Reverse Mortgages Made Easy!
We Make Lending Easy
What is a Reverse Mortgage?
It's a financial solution designed for Senior Canadian homeowners
Unlike a traditional mortgage where you make payments to a bank or someone else, a reverse mortgage pays you. You can use the money in anyway you see fit and live your retirement comfortably knowing you don't need to leave your home.
The biggest benefit of a reverse mortgage is that you are not required to make regular payments for as long as you or your spouse lives in your home.
Our Lending Advantage
Fast
Lending Approvals
Low Rates
Some of the lowest rates anywhere
98%
would recommend us
No-Obligation
free, no-hassle conversation
Reverse Mortgage Quick-Facts and Features
-
1
Tax Free Money
The money you receive does not constitute a part of your taxable income, meaning that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not affected.
-
2
Maintain Ownership of Your Home
Contrary to popular belief, you will not lose your home with a Canadian reverse mortgage. You'll never be asked to move or sell to repay your CHIP Reverse Mortgage. The requirement is to maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
-
3
Use The Money Anyway You Wish
A reverse mortgage can help you enjoy your retirement or cover unexpected expenses. Pay for medical bills, upgrade your home, help family and loved ones, travel and pay monthly expenses without depleting your current savings. The only condition is that any outstanding loans secured by your home must be paid out with the proceeds from your Reverse Mortgage.
-
4
Keep All Remaining Home Equity
In many years of experience, 99 out of 100 homeowners have money left over when their Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
-
5
Basic Qualification
To qualify you must be a Canadian home owner, 55 years of age or older. The age qualification applies to both you and your spouse. Get up to 55% the value of your home; No credit, no health check and no income needed. Your home must be your primary residence.
-
6
No Repayment While Living In your Home
Regular mortgage payments are not required while you or your spouse are living in the home. The full amount only becomes due when you and your spouse no longer live in the home.
ALBERTA HOMEOWNER’S GUIDE TO REVERSE MORTGAGES
Unlock Your Equity, Keep Your Home, and Live Retirement on Your Terms.
What is a Reverse Mortgage?
A reverse mortgage allows Alberta homeowners aged 55+ to access up to 55% of their home’s value in tax-free cash. Unlike a traditional mortgage, you aren't required to make monthly principal or interest payments. The loan is only repaid when you decide to sell the home or move out.
Top 5 Benefits of a Reverse Mortgage in Alberta
1) No Monthly Payments: Eliminate mortgage or debt payments to increase your monthly cash flow immediately.
2) 100% Tax-Free: The money is not considered income; it does not affect your OAS or GIS benefits.
3) You Retain Ownership: You stay on the title. You remain the owner of your home just like a regular mortgage.
4) No Negative Equity Guarantee: You (and your heirs) will never owe more than the fair market value of the home at the time of sale.
5) Total Flexibility: Use the funds for home renovations, medical bills, travel, or gifting an "early inheritance" to your kids.
Do You Qualify? (The Checklist)
[ ] Age: You and any co-owners on the title must be at least 55 years old.
[ ] Property Type: Your home must be your primary residence (detached, semi-detached, condo, or townhouse).
[ ] Location: The property must be located in Alberta (Edmonton, Calgary, and most major towns).
[ ] Home Value: Minimum appraised value of $250,000 is typically required.
[ ] Equity: Any existing mortgages or lines of credit must be paid off using the reverse mortgage proceeds first.
How Much Can You Get?
The amount you qualify for is based on the age of the youngest borrower, the location, and the appraised value of your home.
* Pro Tip: Generally, the older you are, the more equity you can unlock.
Age 55 15% – 20% of home value
Age 65 25% – 35% of home value
Age 75 40% – 55% of home value
Common Myths vs. Facts
Myth: "The bank will own my home." >>
Fact: False. You maintain full ownership and title. You only need to keep your property taxes and insurance current.
Myth: "I’ll have nothing left for my kids." >>
Fact: False. On average, Canadian homeowners have over 50% of the equity left even after the loan is repaid.