Could it fit your plans?

Who qualifies for a reverse mortgage

A reverse mortgage is not one-size-fits-all. These are the main guideposts lenders generally consider when reviewing an Ontario application.

Age 55+

Each borrower generally needs to meet the lender’s minimum age. The older the borrower, the more may be available.

The lender evaluates the property. Many home types may qualify, with requirements varying by condition and marketability.

Home value and existing mortgage debt affect the available equity. Current debt is often paid from the reverse mortgage proceeds.

You continue living in the home, paying property taxes and insurance, and maintaining the property.

The age of the youngest borrower.

The appraised value and type of property.

Existing mortgage balance and other debts secured against the home.

The chosen lender’s program, rate, and rules.