Reverse Mortgage Calculator
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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.
The Importance of Mortgage Planning for Retirement
As retirement nears, your financial priorities shift, and your mortgage plays a crucial role in your overall strategy. Whether you’re aiming to pay off your mortgage, downsize to a more manageable home, or access your home’s equity for additional funds, understanding your mortgage options is key to ensuring financial stability in retirement.
What Is a Reverse Mortgage?
A reverse mortgage is a financial product that allows Canadian homeowners aged 55 and older to access the equity in their homes. It’s a loan secured by the value of your property, enabling you to convert up to 55% of your home’s value into tax-free cash while continuing to live in your home.
Key Features
No Monthly Payments:
You do not need to make regular mortgage payments. The loan is repaid only when you move, sell your home, or pass away.
Eligibility:
Available exclusively to Canadian homeowners aged 55 and over, and the property must be your primary residence.
Qualification Factors:
The amount you can borrow depends on your age, the appraised value of your home, its location, and the type of property.
A Reverse Mortgage is specifically designed for older Canadians, making it easier to qualify compared to other lending options.
A reverse mortgage allows Canadian homeowners aged 55 and over to tap into their home equity and access tax-free cash without making regular monthly payments. This means you can convert a portion of your home’s value into funds while staying in your home, without the need to move, sell, or downsize.
Key Features
Retain Ownership:
You keep full ownership and title of your home. The loan does not force you to move or sell, regardless of changes in your income or home value.
No Repayment Pressure:
You or your estate will never owe more than the fair market value of your home at the time of its sale, ensuring that your home remains a source of financial security, not burden.
Benefit from Appreciation:
Any increase in your home’s value benefits you directly. You only need to maintain the property and continue to pay taxes and insurance.
A reverse mortgage is designed to provide financial flexibility while allowing you to enjoy your home for as long as you wish.
The funds from a reverse mortgage can be used in various ways to enhance your financial flexibility:
Enhance Your Lifestyle
Supplement your daily living expenses
Boost Cash Flow
Increase your monthly income.
Consolidate Debt
Pay off existing debts.
Invest in Real Estate
Purchase an additional property.
Cover Medical Costs
Address healthcare expenses.
Home Renovations
Improve or update your home.
Enjoy a Vacation
Take that well-deserved getaway.
Our access to special low interest rates can save you thousands of dollars.
We secure bigger loan approvals than you might achieve on your own.
Save up to $500 on initial setup fees.
Our experienced brokers make the process stress-free.
Consult with an Expert
Discuss your options with no obligation.
Choose Your Payment Method
Decide if you want a lump sum or periodic payments.
Sign the Documents
We handle all the paperwork for you.
Enjoy Your Funds
Use your tax-free, payment-free loan for life.
To qualify for a reverse mortgage in Canada, you need:
• Age: Be 55 or older (both you and your spouse if applicable).
• Homeowner Status: Own a Canadian property.
• Property Type: Have a qualifying home type (e.g., detached, condo).
• Value: Your home must be worth at least $250,000.
• Condition: The property should be in good condition.
• Equity: Have sufficient home equity.
To qualify for a reverse mortgage in Canada, you need:
• Age: Be 55 or older (both you and your spouse if applicable).
• Homeowner Status: Own a Canadian property.
• Property Type: Have a qualifying home type (e.g., detached, condo).
• Value: Your home must be worth at least $250,000.
• Condition: The property should be in good condition.
• Equity: Have sufficient home equity.
To qualify for a reverse mortgage in Canada, you need:
• Age: Be 55 or older (both you and your spouse if applicable).
• Homeowner Status: Own a Canadian property.
• Property Type: Have a qualifying home type (e.g., detached, condo).
• Value: Your home must be worth at least $250,000.
• Condition: The property should be in good condition.
• Equity: Have sufficient home equity.
To qualify for a reverse mortgage in Canada, you need:
• Age: Be 55 or older (both you and your spouse if applicable).
• Homeowner Status: Own a Canadian property.
• Property Type: Have a qualifying home type (e.g., detached, condo).
• Value: Your home must be worth at least $250,000.
• Condition: The property should be in good condition.
• Equity: Have sufficient home equity.
To qualify for a reverse mortgage in Canada, you need:
• Age: Be 55 or older (both you and your spouse if applicable).
• Homeowner Status: Own a Canadian property.
• Property Type: Have a qualifying home type (e.g., detached, condo).
• Value: Your home must be worth at least $250,000.
• Condition: The property should be in good condition.
• Equity: Have sufficient home equity.
EXCELLENT Based on 33 reviews Elfreda Lindsay2025-01-12Trustindex verifies that the original source of the review is Google. GOD Bless Wise Equity! I have always felt something in my heart to build a home in where I am from and with the help of Wise Equity I am doing just that. I did not have much when I came to Canada but I was able to save and purchase a humble home. This home has allowed me to leave behind my own legacy for my family. Thank you Nathaniel and the team at Wise Equity Bob Barrow2024-12-23Trustindex verifies that the original source of the review is Google. Excellent service. HEM is quite slow in their processes and Wise was very helpful and very prompt in eventually getting the funds. Would highly recommend. Kate Erickson2024-12-13Trustindex verifies that the original source of the review is Google. After having a terrible experience with Scotia Bank, I found Wise Equity by chance. We had given up finding traditional financing for our multigenerational home. I spoke to Nathaniel who thought he could find exactly what we needed and he was right. He brokered a great deal for us with TD. We cannot stress how impressed we all were with the entire Wise Equity team - extremely competent, friendly and efficient. Amazing level of communication! We couldn’t have asked for a better group of people to work with. We will recommend, and already have, Wise Equity to anyone who is looking for a mortgage. On top of that, because we didn’t have a real estate lawyer, Nathaniel suggested Parsons Law. They too were a dream to work with. Thank you, Nathaniel and every one on the Wise Equity team. Dan Pittman2024-08-21Trustindex verifies that the original source of the review is Google. Shanell was an absolute pleasure to deal with, always there to answer questions any time of the day. She was able to get me the financing I needed when so many couldn’t. She will definitely get my business in the future if I ever need financing. Awesome job Shanell. Tunde IGBODE2023-10-04Trustindex verifies that the original source of the review is Google. They exercise apt initiative and can inconvenience themselves in order to comfort clients and fulfill mandates. prince nonso2023-08-28Trustindex verifies that the original source of the review is Google. We used wise equity for our recent renewal and the process was smooth throughout. I will definitely recommend Nathaniel and his team anytime. Thanks 🙏🏿 Kevin Thomas2023-01-04Trustindex verifies that the original source of the review is Google. I recently worked with Wise Equity for my mortgage needs and I couldn't be happier with the experience. The team at Wise Equity was professional, helpful, and supportive throughout the entire process. They answered all of my questions and made sure that I fully understood every step of the process. They were always available to provide guidance and support whenever I needed it. I highly recommend Wise Equity to anyone in need of a mortgage. They truly went above and beyond to make the process as smooth and stress-free as possible. Thank you Wise Equity! Andrew Morris2022-04-05Trustindex verifies that the original source of the review is Google. I truly can't thank them enough! They go above and beyond to meet your needs at a fast pace with great communication ! I highly recommend, thanks again ! Kwasi Agyeman2022-03-25Trustindex verifies that the original source of the review is Google. We would recommend Wise Equity to anyone. Leon was our broker and he made sure we close our mortgage. He is so kind and flexible in terms of communication. Leon made an often stressful process quick and pleasant. We’ll always look forward to working with Leon and his team for any future mortgage related situations.
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