Reverse mortgages can sound complicated, but the process is simpler than you might think. Here's how it works in Canada, in five steps.
Step 1: Get informed. Learn how a reverse mortgage works — you borrow against your home's equity while keeping ownership, and in most cases no regular monthly payments are required. Understand the costs, interest rates, and obligations.
Step 2: Get a free consultation. Speak with a licensed mortgage broker. We'll explain whether a reverse mortgage suits your situation and answer your questions in plain language.
Step 3: Get an estimate. The amount you can borrow depends on your age, the value of your home, and the equity you have. A professional appraisal of your property will determine its current value.
Step 4: Choose a lender and terms. As independent brokers, we compare offers from all major Ontario lenders — HomeEquity Bank, Equitable Bank, Home Trust, Bloom Financial, and IC Savings — so you can review the available options.
Step 5: Close and receive your funds. Once approved, the loan is set up with a lawyer, and you receive your funds as a lump sum, a line of credit, or regular payments — while continuing to live in your home.
Every situation is unique. Contact Reverse Mortgage Outlet for a free, confidential consultation.