit.
What fees are associated with a reverse mortgage?

What fees are associated with a reverse mortgage?

There are one time fees to arrange a reverse mortgage such as an appraisal fee, fee for independent legal advice as well as our fee for administration, title insurance, and registration. With the exception of the appraisal fee, these fees are paid for with the funding dollars.
What if the homeowner can’t afford payments?

What if the homeowner can’t afford payments?

There are no monthly payments required as long as the homeowner is living in the home.

SEE HOW MUCH OF A REVERSE MORTGAGE YOU QUALIFY FOR

With a few quick questions we can see what you qualify for and what the next steps will be.

SEE WHAT I QUALIFY FOR

HOURS OF OPERATION

Monday to Friday - 9 am to 5 pm

Saturday and Sunday - CLOSED

ADDRESS

157 Bridge Street

Carleton Place, ON K7C 2V6

CONTACT INFORMATION

Office: 613.714.9499 |  Toll Free: 1.877.230.8872

Fax: 613.714.9488

team@bradplummer.ca 

Dominion Lending Centres The Mortgage Source is independently owned and operated. #FSRA 10145. Brad Plummer is an independent mortgage broker that places business with various mortgage providers. DLC is compensated for placing your business with a particular lender or will have to charge a fee for their services which will be disclosed well in advance. Not all products or services are shown on this page. If you would like to find a better suited solution it is best to speak to Brad Plummer about your unique situation and secure the best suited product for you. You can book a meeting HERE
Mortgage amounts and rates to be determined based on clients application, credit score, equity in the property and the location of the property. Rates are subject to change without notice. Other monthly fees and costs may apply depending on the lender. All costs will be disclosed once the application is approved and the client has an opportunity to decline the offer. Brad Plummer only handles the application process.
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