To qualify for a reverse mortgage in Canada, you’ll generally need to meet the following requirements: • ✔ Be a Canadian homeowner with equity in your primary residence • ✔ Be 55 years of age or older • ✔ Have a minimum home value of $200,000 • ✔ Live in the home at least 6 months per year • ✔ Have a satisfactory credit history • ❌ No health checks required A reverse mortgage allows you to access the equity in your home without selling it or making monthly mortgage payments. The loan is typically repaid when the home is sold or when you permanently move out. As a mortgage broker, I help review whether a reverse mortgage fits your retirement goals and ensure you understand both the benefits and long-term considerations. If you’d like to see whether this option is right for you, feel free to reach out. Nikole

The amount you can access with a reverse mortgage in Canada depends primarily on two factors: • ✔ Your age – Generally, the older you are, the more equity you can access • ✔ Your home’s value – You can typically borrow up to 55% of your home’s appraised value The exact amount available is unique to your situation and may also be influenced by lender guidelines and property details. A reverse mortgage allows you to access your home equity without making monthly mortgage payments, with repayment usually occurring when the home is sold or you permanently move out. As a mortgage broker, I can help estimate how much you may qualify for and explain how this fits into your overall retirement plan. I’m always happy to answer any questions—please don’t hesitate to reach out. Nikole

A reverse mortgage offers flexible options for accessing the equity in your home. Depending on your needs, you can choose one or a combination of the following: • ✅ Lump sum – Receive the full amount at once • ✅ Partial upfront with future draws – Take a minimum amount initially and access additional funds as needed • ✅ Scheduled payments – Receive regular monthly or annual payments to supplement your retirement income • The best option depends on how you plan to use the funds and your long-term financial goals. As a mortgage broker, I help review each option and ensure the structure supports your retirement plan. I’m always happy to answer any questions—please don’t hesitate to reach out. Nikole

With a reverse mortgage, no monthly mortgage payments are required. Repayment typically occurs when you sell the home, move out permanently, or pass away. While you don’t make regular payments to the lender, you are still responsible for: • Maintaining the home • Keeping the property insured • Paying property taxes • Paying condo fees, if applicable You also have the option to make voluntary payments at any time to reduce the outstanding balance and interest, but this is never required. A reverse mortgage is designed to provide flexibility and financial comfort during retirement, while allowing you to remain in your home. I’m always happy to answer any questions—please don’t hesitate to reach out. Nikole

No. In Canada, money received from a reverse mortgage is not taxable. Because the funds come from your home equity and are considered a loan—not income—you do not pay income tax on the money you withdraw. This also means reverse mortgage funds do not affect Old Age Security (OAS) or other income-tested government benefits. This allows you to: • ✅ Access your home equity tax-free • ✅ Avoid income tax on the funds you receive • ✅ Preserve your OAS benefits • ✅ Use your home’s value without triggering tax penalties A reverse mortgage lets you access money you’ve already built in your home, without selling or creating a taxable income stream. I’m always happy to answer any questions—please don’t hesitate to reach out. Nikole

Setting up a reverse mortgage in Canada does involve some upfront costs, but these fees are designed to protect you and ensure the process is completed properly. Typical reverse mortgage set up costs include: • 💰 Setup fee (~$995) This fee is usually deducted from the mortgage proceeds when the loan closes. • 📍 Home appraisal fee (~$350) An appraisal is required to confirm your home’s current market value. • ⚖️ Legal fees (~$2,500 total for two lawyers) Reverse mortgages require additional legal safeguards, including: • Independent Legal Advice (ILA) to ensure you fully understand the terms and are protected from undue influence • A transaction lawyer to register the mortgage, handle documentation, and facilitate the release of funds Because these fees are typically paid from the mortgage proceeds, most clients do not need to pay out of pocket upfront, which helps keep the process straightforward. Please note: costs and requirements may change without notice. If you have any questions, I would be happy to help. Nikole

Click 'Apply'(https://www.brokeryeg.ca/mortgage-application-yeg) at the top of the webpage to complete your application. Nikole will guide you through the process from there. 🙂