This reverse mortgage calculator helps you see how much money you are able to access as a loan secured against the value of your home. This loan helps provide income that can be used to live during retirement.
What is a reverse mortgage and how does it work in Canada?
A reverse mortgage is a loan that is secured against the value of your home. This allows homeowners who are 55 years or older to ulock equity in their home. With a reverse mortgage you are able to access up to 55% of your homes value in tax-free cash. Repayment on a reverse mortgage loan is only required when you move, sell or pass away. While you are alive you retain full ownership of your home.