Put your home equity to work in retirement

You’ve put a lot into your home over the years. Now, it could help give you a little more breathing room in retirement. If you’re a Canadian homeowner aged 55 or older, a reverse mortgage may let you access some of the equity you’ve built—without selling your home or making regular mortgage payments.

At InTouch Mortgage Solutions, we’re here to help you make sense of it all. We’ll walk you through how it works, explain the costs and your ongoing responsibilities, and answer your questions so you can decide whether it feels right for you.

What is a reverse mortgage?

A reverse mortgage lets you access some of the equity you’ve built in your home as cash, while keeping ownership. It’s a loan secured against your property, designed for eligible homeowners who want to put their home equity to use.

You won’t need to make regular mortgage payments. Instead, any unpaid interest is added to your loan balance, so the amount you owe grows over time. That means there may be less equity left for you or your estate down the road. At InTouch Mortgage Solutions, we’ll walk you through what this could look like for you and answer your questions along the way.

How could you use the funds?

Depending on your needs, reverse mortgage proceeds could help you:

• Supplement retirement cash flow.

• Pay off an existing mortgage or other debts.

• Make renovations or accessibility improvements.

• Cover home care or healthcare expenses.

• Provide a financial gift to family.

Depending on the product, you may receive funds as a lump sum, scheduled advances, or a combination. Existing debts secured against your home generally need to be paid off as part of the arrangement, which reduces the cash available to you.

Who can qualify?

Eligibility depends on the lender and product. Key considerations typically include:

• Age: Borrowers generally need to be at least 55.

• Property: Your home’s location, type, condition and appraised value.

• Residency: The property generally needs to be your principal residence.

• Available equity: Existing mortgage balances affect the funds you could receive.

The amount you qualify for varies. We’ll review your circumstances and explain the options available for your property.

Keep ownership—and understand your responsibilities

You retain ownership of your home with a reverse mortgage. You must continue meeting the mortgage conditions, including maintaining the property and paying property taxes, home insurance and any applicable condo fees.

A reverse mortgage removes the requirement for regular mortgage payments, but these ongoing homeownership expenses remain.

Understand the costs before you decide

Reverse mortgage interest rates are generally higher than traditional mortgage or home equity line of credit rates. Costs may also include an appraisal, legal advice, setup and closing fees. Early repayment charges may apply.

The balance generally becomes repayable when you sell, permanently move out, the last borrower dies, or you default on the agreement. Exact conditions and repayment deadlines vary by lender.

How InTouch Mortgage Solutions Makes Reverse Mortgages Simple

At InTouch Mortgage Solutions, we simplify the reverse mortgage landscape with clear explanations and personal guidance. We help you understand your choices, make sense of the numbers and decide what fits your retirement plans.

Your goals come first. We take the time to understand your needs, how you’d like to use your home equity and how long you plan to stay in your home.

Clear answers, without the jargon. We explain how much you may qualify for, the funds you could receive, rates and fees, and how interest can affect your equity over time.

Options that make sense for you. We help you compare a reverse mortgage with alternatives such as refinancing, a home equity line of credit or downsizing, so you can make an informed choice.

Support at every step. From your first conversation through the application and closing process, we help you navigate the requirements and paperwork. Your family members and trusted advisers are welcome to join the conversation.