HomeEquity Bank Reverse Mortgage: Empowering Your Retirement with Home Equity

The Reverse Mortgage for Canadians 55 and over

Thousands of 55+ Canadians are beginning to realize just how wealthy they are, when they consider the equity they’ve built in their homes

  • Access up to 55% of your home value in tax-free cash!
  • Keep the home you love
  • No monthly mortgage payments

WE’RE HERE TO HELP 

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What is an HomeEquity Bank Reverse Mortgage?

A HomeEquity Bank reverse mortgage allows Canadian homeowners to unlock up to 55% of their home’s equity in tax-free cash. The funds are available without the need to make regular monthly payments, and repayment is only required when you sell your home, move out, or pass away.

As a leading reverse mortgage provider in Canada, HomeEquity Bank’s Reverse Mortgage is designed to help retirees supplement their income, pay off debts, cover medical expenses, or achieve their financial goals—all while staying in the home they love.. For more details, visit the Financial Consumer Agency of Canada

Key Benefits of the HomeEquity Bank Reverse Mortgage

 

    • Access Up to 55% of Your Home’s Value: Depending on your age, the value of your home, and its location, you can access up to 55% of your home’s equity.
    • No Monthly Payments: You do not need to make monthly mortgage payments. Repayment occurs when you sell your home or it is sold by your estate.
    • Tax-Free Cash: The funds you receive from the HomeEquity Bank Reverse Mortgage are tax-free, ensuring that your OAS or GIS benefits are unaffected.
    • Stay in Your Home: Maintain ownership of your home and stay in the place you love, without the need to sell or move out.
    • Flexible Payment Options: Choose a lump sum, regular payments, or a combination of both to fit your financial needs and retirement plans.
    • No Negative Equity Guarantee: You will never owe more than the value of your home when it is sold, ensuring peace of mind for you and your estate.

HomeEquity Bank provides flexible reverse mortgage solutions that allow retirees to access their home’s value while staying in their home.

How Does an HomeEquity Bank Reverse Mortgage Work?

The HomeEquity Bank reverse mortgage allows you to borrow against the value of your home while deferring payment until you sell, move out, or pass away. Here’s how it works:

  1. Qualification: Homeowners must be at least 55 years old and live in their home as their primary residence.
  2. Home Appraisal: Your home’s current value will be appraised to determine the amount you can borrow, which is typically up to 55% of its appraised value.
  3. Receive Funds: You can receive the funds as a lump sum, regular monthly advances, or a combination of both. The funds are tax-free and can be used for any purpose, including paying off debts, renovating your home, or covering living expenses.
  4. No Monthly Payments: You are not required to make monthly payments, allowing you to maintain cash flow throughout retirement.
  5. Repayment: The loan, including interest, is repaid when you sell your home or when your estate sells the property.

For detailed information, consult the Government of Canada’s reverse mortgage guide.

HomeEquity Bank Reverse Mortgage Eligibility

To qualify for the HomeEquity Bank Reverse Mortgage, you must meet the following criteria:

  1. Age Requirement: You and your spouse (if applicable) must be at least 55 years old.
  2. Primary Residence: The home must be your primary residence, where you live for at least six months a year.
  3. Home Value: The appraised value of your home will determine how much you can borrow, typically up to 55% of its market value.
  4. Condition of Home: The property must be well-maintained, and all property taxes and insurance must be up to date.

HomeEquity Bank vs Other Reverse Mortgage Providers