What is a reverse mortgage and how can I get one?
We believe that every Canadian deserves a financially secure retirement. Afterall, there’s no retirement like home. With a reverse mortgage this means – your home, on your terms.
How did we do this?
We partnered up with HomeEquity Bank and Equitable Bank to expand our offering. They both feel much the same about mutually beneficial partnerships that help our clients live a life they love, beyond their working years. In fact, 93% of Canadian homeowners aged 65+ want to retire where they feel most comfortable, in a home they love. We agree that “there’s no retirement like home” and it is our mission to make that a reality with this new product offering here at True North.
Through an equity release (commonly known as a reverse mortgage), our clients can turn a portion of their home equity into a source of cash. Meaning, they will have access to a dependable source of funds without the stress of any payments all while retaining ownership of their home. This also allows for no monthly mortgage payments until you choose to move or sell.
Bottom line: this means, your home on your terms.
We are proud to offer 11 locations in 6 cities across Canada. This means, if you have questions – we have answers. We are real people who want to talk to you and walk you through whatever you want to learn more about and discover the best fit solution for you. We believe this process should not be rushed and we understand the importance of outlining all the facts before making a decision. That’s why we broke this down for you. Here is everything you need to know about reverse mortgages with this new product line:
You are eligible if:
- You live in a major urban centre in Canada, as certain products cover specific provinces.
- Your home is your principal residence, meaning you are there for at least 6 months of the calendar year.
- Titleholders of the residence apply as joint borrowers.
- Home is owner-occupied and not a secondary home.
- You live in a detached, semi-detached, condo or townhome.
- You demonstrate the ability to pay for annual property taxes, fire insurance, and condo fees (if this is not possible lender may hold back some of the funds and do a gradual release to ensure that you are making the above stated payments.)
- The youngest applicant is 55 years old.
We are proud to partner with both these brands because with each of their 30 years of experience, over 99% of homeowners have money left over when their reverse mortgage is repaid. Interested in learning more? We can’t wait to meet you. Fill out this form, visit us at one of our locations, or use the calculators on our partners websites.