Stay in the home you love.
Use the equity you built.
A reverse mortgage turns part of your home's value into tax-free cash with no regular payments, while you keep the title and keep living there. Andrew explains it in plain language, shows you the alternatives, and only recommends it when the numbers work for you.
55+
Homeowners we serve
148
Five-Star Reviews
0
Monthly payments required
See what your home could release.
Tell us a little about your situation and Andrew will follow up with a plain-language estimate, the costs, and whether a reverse mortgage or another option fits better.
Retirement income is fixed. Costs are not.
Most of the wealth Toronto homeowners built over thirty years is sitting in the house. A reverse mortgage is one way to use it without selling or moving.
Top up monthly income
Scheduled advances that arrive like a paycheque, so a fixed pension goes further without touching investments at a bad time.
Help the kids now
A down payment for a child or grandchild while you are here to see it, instead of waiting for the estate.
Clear an existing mortgage or debt
Pay off a mortgage, line of credit or high-interest cards and stop the monthly payments that strain a retirement budget.
Renovate to stay put
Main-floor bedrooms, walk-in showers, a new roof. Age in place in the neighbourhood you know instead of moving to do it.
Right for some households. Not for all.
Andrew will tell you if a HELOC, a refinance or downsizing is the better answer. Here is who usually benefits most.
- Homeowners 55 and over who plan to stay in the home for years
- Retirees whose income is mostly pension, CPP and OAS
- Couples who want to help family now without selling
- Owners with a paid-off home and a large renovation or care cost ahead
- Adult children helping a parent stay in the family home
- Anyone who wants the numbers explained before talking to a lender
Four steps, no pressure, no surprises.
1. A 20-minute conversation
Your goals, your home, your other options. If a reverse mortgage is not the right tool, you hear that first.
2. The real numbers
How much you could access, the interest rate, how the balance grows over 5, 10 and 15 years, and what is left for the estate.
3. Lender and structure
Lump sum, scheduled advances or a mix, from the Canadian lenders who specialise in this. Andrew handles the application.
4. Independent legal advice and funding
You meet your own lawyer, sign when you are comfortable, and the funds arrive. Andrew stays your contact afterward.
What a reverse mortgage costs.
Interest rates on reverse mortgages are higher than on a conventional mortgage or a home equity line of credit, and because there are no payments, the balance grows every year. That means less equity for you later and less for your estate.
There are setup costs: an appraisal, legal fees for independent advice, and lender fees. Andrew puts every one of them on the page before you decide.
For some families a HELOC, a refinance, or selling and buying smaller is cheaper. Andrew brokers all of those too, so the recommendation is about your situation, not the product.
Reverse mortgage FAQ
Who qualifies for a reverse mortgage in Ontario?
Canadian homeowners aged 55 and over, on a home that is your primary residence. All owners on title must meet the age requirement. Lenders look at the home's value, location and condition rather than your income or credit score, which is why it works for retirees on a fixed income.
Do I have to make monthly payments?
No regular payments are required. Interest is added to the balance over time and the loan is repaid when you sell, move out permanently, or from the estate. You can choose to make payments if you want to slow the balance down.
Do I still own my home?
Yes. Title stays in your name. You keep living in the home for as long as you want, provided you keep up property taxes, insurance and maintenance.
How much can I borrow?
Typically up to 55 percent of the home's appraised value, depending on your age, the property and the lender. Older borrowers and higher-value homes in the GTA qualify for more. The money can come as a lump sum, in scheduled advances, or both.
Is the money taxable? Will it affect my pension?
Reverse mortgage funds are a loan, not income, so they are not taxed and do not affect OAS or GIS eligibility. Confirm your own situation with your accountant.
Can I end up owing more than my home is worth?
The major Canadian reverse mortgage lenders include a no negative equity guarantee: as long as you meet your obligations, the amount owed at repayment will not exceed the fair market value of the home. Independent legal advice is required before you sign, and Andrew will walk you through the numbers first.
Bring your questions. Bring your kids if you like.
Andrew meets in person in Toronto, by phone, or on video with family on the call. No obligation, and no application until you say so.
Andrew Gad, Mortgage Agent Level 2 (Licence M20000321) | Premiere Mortgage Centre Inc. (Brokerage Licence #10317). 1655 Dupont Street #101, Toronto, ON M6P 3T1 | 416-454-4783 | agad@premieremortgage.ca. This page is general information, not financial advice. Reverse mortgage products are provided by third-party lenders and are subject to their eligibility, appraisal and independent legal advice requirements. Figures are illustrative and change with rates and property values.