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5 Reverse Mortgage Facts You Must Know

Don't take out a reverse mortgage before you read this guide and discovering all of your options.

Discover the important information about how a reverse mortgage works, the alternatives, and how to get the best help when it comes to reverse mortgages.

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What Is A Reverse Mortgage?

The best place to learn more about Reverse Mortgages is by reading our free guide.

This guide outlines the key facts you need to know to make an informed decision. Download the free reverse mortgage guide by clicking the button below.

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Discover The REAL Facts About Reverse Mortgages

There is a lot of bad information out there about the Reverse Mortgage in Canada. That's why I wrote this free reverse mortgage guide to help inform and let you know everything you need to know.

Discover The True Facts About Reverse Mortgages.

After reading the guide, you'll know:

  • The safety nets that are built into reverse mortgages

  • All about reverse mortgage rates

  • Reverse mortgage lenders

  • How reverse mortgages in the USA are different than Canada

  • Everything you need to apply

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About The Author

My name is James Smythe and I am the owner of Dominion Lending Centres Central.

In the industry, I've been featured in the "I Love Mortgage Brokering" podcast as well as industry articles, and I've been a recipient of the Canadian Mortgage Profession Top 50 Brokers.

I'm proud to be highly regarded in the industry and to be able to serve my clients above and beyond.

When it comes to Reverse Mortgage and mortgage advice for seniors, I'm here to make sure you get all of the information you need to make an informed decision and get the financial help you need.

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James Smythe

Hundreds Of People Like You Have Trusted Me For Reverse Mortgage Advice

Here From Them Below

"I have known James professionally now for 10 years. His dedication, attention and professionalism delivered to all my referrals has been incredible. I highly recommend James and I am open to accept a call, text or email as a reference."

Angelo D’Amico
Angelo D’Amico

"James is my "go to" person for my clients' mortgage needs. He has the experience, the reputation within the industry to get the job done for them! I have and will continue to recommend James."

Lisa McDonald
Lisa McDonald

"JD is one of the sharpest Mortgage Brokers I know. (And I know a lot of them) He has an incredible work ethic and a high degree of integrity. I would definitely recommend JD if you are looking for a Mortgage Broker."

Scott Peckford
Scott Peckford

"I have worked with James in the purchase of both my homes. Over the past 13 years he is the only person I have trusted to provide me with honest advice on decisions concerning my homes and mortgages. I have confidentially referred friends and family to James, as I know he always has his client’s best interests at heart. James has not only become a trusted advisor but a friend as well!"

Natalie Hyman
Natalie Hyman

"James and I have crossed professional paths many times over the past fives years. Every time we chat James demonstrates a level of integrity with his advice which sets him apart in the finance industry. Truly a pleasure to deal with."

Dustan Woodhouse
Dustan Woodhouse

"JD is very personable, easy to speak with and extremely knowledgeable. He takes time to explain even the smallest details so there are no questions. JD is quick to return calls, respond to emails and even texts. JD seeks out the best finance options at the best rates and ensures that monthly or biweekly payments fit within your personal budget limitations. He is both honest and transparent during every step of the process! I would highly recommend JD!"

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Do I Qualify For A Reverse Mortgage?

If you are over 55, and if your partner is on title and is also over 55, then you qualify for a reverse mortgage.

The amount you qualify for depends on a few factors:

  • Your age and the age of your spouse

  • The property type of your home (house vs townhouse vs condo)

  • Where your home is located

You can find out more in the free reverse mortgage guide.

Download The Free Guide On Reverse Mortgages By Clicking Here
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Canada Vs. USA Reverse Mortgage Differences - Pay Attention

It is easy to confuse the reverse mortgage in the USA with that in Canada but this is a huge mistake – as the 2 products are very, very different.

There are a lot of bad stories about reverse mortgages in the USA because it’s a lot more like the ‘wild west’ of lending than in Canada.

It is very important to note that the reverse mortgage in Canada is completely different to that in the USA – much less risky and much safer.

Find out more in the free guide!

Download The Free Reverse Mortgage Guide By Clicking Here
Canada vs. usa mortgages

Frequently Asked Questions

Click on the question to reveal the answer.

These two reverse mortgage products could not be any more different. First of all, what is required to qualify is very different. The closing costs also tend to be much higher in the US.

Generally, banking in Canada is more conservative (i.e. less prone to take risk) than banking in the US. This means you can be a lot more confident that the banks here won’t put you into a financially risky situation.

Reverse mortgages in the US have a bad reputation, and rightly so as result of poor lending practices and qualification rules that resulted in many seniors losing their homes. This is not the case in Canada. In fact, 99% of Canadian homes have equity remaining in the home after the reverse mortgage is discharged.

You can still take out a reverse mortgage even if you already have another mortgage. Think of it as if you were transferring your mortgage to another lender. Your existing loan is simply being replaced by a new loan – you get to keep any money that remains from the reverse mortgage after paying off the existing mortgage.

What you could get from your reverse mortgage depends on a number of factors, including your age, the age of your spouse (or anyone else on title), your home's value, and the property type. You may qualify for as much as 55% of the home value, which is the maximum available for a reverse mortgage in Canada.

You and your partner must be over 55 and it must be your primary residence.

My name is James Smythe – I am a mortgage professional here in Ontario and a reverse mortgage specialist. I am a licensed mortgage broker with Dominion Lending Centres Central Inc. #11424.

I have been named a recipient of the Canadian Mortgage Profession Top 50 Brokers award in recognition for the outstanding work I provide for my clients. Additionally, I have been featured in industry articles and podcasts and have received great feedback from my clients and peers, which you can see here.

The guide, as well as any reverse mortgage advice, is and always will be completely free. It is just part of the service I provide to help people like yourself decide what is the right mortgage option for you.

The free reverse mortgage guide is a PDF (which opens with Adobe or any PDF or e-book reader). This will be sent to your email where you can download it for reading. I will also continue to send you more free tips and advice regarding reverse mortgages to help you learn more about this unique product and how it can help you.

You can use your home equity to draw a home equity line of credit to achieve the same end as a reverse mortgage.

The downside of a home equity line of credit is that you will have monthly payments at a given interest rate that you need to make on the amount that you withdraw.

This is just like a regular mortgage in that you are making monthly payments on a mortgage loan.

The advantage of a reverse mortgage is that the loan plus interest only becomes due when the home is sold or if the borrower dies. It is a long term way to draw money from your home equity without having to worry about monthly payments or mortgage debt in the meanwhile.

We cover the pros and cons very thoroughly in the free guide, including exactly how reverse mortgages work.

There are two major reverse mortgage lenders in Canada: HomeEquity Bank and Equitable Bank. Both offer similar products for you.