Find Out How Much You Qualify For With a Reverse Mortgage
Get a no-obligation assessment and speak directly with Steven Boodoo, a licensed mortgage broker.
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Steven Boodoo - Mortgage Broker
Tap Into Your Edmonton Home Equity With Confidence
My name is Steven and I'm our team's Lead broker and owner of the EDM Group! I have been in the residential lending space for 10 years and specialize in complex credit and business for self lending. My passion for lending and maintaining an exceptional client experience is evident in my work!
I help homeowners 55 + convert idle equity into steady, tax-free income, without selling the family home or having to move away. I compare Canada’s leading reverse-mortgage lenders so you keep more of your wealth.
From lump-sum payouts for renovations to monthly deposits that top up CPP and OAS, we handle the paperwork, and appraisal coordination while you enjoy things, strees-free.
Get Started TodayFAQs for Reverse Mortgages in Edmonton
Do I still own my home with a reverse mortgage?
Yes. You remain the owner of your home and continue to hold title. The reverse mortgage is simply a loan secured against the equity in your home, just like a traditional mortgage.
When do I have to repay the reverse mortgage?
The loan is only repaid when you move out, sell the home, or pass away. Until then, no monthly payments are required as long as you live in the home and keep up with property taxes, home maintenance, and insurance.
Will I owe more than my home is worth?
No. The CHIP Reverse Mortgage includes a No Negative Equity Guarantee, which means you will never owe more than the fair market value of your home when it’s sold.
How much money can I get from a reverse mortgage?
You may be eligible for up to 55% of your home’s value, depending on your age, home location, and current property value. The older you are, the more you can typically access.
Will this affect my government benefits like OAS or CPP?
No. The funds you receive from a reverse mortgage are not considered taxable income, so your Old Age Security (OAS), CPP, and other government benefits will not be affected.
Please note: it's always best to get in touch with our team to make sure each specific question you might have we can answer to you directly to ensure 100% accurate information.
Reverse Mortgage Client Testimonials