How do I qualify for a reverse mortgage?
With a reverse mortgage, who owns the house?
Could I owe more than my house is worth with a reverse mortgage?
Who is responsible for paying property taxes for a reverse mortgage?
How can I use the funds from a reverse mortgage?
You could use the funds to cover daily expenses, home renovations, medical bills, in-home care, family needs, trips, or help a relative with a down payment, it’s up to you.
We also offer a range of home-financing solutions. You can work with a mortgage broker to find a plan that works for you.
What if I already have a mortgage on my property?
Can I get out of my reverse mortgage?
How much equity do I need for a reverse mortgage?
The value of the reverse mortgage must be equal to or greater than the value of any loan secured against the property.
For example, a borrower who qualifies for 40% on a $500,000 home could access $200,000, provided any loans they have secured by the home are less than $200,000.