Reversemortgageme

Frequently Asked Questions

Please email me at nicole@reversemortgageme.ca

Am I eligible for a reverse mortgage?

If you are an Ontario homeowner over the age of 55, there’s a good chance you are eligible. Give me a call at 905-271-2292 to discuss.

Access part of your home’s equity while retaining full ownership and title.

What is my cost?

No Monthly Payments.

Your reverse mortgage will accrue interest, which is simply added to the balance over time. Additionally, at the time the mortgage is funded, a processing and appraisal fee will be deducted from your proceeds.

When do I Repay?

Best of all, a reverse mortgage loan doesn’t need to be repaid as long as you live in the home. If the property is sold, all remaining equity after repayment of the loan is left to the homeowners or their estate.

Do I need to see a lawyer first?

By law, every customer looking to take a reverse mortgage must first get independent legal advice from a lawyer.

reversemortgageme.ca

Step 1

Step 1

Step 1

We can discuss your current financial needs, complete an application together and I can answer any questions you have about reverse mortgages

Step 2

Step 1

Step 1

If you are approved, a Commitment Letter that outlines the amount available to you, key terms and conditions, and information about the product

There is still no obligation for you at this point. Take the time to review this document with your family and Lawyer

Step 3

Step 3

Step 3

By law, every customer looking to take a reverse mortgage must first get independent legal advice from a lawyer.
This process is there to protect you and ensure that you fully understand everything you need to know about the product, and the terms and conditions of a reverse mortgage.
In most cases, the cost for the lawyer is deducted from the reverse mortgage proceeds, so there is still nothing for you to pay upfront.

Step 4

Step 3

Step 3

How you receive your funds is completely up to you – whether you’d like to have the full amount all at once as a lump sum or spread out into regular monthly deposits.