Reverse Mortgages
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Find Out How Much You Qualify For With a Reverse Mortgage
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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 TodayReverse Mortgage Quick-Facts and Features
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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.
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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.
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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.
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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.
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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.
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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
FAQs 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.
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.
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