Is this a reverse mortgage?

No, it does work similarly to a reverse mortgage but it is not a reverse mortgage - which is only available to folks over 55 in Canada.

This is an alternative product with higher amounts of money available to anyone of any age.

What's the catch?

There is no catch - but it's not free money either.

You'll still be charged interest on the mortgage, just that you won't pay it - the interest accumulates against the balance and is paid if the house is sold or when the mortgage is ultimately paid off down the line in future.

How much does your service cost?

Just so you have it in black and white: all the advice and recommendations I provide you regarding mortgages is completely free - you will never pay me a penny (ever) for any of my mortgage advice.

The mortgage itself does come with some costs depending on the rate, term and product you choose - you'll get these upfront and clearly disclosed before you have to make a decision.

Who qualifies?

Existing home owners of any age and any income can qualify.

A minimum credit score does apply to some of the products but even those with a below average credit score can still qualify.

Otherwise this is available to you regardless of age or income levels - as long as you own your own home

How much money can I get?

It will depend on your situation and which product you choose but generally speaking you can get up to 60% of the value of your home with the no payment mortgage.

The value of your home will be determined by an independent appraisal.

What if I already have a mortgage?

You can still take this out if you have a mortgage on your property. It would be the exact same process that you'd go through in taking your mortgage to another lender - they will simply replace your existing mortgage loan. You'd then get to keep any excess money available.

What are the interest rates?

Interest rates are actually set on a case by case basis - they'll depend on your home value, age, how much you're looking to borrow & term.

If you fill out my free 90 second online form, I'll be able to show you some options.

What about secondary homes?

You can get this on secondary homes (investment properties, vacation homes, cottages etc) just that some restrictions might apply and the lending period tends to be shorter for these kinds of properties.

Who are you?

I am a certified Chartered Accountant and licensed Mortgage Broker with my own brokerage Reverse Mortgage Pros - the #1 reverse mortgage brokerage in Canada.

As a mortgage professional, my job is to offer you independent, objective and professional advice on all of your financial needs.

I don't work for any bank or lender - I work for you. That's why I can find you the best rates and the lowest costs and fees (it isn't just about rates - you need to consider the other costs and fees too).

What paperwork is needed?

The 'no payment mortgage' is much easier to get than is the case with any other kind of home equity loan. But we are still talking about lending large amounts of money, so this does not make it a walk in the park.

You'll still need to complete a mortgage application, have an appraisal done on your home and go through some basic income verification (even though income is less of a factor) as part of the application process - I'll be able to explain and show you everything in detail if you qualify for the offer.

Can I pay the interest?

Yes, you can choose to either voluntarily pay the interest each month or there are other products available that offer 'interest only' payments at a slightly better rate - these might be the best fit for you.

Can I pay if off early?

You can pay it back anytime with no penalty, it's an 'open mortgage'. It does come with slightly higher setup fees for this reason but that gives you the flexibility to then pay it off anytime you like.