Reverse Mortgage Broker in Ontario

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Compare Rates, Terms, and Benefits from Canada's Best Reverse Mortgage Lenders. Find the Perfect Plan Made Just for You! Press ‘Apply Now’ for Your Free Personal Assessment!

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Catherine Evel reverse mortgage broker
Catherine Evel, Accredited Mortgage Professional of Canada
"Catherine worked really hard to get me the best possible mortgage rate, I was surprised how low of a rate she was able to get for me! Great experience working with her too, very patient and understanding. She really thought outside the box to get me the best deal on my mortgage and updated my price a few times to better prices in the process to make sure I got the best deal. This is my second time working with her and I highly recommend her."

Lydia M

"Catherine went above and beyond helping my mom. She is so knowledgeable and professional and made the process much easier. I highly recommend Catherine for your mortgage needs!"

Chris Bagaco

"Catherine is great to work with.  Will give options no matter your circumstances and needs.  I totally recommend her to help you with any mortgage or refinancing needs you have.  She looks after everything and makes the process go smoothly and much less stressful."

Tammy Mussgnug

"My wife and I would highly recommend Catherine!  She was so knowledgeable, professional, and wonderfully helpful.  She was always so quick to respond to our questions and we couldn't have had a better experience.  Even the signing officer at the bank commented on how organized she was while we were there to sign our documents. We will continue to use her services in future and would recommend her to anyone."

D Kostka

"We have worked with Catherine for a decade and she has been invaluable in helping us get the best mortgage for our needs. She’s super quick to respond to an email inquiry always, and has been extremely patient with us as our requirements changed and she helped us find exactly the right product for us. We can’t endorse Catherine enough."

Melissa Sheppard

"We have used Catherine for multiple mortgages and we couldn't be happier!  She and her team are punctual, organized, thorough and top notch all around!"

Gerben DeGelder

"Well I will have to say the she has literally saved me, and was extremely attentive to my needs and gave so many suggestions and really took the time for me, anyone that has used her in the past? Knows what I mean, she took time to ask the questions that were important at a time I really needed her professional opinions and she 100% delivered it all. I never felt pressure to do what I didn't understand, and to this day she always takes time to answer my questions, Thanks so much to Catherine and your staff for making smart Well thought out suggestions.  Also thanks to the lenders as well."

Rick Katerenchuk

"Our experience with Catherine and her team was amazing again!  She always anticipates our needs and goes the extra mile to make sure we are not only happy but in a better financial situation when the deal is done.  We have been working with Catherine for years, and will continue to do so."

Jeannette Macfarlane

"Catherine is absolutely delightful to work with and we were very happy with her service.  She always returns calls promptly and takes an interest in your file.  This is the fifth time we used her services for a home purchase.  We would certainly use her again and would have no hesitation to recommend her to all of our friends and family!"

Frank Phillips

"If we could leave a 50 star rating we would. Catherine's knowledge, experience and attention to detail, not to mention her patience with our plethora of questions, was above and beyond! We are so thankful for her assistance in bringing our dream one step closer."

Matt & Christie A

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Dear Fellow Homeowner,

You've worked hard for your home. It's more than just a roof over your head. It's a lifetime of memories, and the realization of dreams you've achieved through years of effort.

It's also a significant asset — one that could still be working for you even now.

My name is Catherine Evel, and I've been a mortgage brokering since 1999. For over two decades, I've been helping Canadians like you to leverage their homes for their financial well-being. I am proud to have successfully completed over 2500 mortgages.

One of my specialties is the often misunderstood, yet incredibly powerful tool of reverse mortgages.

I know. Reverse mortgages can sound intimidating. But did you know that they're simply a way for Canadian homeowners over the age of 55 to convert a portion of their home equity into tax-free cash? You get to stay in your home and there are no monthly mortgage payments. Instead, the loan gets repaid when you move, sell, or upon your passing.

It sounds almost too good to be true, doesn't it? But I assure you, it is true. And it's completely legitimate.

