So you’ve heard all about how a Reverse Mortgage can allow you to use the equity in your home and enjoy your retirement in financial freedom. But how do you qualify? See the CHIP Reverse Mortgage video below to learn more about the Reverse Mortgage qualifications.
Reverse Mortgage Eligibility
Qualifying for a reverse mortgage in Canada depends on:
The age of the homeowners on the title
Canadian senior homeowners, age 55 and over, are eligible for a reverse mortgage. There is no maximum age, in fact, the older you are the more money you can access – up to 55% of the value of your home.
The type of property
Most types of properties are eligible for a reverse mortgage including single family dwellings, condo apartments, and townhouses.
The home location
The loan amount may vary depending on whether the property is present in a rural or urban area.
The value of the home
The current appraised value of the home is also considered. Any secured debt against the home must be paid off with the proceeds from the reverse mortgage.
To get started on your Reverse Mortgage application, click here.