OTTAWA'S BEST REVERSE MORTGAGES

Access up to 55% of Your Home's Value.

Transform your home’s value into life changing tax-free cash. We specialize in delivering expert advice and providing prompt approval. Explore your options today if you are considering a reverse mortgage.

 

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Tax Free Cash

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The money you borrow is tax-free and it does not affect the Old-Age Security or Guaranteed Income Supplement (GIS) benefits you may be getting. As the homeowner, you are required to maintain your home and remain current on property taxes and homeowners insurance.

 

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No Monthly Mortgage Payments

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There are no monthly mortgage payments required, however, you are required to ensure your property taxes and insurance are kept up to date.

 

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Reverse Mortgage Quick-Facts and Features

SJC Financial's construction loan process is fast, easy and intuitive each step along the way.

Step 1

Tax Free Money

The money you receive does not constitute a part of your taxable income, meaning that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not affected.

Step 2

Maintain Ownership of Your Home

Contrary to popular belief, you will not lose your home with a Canadian reverse mortgage. You'll never be asked to move or sell to repay your Reverse Mortgage. The requirement is to maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.

Step 3

Use The Money Anyway You Wish

A reverse mortgage can help you enjoy your retirement or cover unexpected expenses. Pay for medical bills, upgrade your home, help family and loved ones, travel and pay monthly expenses without depleting your current savings. The only condition is that any outstanding loans secured by your home must be paid out with the proceeds from your Reverse Mortgage.

Step 4

Keep All Remaining Home Equity

In many years of experience, 99 out of 100 homeowners have money left over when their Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.

Step 5

Basic Qualification

To qualify you must be a Canadian home owner, 55 years of age or older. The age qualification applies to both you and your spouse. Get up to 55% the value of your home; No credit, no health check and no income needed. Your home must be your primary residence.

 

 

Get Your Application Started Today

Begin your application by filling out our long application form or you can simply head over to our contact page and fill out basic details to begin your reverse mortgage.

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Stay In The Home You Love

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A reverse mortgage allows you to access the equity in your home without having to move or sell! So you can enjoy retirement your way, in the home you love!

 

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Live Retirement Comfortably

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Use the funds however you desire, renovate your home, pay off debts, travel, or anything else you want, the choice is yours.

 

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  • As first time home buyers, we didn’t really know the process at all. Steven was there to help us during the whole process. From getting the pre-approval to putting an offer in to securing the mortgage. He was very patient and understanding - answered all of our questions (and there were a lot!) Great customer service - his team is incredibly responsive. We got a very competitive interest rate and we closed on time thanks to help from his team.
    Rachel Firestone

 

How Much Money Can I Get?

 

The value of your home has grown over the years and makes up a good portion of your net worth. A Reverse Mortgage allows you to turn some of your home equity into tax-free cash. You can access up to 55% of its value. The amount that you can access is based on several factors such as; your age, property location, home type and appraised home value.

 

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Experienced Reverse Mortgage Advice

Unlike a traditional mortgage where you make payments to a bank or someone else, a reverse mortgage pays you. You can use the money in anyway you see fit and live your retirement comfortably knowing you don’t need to leave your home. The biggest benefit of a reverse mortgage is that you are not required to make regular payments for as long as you or your spouse lives in your home. 

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Fortify Your Healthcare Funds

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When you need a steady cash flow to manage your recurring, out-of-pocket medical expenses, use some of your home’s equity through a reverse mortgage and create tax-free, cash-inhand (you can receive monthly payments, or you cash in one lump sum – the choice is yours).

 

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Renovate Your Home

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Your home is your sanctuary, filled with memories. It is where you intend to live out the rest of your lives, comfortably. It is because of this that many retired Canadian homeowners feel the need to upgrade their kitchen, bathroom or even build a deck in their backyard.

 

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Have Questions? 

Here are a few answers to some common questions you might have.

Standard Q&A

  • Will the homeowner owe more than the house is worth?

    The homeowner keeps all the equity remaining in the home. In our many years of experience, over 99% of homeowners have money left over when their loan is repaid.

    The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.

  • Will the bank own the home?
    No. The homeowner retains title and maintains ownership of the home. It’s required for the homeowner to live in the home, pay taxes on time, have home insurance, and maintain the property in good condition.
  • What if the homeowner has an existing mortgage?
    For clients that have an existing mortgage, the first step we will take is to pay off your conventional mortgage along with any other secured debt.
  • Should reverse mortgages only be considered as a loan of last resort?
    No. Many financial professionals recommend a reverse mortgage to supplement monthly income instead of selling and downsizing, or taking out a conventional mortgage or a line of credit.
  • What fees are associated with a reverse mortgage?
    There are one time fees to arrange a reverse mortgage such as an appraisal fee, fee for independent legal advice as well as our fee for administration, title insurance, and registration. With the exception of the appraisal fee, these fees are paid for with the funding dollars.
  • What if the homeowner can’t afford payments?
    There are no monthly payments required as long as the homeowner is living in the home.

Myths About Reverse Mortgages

Join Hundreds of Happy Clients and Enjoy Intelligent Top Rated Financial Services.

Our clients are our family and we are committed to delivering personalized experiences and solutions custom tailored to each unique financial situation. This philosophy translates to higher approval ratings and more peace of mind. 

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