Reverse Mortgages

How reverse mortgages work

Simplify your path to financial freedom with a flexible and tailored reverse mortgage solution.

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Could you benefit from the power of a reverse mortgage?

With a reverse mortgage, Canadian homeowners 55 and older can unlock the equity in their homes, turning it into tax-free cash while staying in the home they love.

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Your Home, your future: Unlock the possibilities

Homeowners 55 and older can borrow up to 59% of their home’s value.

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Keep ownership of the home you cherish

Maximize your home’s value without ever owing more than it’s worth.

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Adaptable funds tailored to your needs

Access tax-free funds upfront or over time, with no monthly payments.

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Discover the advantages of a reverse mortgage

Learn how a reverse mortgage can help you achieve financial freedom

Access your home’s equity without selling or moving, allowing you to stay in the place where you’ve built a lifetime of memories.

Enjoy the wealth from your home now, enabling you to support family members with expenses like education or home purchases.

No repayment is required as long as you remain in your home and meet the necessary obligations, offering peace of mind and steady cash flow that supports your financial stability.

Benefits of a reverse mortgage

No regular mortgage payments are required.

Retain ownership and control of your property.

Access to tax-free cash without selling your home.

You're guaranteed to never owe more than your home's fair market value.

Potentially delay withdrawals from RRSPs and other retirement accounts.

Ability to financially assist family members while you're still alive.

Leverage your home's equity for a secure future.

Take the first step towards unlocking your home's equity with a reverse mortgage.

Secure your reverse mortgage in 4 simple steps

Apply

We will review your application, and you could receive conditional approval in just one day.

Submit documents

Provide the required paperwork, and we’ll arrange a professional appraisal for your home.

Consult your lawyers

Work with your closing and Independent Legal Advice (ILA) lawyers to finalize the agreement.

Receive funds

Your reverse mortgage funds will be deposited directly into your account on your chosen date.

Angela and Markus

Markus, a 70-year-old retiree, and Angela, a 68-year-old retired teacher, were both feeling the financial pinch in their golden years. Markus found that his pension and savings weren’t quite enough to cover his daily living expenses and medical bills, while  Angela’s modest pension and savings fell short of funding her dream travels and supporting her grandchildren’s education.

After careful research, they both decided to explore reverse mortgages as a solution to their financial challenges. By accessing their home’s equity, they were able to achieve several personal goals:

They chose to opt out of having any regular mortgage payments and appreciated the flexibility to pay down the mortgage when they had extra cash using their prepayment privileges.

The funds from their reverse mortgage don’t affect any of their various income sources, doesn’t reduce their eligibility for government benefits and is tax-free. This allows them to access additional funds without impacting their existing financial stability.

They opted for a combination of regular monthly payments and a lump sum, allowing them to supplement their income, enjoy dream trips, support their grandchildren’s education, and make necessary home repairs.

Markus and Angela were able to convert a portion of their home’s equity into a reliable source of tax-free cash with no monthly payments—allowing them to stay in the home they loved without having to sell. This not only made their own dreams come true but also helped fulfill the aspirations of their family.

Types of advances

We offer several options for accessing your funds, allowing you to customize the disbursement method that works best for your needs. You can choose from Recurring Advances, Single Advances, or a One-Time Advance (Initial Advance).

  • Only available for adjustable interest rate terms.
  • Scheduled at regular intervals over a defined period, offering consistent payouts.
  • Minimum advance amounts depend on the frequency of the disbursements.
  • Subject to the adjustable interest rate at the time of each disbursement, with no additional fees for scheduled payouts.
  • Available for both adjustable and fixed interest rate terms.
  • Can be requested on demand at any time after closing.
  • Minimum advance amounts apply, but the entire remaining balance may be accessed if it falls below the minimum.
  • Advances under fixed interest rate terms may be subject to a blended rate.

One-time advance

  • You can set up recurring advances for consistent payouts.
  • Leave flexibility for single advances in the future.
  • Decide on adjustable or fixed interest rate terms.
  • You’ll receive the total funds in a single disbursement.
  • You’ll need to choose between an adjustable or fixed interest rate term.
  • This option may allow access to lower lump-sum rates.

To qualify for a reverse mortgage in Canada

Be at least 55+ years old

Own your home

Live in your home as your primary residence

Meet the minimum appraised home value required

Determine if a reverse mortgage is right for your situation

Compare options from different lenders

Navigate the application process

Ensure you understand all terms and conditions

Let our experts support your reverse mortgage journey.

Let our experts support your reverse mortgage journey

Reverse Mortgage FAQS

Who is eligible for a reverse mortgage?

To be eligible, you must:

  • Be at least 55 years old
  • Own your home
  • Live in the home as your primary residence
  • Have a home valued at least $200,000-$250,000

You can typically access up to 55% of your home’s appraised value. The exact amount depends on factors like:

  • Your age
  • Home’s location
  • Home’s condition
  • Current market value

No, you retain full ownership of your home. The reverse mortgage is simply registered against your property, similar to a traditional mortgage.

You have multiple options:

  • Lump sum payment
  • Regular monthly payments
  • Combination of initial advance and smaller payments
  • Single advances (fees may apply)

No, the funds from a reverse mortgage are not considered taxable income and will not impact:

  • Old Age Security (OAS)
  • Guaranteed Income Supplement (GIS)

Apply Now

After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!

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You will benefit from the expertise of a Fortune Funding Mortgage Advisor, whether over the phone or at a time and place that is convenient for you.

We will contact you within 1 business day.

You must have reached the age of majority in order to complete this request. By applying, you consent to the collection, use and sharing of your personal information as described in Fortune Funding's Privacy Policy.


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