There is now a limited time offer to get a 4.99% interest rate on your reverse mortgage for the first year.
This is a great option for those waiting for rates to come down further. The idea is that by this time next year, rates should have come down and you can renew into a better rate – most likely better than you’d be able to get right now anyway (I’ll discuss this in more detail below).
It is a limited time offer – only available until October 10th & not everyone qualifies – you can click the button below to apply for this now or keep reading to get more information on the details of how this works.
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Our mortgage plan allows clients to pay off their mortgage much faster than traditional methods—often in as little as 10 to 13 years instead of 25+ years.
A key benefit of our mortgage plan is making the interest on borrowed funds tax-deductible. When you borrow to invest, the interest on the loan can be deducted, lowering your taxable income.
By re-borrowing your home equity to invest in income-generating assets, you build a diversified portfolio. These investments, such as stocks, bonds, or real estate, can generate returns that outpace borrowing costs, helping you grow your wealth.
You’ve worked hard your entire life, and you deserve a retirement filled with comfort, security, and peace of mind. At Wise Equity, we understand that retirement is about more than just saving—it’s about making smart, informed choices that reflect the years of dedication you’ve put into building your future. That’s why we go beyond traditional retirement planning, helping you optimize your mortgage strategy so you can enjoy your Golden Years.
Basically there are 2 options at the end of 1 year:
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You’ll renew into a new term (1-5 years) and almost certainly on to a higher rate.
However, the rate you’re going to get in a year’s time on renewal is highly likely to be lower than the rates you can get just now – as most economists are predicting interest rates to come down significantly in the next year.
It is also important to note that some lenders charge a premium on top of the going market rates at renewal – so you’ll want to make sure and factor this in – it also impacts which lender you choose (more on this below).
You can also choose to break the reverse mortgage – either by paying it off or moving it to a different lender (if you don’t like the renewal rate offered and can get a better rate elsewhere).
However, in doing this, you’ll have to pay a penalty and the penalty amount can be quite steep (depending on the lender).
This is because reverse mortgage penalties work very differently to regular mortgages – penalties are not based on the term length at all. For more on this see these 2 articles:
Reverse Mortgage Penalties Explained
So, if you are planning on just using this for 1 year or looking to re-assess your options at the end of the year, you’ll need to factor in and think about penalties.
As Canadian homeowners over 55 explore options to tap into home equity without selling, understanding the reverse mortgage requirements is crucial. Meeting these criteria ensures eligibility and avoids unpleasant surprises. In this article, we’ll walk you through all the essential
Cash damming is a smart financial strategy that allows Canadians, especially business owners and landlords, to make interest tax-deductible by restructuring cash flow. While the concept sounds technical, walking through a cash damming example makes it easier to understand. In
For many Canadians, taxes can eat away at business or rental property income. Cash damming offers a way to restructure finances and claim deductions on loan interest. However, this isn’t a universal solution. Before applying it, understanding cash damming eligibility
The Smith Maneuver is one of Canada’s most unique financial strategies. It allows homeowners to make their mortgage interest tax-deductible while simultaneously building an investment portfolio. However, the concept can feel abstract without a practical example. In this article, we’ll
Smith Maneuver Risks: A Balanced Perspective The Smith Maneuver has gained popularity as a tax-efficient wealth-building strategy for Canadian homeowners. It transforms non-deductible mortgage interest into tax-deductible investment interest. However, before committing, it’s crucial to consider the Smith Maneuver risks
For Canadian seniors, retirement often brings new financial challenges. Rising living costs, healthcare expenses, and reduced income can create stress. Fortunately, a reverse mortgage can provide extra income without requiring a move. Still, not every homeowner qualifies, making it important
This is a fantastic promotion and a great opportunity to lock in a historically low rate.
The promotion is, however, limited to new customers.
If you have an existing reverse mortgage, you cannot get it with your current lender – but you could get it by switching to a different lender. There would be additional costs and penalties payable in switching your reverse mortgage – but it might still be worth it.
In addition to this, only certain towns and cities in Canada are included in the promotion.
Finally, selecting the right lender for this promotion is very important. It’s very easy for a lender to bury hidden costs in this promotion through excessive penalties or large premiums on the renewal rate when you renew in 1 year’s time.
Wise Equity would be happy to look at your situation, recommend the best lender (free of charge), and send you even more detailed information about how this works and what you can expect – simply click the button below if you’re interested.
Wayne
Toronto, Ontario
“Throughout the process, the Wise Equity team , particularly Shannell Thomas has been responsive and attentive to securing co-operation from the mortgage provider.
Shannell is most professional and very easy to work with. I commend her in particular for her attention to details and overcoming the deficiencies of communication with Home Equity. If not for her efforts, I would have selected an alternate supplier.”
Tina
Richmond, British Colombia
“I thoroughly researched several Reverse Mortgage providers. Nathaniel Gardner of Wise Equity was the first one to respond, and remained very communicative throughout the whole process.
I am new to RM’s and didn’t know anybody who had gone through it. Nathaniel was very patient with me, particularly when I forgot about the time difference and he had already left work, he STILL responded.
I would highly recommend Wise and Nathaniel to others.”
David
Calgary, Alberta
“Got real professional advice and education on mortgage issues and home equity loan.”
Get This Special 4.99% Promotional Rate While It’s Still Available…
This is only available for a limited time only – click the button below to see if you qualify and find out all the details about this promotional offer – what’s the catch, any hidden costs and more.
A reverse mortgage is a specialist home loan only available to people in Canada over the age of 55. It is called this because - unlike other mortgages - it doesn't require regular monthly payments.
You must be over 55 years old to qualify for one and the maximum amount you can borrow is 55% of the value of your home - usually they are offered for around 10% to 55% of your home's value.
Interest is charged but added to the amount owed, instead of being paid every month.
At present, the "Big 5" Canadian banks - RBC, BMO, CIBC, Scotiabank and TD do not offer a reverse mortgage.
There are several lending options available though - depending on where you live - including Home Equity Bank (the 'CHIP' reverse mortgage - see below), Equitable Bank and Bloom.
Manulife and Fraction also have products that can work in a similar way to a reverse mortgage - please contact me if you are interested in learning more about this.
Just so you have it in black and white: my guide, my free 90 second reverse mortgage assessment and all the advice and recommendations I provide you regarding reverse mortgage rates are completely free - you will never pay me a penny (ever) for any of my reverse mortgage advice.
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