For eligible homeowners 55+, explore options, safeguards, and alternatives with Stephanie Karulas (Mortgage Agent Level 1, Mortgage Architects #12728).
Multiple lenders
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Your goals matter
A reverse mortgage is a secured loan against your home equity. Interest accrues over time, and many programs do not require mandatory monthly payments. You remain on title and in your home, but must maintain property taxes, insurance, and home condition.
Funds can be received as a lump sum, planned advances over time, or a combination—availability varies by lender guidelines. This flexibility allows you to tailor the solution to your needs.
Generally, homeowners aged 55+ who occupy the property as their principal residence may qualify. Both borrowers (if co-borrowing) typically must meet the age requirement. Documentation and appraisal are usually required.
Funds can be received as a lump sum, planned advances over time, or a combination—availability varies by lender guidelines. This flexibility allows you to tailor the solution to your needs.
What I’ll ask you:
Age(s), property value/location, outstanding mortgage/HELOC, goals, timeline
What I’ll ask you:
Renovation scope, property value, existing balances, timeline
What I’ll ask you:
Current mortgage/HELOC balance, property value, age(s), goals
What I’ll ask you:
Income needs, property value, age(s), disbursement preference
What I’ll ask you:
Amount needed, property value, age(s), family discussion status
What I’ll ask you:
Debt types/amounts, property value, age(s), long-term plan
Before applying, it’s essential to understand what determines your eligibility. These factors help define how much you can access and under what conditions.
The amount you can access typically depends on the age of the borrower(s) (or youngest borrower), home value, property type, and location. All are subject to lender guidelines and appraisal. Older borrowers and higher home values generally allow for higher loan-to-value ratios.
You must occupy the property as your principal residence. You're responsible for maintaining property taxes, home insurance, and keeping the property in good condition. Failure to meet these obligations could result in the loan becoming due.
If both spouses are on title, both typically must be 55+. If one spouse is younger, it may affect eligibility or the amount available. Discuss your specific situation with Stephanie to explore options and understand implications.
Independent Legal Advice (ILA) is typically required in Canada for reverse mortgages. This ensures you understand the terms, obligations, and long-term implications before proceeding. It's a consumer protection measure designed to safeguard your interests.
Typical maximum LTVs are lower than traditional refinances and vary by age, home value, and location. The older you are and the more valuable your home, the higher the potential LTV—but always subject to lender guidelines and appraisal.
Expect costs including appraisal fees, setup/closing/legal fees, and independent legal advice (ILA) fees. There may also be prepayment charges if you pay off the reverse mortgage early, depending on the term and timing.
You must continue to pay property taxes, maintain home insurance, and keep the property in good condition. You keep title and ownership, but failure to meet these obligations could result in the loan becoming due.
Many Canadian reverse mortgage programs include safeguards such as mandatory counseling/ILA, standard disclosures, and conservative LTVs. Some programs may offer negative-equity protections (where the amount owed is limited to the home's value at sale), but this is program-specific—confirm case-by-case with Stephanie.
A flexible credit line secured by your home. Requires income qualification and monthly interest payments (at minimum). Good for those who qualify and want revolving access to funds.
Replace your existing mortgage with a new one at a higher amount. Requires income qualification and monthly payments. May suit those with qualifying income who want lower rates.
Sell your current home and buy a smaller, less expensive property. Frees up equity without taking on debt. Consider moving costs, market conditions, and lifestyle changes.
Private loans or gifts from family members. Requires clear legal agreements and proper documentation. Consult with a lawyer to protect all parties.
Not sure which option is right for you? Stephanie can help you compare side-by-side.
Maria owns a Mississauga bungalow valued at $850,000 with a remaining mortgage of $120,000. She uses a reverse mortgage to clear the mortgage and sets aside funds for accessibility upgrades (walk-in shower, ramp). She reviews ILA with her lawyer and discusses long-term implications with her adult children.
Result: No more monthly mortgage payments, home modifications completed, family informed and supportive.
James owns a downtown Toronto condo valued at $650,000 with no mortgage. He sets up planned advances of $15,000/year to supplement his retirement income. He coordinates with his accountant to understand tax implications and impact on GIS eligibility.
Result: Improved monthly cash flow, tax planning in place, peace of mind about retirement funding.
Robert and Linda own an Ottawa bungalow valued at $720,000 with $45,000 in credit card and line of credit debt. They use a reverse mortgage to consolidate debts and create a $30,000 home repair fund. Their children are involved in the discussion to understand estate impact and future plans.
Result: Debts cleared, home repairs funded, family communication strengthened, monthly stress reduced.
We start with a no-obligation conversation to understand your goals, timeline, and financial situation. This typically takes 20-30 minutes and can be done by phone, video, or in person.
Timeline: Same day or next business day
I'll review your documents, compare lender options, and create a personalized mortgage strategy with rate recommendations and a clear timeline. So you can move forward with clarity and confidence.
Timeline: 2-5 business days
I submit your application, manage underwriting, and coordinate with your lawyer and real estate agent to ensure a smooth closing. I remain available for questions and future mortgage needs.
Timeline: 5-10 business days for final approval
Get answers to common questions about mortgage refinancing in Ontario
Typically, homeowners aged 55+ who own their principal residence in Ontario may qualify. Both borrowers (if co-borrowing) generally must meet the age requirement. Qualification also depends on home value, property type, location, and existing secured balances.
Yes. With a reverse mortgage, you remain on title and retain ownership of your home. You must continue to maintain the property, pay property taxes, and keep home insurance current.
The reverse mortgage becomes due when you sell the home, move out of the principal residence permanently, or when the last borrower passes away. At that time, the balance (principal plus accrued interest) must be repaid, typically through the sale of the home.
You must continue to pay property taxes, maintain home insurance, and keep the property in good condition. Failure to meet these obligations could result in the loan becoming due.
The amount you can borrow is based on the home’s value at the time of application. If your home value increases, you may be able to access additional equity later (subject to qualification). If it decreases, the amount owed remains the same, but equity available for your estate may be reduced.
Fill out the form below and Stephanie will reach out within 1 business day to discuss your reverse mortgage options and answer your questions.