Why do I recommend reverse mortgages? Because I have seen firsthand the incredible impact it can have on the lives of my clients. A reverse mortgage can provide you with financial freedom, giving you access to funds for the things you need and want — whether that’s paying off debts, taking care of medical expenses, making home improvements, or even taking that dream vacation.

As a broker, I'm not tied to any single lender. But more importantly, I've extensively studied the products offered by all three Canadian reverse mortgage lenders. And each of their mortgage products have unique characteristics. With this expertise, I can help guide you to the best solution tailored to your specific situation.

However, I also want you to know that a reverse mortgage isn't for everyone. It's a powerful tool, but like all tools, it needs to be used wisely. That's why I'm offering you a free, no-obligation reverse mortgage assessment and consultation. During this time, we can discuss your individual circumstances, and I can answer any questions you might have.

Remember, there's no one-size-fits-all solution when it comes to your financial future. It requires careful consideration and an experienced guide.

Let me be that guide for you. Let's explore the opportunities that a reverse mortgage can provide and ensure that the choice you make is the right one for your unique situation.

Please press 'Apply Now' on this page and complete the 90 second form to get your free assessment and consultation right now.

Your dreams for a secure and comfortable retirement are within reach. I look forward to helping you realize them.


Catherine Evel
Licensed Mortgage Broker & Accredited Mortgage Professional of Canada

P.S. Even if you decide that a reverse mortgage isn't for you, the knowledge you'll gain from our consultation can still guide your future financial decisions. Get in touch today. It could be the most valuable call you make this year.

P.P.S. Time waits for no one and I truly believe that acting NOW will make all the difference in securing a comfortable future. I hope to connect with you soon. Remember, I'm here to provide you with the mortgage advice that over 2500 Canadians have already experienced. Don't miss out on your chance to live a stress-free retirement.

get started with a reverse mortgage

How to Get Started

  1. Call us or apply online

    Speak to a friendly advisor who will get to know your needs and goals.

  2. Learn your options

    We'll show you options from Canada's three reverse mortgage lenders and share advice.

  3. Complete your new mortgage

    When you're ready to complete your new reverse mortgage, it can be funded within 3-4 weeks.

Curious About Reverse Mortgages in Canada?

Have you come across the term "reverse mortgage" and found yourself wanting to know more about it?

Maybe you're considering this option to unlock the cash in your home, but you're unsure if it's the right choice for you.

Let's explore what reverse mortgages are, how they work, how you can get one, and what the pros and cons might be.

reverse mortgage couple relaxing with no regular payments

What Is a Reverse Mortgage?

A reverse mortgage is a type of loan that lets Canadian homeowners age 55+ get up to 55% of the value of their home, tax-free. The best part is, you don't have to make monthly payments.

The loan is secured against your house, and you only pay it back when you and your spouse move, sell your house, or pass away.

This loan is great for people who want to spend their retirement in their own home without worrying about monthly mortgage payments.

It's a good choice for those who want to pay off their current mortgage, clear up debts, make their home better with renovations, or just live a more comfortable life during retirement.

When you have a reverse mortgage you still own 100% of your home. Plus, you can use the money from the reverse mortgage however you want.

reverse mortgage couple camping and enjoying retirement

How Does a Reverse Mortgage Work in Canada?

Getting a reverse mortgage in Canada is simple.

If you have a mortgage right now, a reverse mortgage can pay that off. Plus, it can give you more money if you need it.

If you don't owe anything on your home, you can get up to 55% of its worth in cash. This money goes straight into your bank account.

The best part? You don't need to make any regular payments!

The loan interest adds up over time. You only pay it back, along with the money you borrowed, when you sell your house or when you pass away.

Qualifying for a Reverse Mortgage

In Canada, if you're a homeowner and 55 years old or more, you might be able to get a reverse mortgage.

How much money you can get depends on things like how old you are, and the value and location of your home.

The property must be your primary residence, and it can be a house or a condo.

