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We're here to answer all your questions & educate you about the process (no obligation). We want to help you have the best retirement possible.
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Frequently asked questions
- Are there any requirements after receiving the funds?
- The homeowner is required to continue living in the home, pay their taxes, have property insurance, and maintain the property's condition.
- Do I have to pay taxes on the funds received?
- No, you do not. Funds from a reverse mortgage are not added to your taxable income, and it does not affect Guaranteed Income Supplement, Old Age Security (OAS), or other government benefits which your may receive.
- How do I receive the funds?
- However you like. You can choose to receive a lump sum, take some now and some later, or you can receive scheduled payments. Whatever works best for your wants and needs.
- Is a reverse mortgage a last resort loan?
- Not at all. Many financial professionals recommend a reverse mortgage to supplement monthly income instead of selling or downsizing your home. Another benefit is not depleting your savings.
- What if I already have an existing mortgage?
- You can use a reverse mortgage to pay off a existing mortgage or any other debt you may have.
- Will I still own the home?
- Yes, you will still own the home and title.
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