There are several reverse mortgage lenders in Canada, including HomeEquity Bank, Equitable Bank, and Bloom, each offering competitive products tailored to different needs.

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 changes over time.

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

Our reverse mortgage assessment is often completed by people who have already spoken to their bank or one of the reverse mortgage lenders. However, that does not prevent you from taking advantage of our professional advice and guidance. We will work with the best lender for your situation to get your mortgage done and with the best deal.

In fact, we have helped people who were initially rejected by one of the banks, only to be accepted for a reverse mortgage through us! This is because we can structure your application better and have strong relationships with the banks - so we know the best way to get your refinance done.

Assuming everything goes smoothly, it should take around 3-4 weeks to arrange a reverse mortgage. They can be done quicker, on exception, but I would expect at least this amount of time. If you need yours done faster, please let us know.

That's a great question. It's common to think that if something sounds too good to be true, it usually is. But with reverse mortgages, it's more about understanding how they work.

A reverse mortgage is a financial tool designed for homeowners 55 years or older in Canada. It allows you to convert part of your home equity into cash, without having to sell your home or make regular mortgage payments.

Here's how it works:

A reverse mortgage is a loan that's secured against the value of your home. However, unlike a traditional mortgage, you don't have to make regular payments. The loan, plus interest, is repaid when you sell your home, move out, or if the last borrower passes away.

You retain ownership of your home and can stay in it as long as you like. You're also not required to pay back the loan until you decide to sell or move.

The "catch" that some people might refer to is the accruing interest over time since you're not making regular payments. But remember, this only gets repaid once you sell your home or move.

Reverse mortgage interest compounds semi-annually, like regular mortgages - which is unlike Home Equity Lines of Credit (HELOC) that compound monthly.

It's absolutely possible to maintain your home equity, and even increase it while having a reverse mortgage. In fact, 99% of Canadians with reverse mortgages still have equity left in their homes after the loan is repaid.

Plus, Canadian reverse mortgages come with a "No Negative Equity Guarantee". This means you or your heirs can never owe more than the house is worth.

You should get a response to your refinance assessment within 1 business day. If it has been more than 1 business day and you haven't heard from someone, please let us know.