If you're retired, this kind of loan could work well for you because it doesn't require employment income to qualify.

Applying for a reverse mortgage is easy. You can do it over the phone, in person, or through our secure online application.

reverse mortgage helps her enjoy more time with family

Paying Off a Reverse Mortgage

Paying off a reverse mortgage is just like paying off a regular mortgage. This typically happens when you decide to sell your property.

You can also get a new mortgage to refinance and pay off the reverse mortgage.

Pros and Cons of Reverse Mortgages

Like anything, reverse mortgages have good points and bad points.

On the plus side, they're a simple way for you to get money from their home's value.

You don't need a job or a great credit score.

The money is tax-free and won't mess with your Old-Age Security or Guaranteed Income Supplement.

You can get your money all at once or little by little over time, and you keep owning your home.

On the other hand, there are some things to watch out for.

The interest rates for reverse mortgages can be a bit higher than regular mortgages.

Other potential downsides could include less of your home's value left for your family, and higher set-up fees compare to regular mortgages.

Maintaining and Growing Your Equity With a Reverse Mortgage

Many folks worry that they might lose the value they've built up in their home, called equity, when they get a reverse mortgage.

But, good news! You can keep your home equity the same, or even increase it, with a reverse mortgage.

Let's take a look at an example:

reverse mortgage illustration
*Calculations and chart is for illustration purposes only, these assumptions are not necessarily indicative of future market performance or interest rates. External factors are not accounted for in the calculations and may affect future projections and are based on certain assumptions. This information is not intended as specific financial, legal, or tax advice for any individual and should not be relied on as such. We do not make any representations or warranties with respect to the illustrations.

As you can see in the illustration, it is possible to increase your equity with a reverse mortgage.

In this scenario, home equity grew from $388,500 to $461,808 over the 10 year span.

In fact, 99% of Canadians with reverse mortgages still have equity left in their homes after repaying the loan.

The "No Negative Equity" Guarantee

One of the notable benefits and safeguards of a Canadian reverse mortgage is the "No Negative Equity Guarantee."

The "No Negative Equity Guarantee" is a significant safeguard built into the Canadian reverse mortgage system.

This guarantee ensures that the loan repayment amount will never exceed the fair market value of the home at the time it is sold.

In other words, when the reverse mortgage comes due, if the sale of the property doesn't cover the full amount of the loan, the homeowner or their estate won't be held liable for the difference.

This is an important protection for borrowers and their families, providing peace of mind that the debt will not outgrow the homes's value and they will not be leaving a financial burden to their heirs.

Reverse Mortgage Lenders in Canada

There are several reverse mortgage lenders in Canada, including HomeEquity Bank, Equitable Bank, and Bloom. These reverse mortgage companies each offer competitive products tailored to different needs. They are similar but each has some unique traits.

HomeEquity Bank, for instance, offers the CHIP Reverse Mortgage. It was formerly known as the Canadian Home Income Plan and is a popular choice for many homeowners.

Equitable Bank, established in 1970, offers a wide range of mortgage products, including reverse mortgages. They have competitive rates, making them a good alternative to the CHIP Reverse Mortgage.

Bloom, a company specializing in reverse mortgages for Canadians aged 55 and above, was founded in 2019 and is another excellent option to consider.

We have used all three of these lenders for our clients at various times in the past. Each of their mortgage products have some unique aspects and have had small changes over time.

We look forward to presenting your best options and our advice for you soon!

Reverse Mortgage Rates

Given that there are three lenders offering reverse mortgages in Canada, the interest rates are usually quite competitive and friendly.

At any given time, one of these three lenders might offer special promotional rates to attract more customers.

As with traditional mortgages, you can choose between a fixed-rate or variable interest rate. And term lengths can range from six months to five years.

When the term matures you can renew and carry on, or refinance again if your needs or goals have changed.

When you apply now, you will get comparison of all your options and our recommendations.

Reverse Mortgage Costs

There are some costs when you get a reverse mortgage.

But don't worry, these costs can be included in the new mortgage amount, so you don't have to cover them out-of-pocket.

These costs may include:

Appraisal fee - this can be between $350 and $600. This is often required by lenders to determine your home's value.

Legal fees - this is about $1800. This is for your lawyer or a closing company to complete the transaction and provide independent legal advice.

Setup fee - this can be between $995 and $1800 depending on the lender.

Also, keep in mind, if you pay back the loan before the term is up, you might have to pay an early prepayment penalty.

Alternatives to a Reverse Mortgage

Reverse mortgages can be a great choice for some, but there are other options too.

You might consider a regular mortgage or a Home Equity Line of Credit (HELOC).

These could be a better fit for you, especially if your credit is good and you have a steady income.

We will explore all options for you and give our advice.

Another idea is selling your home and moving to a smaller, less pricey one. This could give you quite a bit of money to use. But keep in mind, selling and buying a home can cost a lot. You'll have to pay fees to the realtor, land transfer tax, legal fees and title insurance costs.

Choosing the Right Mortgage Broker

Choosing a mortgage broker you trust is crucial when navigating these decisions.

As your broker, we work for you, not the lender, and we provide multiple options and unbiased advice.

Our goal is to help you find the most cost-effective solution that aligns with your financial goals.

If a reverse mortgage isn't the best choice for you, don't worry. We'll let you know about other good options.

We're here to answer any questions and guide you through the process to ensure you're comfortable every step of the way.

Get started today and explore your options – there's no cost or obligation.

Press the 'Apply Now' button and learn your options in 90 just seconds.

Our Promise To You!

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Lower mortgage rates are what we do!

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We tell you what you NEED to hear, not what you WANT to hear!

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Your best interest ALWAYS comes first.

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We always do what’s best for you!

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We treat you as we’d like to be treated.

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We give you the same advice as we’d give our own mothers!

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We teach you what to look out for and how to choose the right mortgage.

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Frequently Asked Questions About This Page & Reverse Mortgages

Who are you?

Hi there! I'm a Accredited Mortgage Professional of Canada (AMPC), and the owner of this mortgage brokerage, Dominion Lending Centres Homestead Financial (License #11711).

I've been helping folks with their mortgages since 1999, with over 2500 successful ones under my belt.

My goal is to offer you honest, clear, and expert guidance for all your money matters.

Remember, I don't work for any bank or lender - I work for you!

Plus, I specialize in reverse mortgages, and I'm very familiar with the offerings from all three Canadian reverse mortgage lenders.

Catherine Evel profile picture

Catherine Evel, Licensed Mortgage Broker and
Accredited Mortgage Professional of Canada

We Serve Everyone!

Bank Employees
Police Officers
Small Business Owners
IT & Tech Specialists
Military Personnel
Newly Weds
Emergency Responders
What does your service cost?

The answer is simple: absolutely nothing!

My guidance and advice on mortgages come at no cost to you.

Similarly, using a Mortgage Broker doesn't cost you anything either.

How is this possible? The banks are the ones who pay us a commission, and they do this only after your new mortgage has been funded.

It's important to remember though, obtaining a reverse mortgage does have its own associated expenses. However, these are not related to my role as your broker.

The only time there may be a broker fee is when we're dealing with private lending. This is because private lenders typically don't pay a commission to brokers.

What is a reverse mortgage?

A reverse mortgage is a type of loan for homeowners aged 55 and above that allows them to borrow money using the equity in their home as security. The loan is only repaid when the homeowners moves, sells the property, or pass away.

How much money can I get from a reverse mortgage?

The amount you can borrow depends on your age, your home's value, and its location. Generally, you can borrow up to 55% of your home's value.

Do I need to repay a reverse mortgage monthly?

No. With a reverse mortgage, you don't have to make regular repayments. The loan is repaid when you sell your home or when you and your spouse no longer live in it.

Will I still own my home if I take out a reverse mortgage?

Yes. You keep the title and continue to own your home with a reverse mortgage.

Can a reverse mortgage affect my pension benefits?

No. Money from a reverse mortgage is tax-free and doesn't affect Old-Age Security or Guaranteed Income Supplement benefits.

What costs are involved in getting a reverse mortgage?

Costs may include an appraisal fee, legal fees, and setup fees. These costs can be paid from your reverse mortgage proceeds.

Can I apply for a reverse mortgage if I'm under 55?

Some lenders offer reverse mortgages without age limits or restrictions. However, typically, reverse mortgages are only available to those aged 55 or older. Apply Now and learn your options if you're under 55.

How long does it take to get a reverse mortgage?

The process to secure a reverse mortgage typically takes around 30-45 days from application to closing.

Will I owe more than my house is worth?

No, due to the "No Negative Equity Guarantee," you or your heirs will never owe more than the fair market value of your home. And, 99% of Canadians with reverse mortgages still have equity left in their homes after repaying the loan.

Can I lose my home due to a reverse mortgage?

As long as you meet the obligations of your reverse mortgage - such as maintaining your home, paying your property taxes and homeowners insurance - you won't lose your home.

What happens to my spouse if I pass away?

If your spouse is also a co-borrower, they can continue to live in the home without repaying the loan as long as they meet the obligations of the reverse mortgage.

Can I still get a reverse mortgage if I have an existing mortgage?

Yes, but the existing mortgage must be paid off using the proceeds from the reverse mortgage.

Can I get a reverse mortgage if I have bad credit?

Yes, a reverse mortgage is not typically impacted by credit because the loan is secured by your home.

How can I use the money I get from a reverse mortgage?

You can use the money from a reverse mortgage for any purpose, such as home repairs, healthcare expenses, travel, or just day-to-day living costs.

What types of homes qualify for a reverse mortgage?

Most types of homes can qualify for a reverse mortgage, including detached houses, townhomes, and condos. Mobile homes and co-ops might not be eligible.

Can a reverse mortgage be refinanced?

Yes, a reverse mortgage can be refinanced, but it might not always make sense depending on your circumstances and the costs associated.

What happens when the reverse mortgage loan needs to be repaid?

A reverse mortgage needs to be repaid when the last surviving borrower moves out of the house or passes away. The heirs then have options to pay off the loan balance, sell the house to pay off the loan, or turn the home over to the lender.

Do I need to pay taxes on reverse mortgage proceeds?

No, the proceeds from a reverse mortgage are tax-free.

What if my home decreases in value?

If your home decreases in value, it won't affect your reverse mortgage. The "No Negative Equity Guarantee" ensures you'll never owe more than your home's fair market value.

What is the difference between a home equity loan and a reverse mortgage?

The main difference is that a home equity loan requires you to make regular monthly payments, whereas a reverse mortgage does not require monthly payments.

Can I get out of a reverse mortgage?

Yes, you can end a reverse mortgage at any time. However, you'll need to pay off the loan balance, which can usually be done by selling your home or refinancing it with a new mortgage.

Are reverse mortgage rates higher than traditional mortgage rates?

Yes, reverse mortgage rates can be slightly higher than those for a traditional mortgage due to the additional risk lenders assume.

Can I buy a house with a reverse mortgage?

Yes, it's possible to use a reverse mortgage to buy a new home. This is known as a Reverse Mortgage for Purchase. We have assisted our clients with doing this many times.

Is a reverse mortgage the same as selling my home?

No, with a reverse mortgage, you remain the owner of your home. You are simply borrowing against the equity you have built up in your home.

Still have questions?

Press 'Apply Now' Complete the 90-second form and we'll be in touch to discuss your options and answer all your questions.

Dominion Lending Centres Homestead Financial
Independently owned and operated.
Ontario Mortgage Broker Licence #11711.
6-219 Dundas Street East, Waterdown, ON L8B 1V9
To get in touch with me you can use either of:
(905) 690-6834