What is a
Reverse
Mortgage?
A financial solution that allows Canadians homeowners to unlock the value in their home without selling or moving.
How Do Reverse Mortgages Work?
Getting a Reverse Mortgage is generally straightforward depending on your situation. However, Reverse Way Home could make the whole process comforting and secure.
See If You Qualify
Must be 55+, own your home, and have sufficient equity. Our free consultation determines your eligibility.
Get Educated & Counseled
Receive required financial counseling and detailed explanations. No obligation to proceed after learning.
Access Your Funds
Choose how to receive money: lump sum or monthly payments. You remain in your home.
Key Benefits
No Monthly Payments :
Unlike traditional loans, you don’t need to make monthly payments
Tax-Free Cash :
The money your receive is not taxable
Stay in Your Home :
Continue living in your home for as long as you want
Perfect for:
- Supplementing retirement income
- Eliminating existing mortgage payments
- Funding home improvements
- Covering healthcare costs
- Helping family members financially
- Paying debt, cover an unexpected expense, renovate your home, pay for a special vacation or help children or grandchildren
Frequently Asked Questions
What is a reverse mortgage?
A reverse mortgage allows homeowners 55+ to convert part of their home equity into tax-free cash without monthly payments. You remain the owner of your home and can live in it for as long as you want.
How much can I receive?
The amount depends on your age, home value, and location. Generally, you can receive up to 55% of your home’s value. The older you are, the more you may qualify for.
Do I have to make monthly payments?
No! Unlike a traditional mortgage, you don’t make monthly payments. The loan is repaid when you sell your home, move permanently, or pass away.
Will I still own my home?
Yes, you retain full ownership of your home. You can sell, renovate, or leave it to your heirs. You’re responsible for property taxes, insurance, and maintenance.
Compare Your Options
Understanding how reverse mortgages compare to other financial options helps you make an informed decision that’s right for your situation.
Reverse Mortgage
Convert up to 55% of your home equity into cash while staying in your home
Advantages:
- ✔ No monthly payments required
- ✔ Choose lump sum, monthly, or as-needed payments
- ✔ Remain in your home for life
- ✔ No income requirements
- ✔ Federally-regulated protection
Disadvantages
- ✖ Must maintain property
- ✖ Loan due when last homeowner leaves
- ✖ Reduces estate value
- ✖ Interest compounds over time
"
Best For:
Those who want to stay in their home and need a cushion against rising living costs but don’t qualify under the traditional route with their financial institution.
"
Home Equity Line of Credit (HELOC)
A revolving credit line secured by your home equity
Advantages:
- ✔ Draw funds as needed
- ✔ Interest only on amount used
- ✔ No age requirements
- ✔ Potentially lower initial rates
Disadvantages
- ✖ Monthly payments required
- ✖ Income verification needed to qualify
- ✖ Variable interest rates
- ✖ Credit approval required
"
Best For:
Homeowners with qualifiable income and credit who can handle monthly payments.
"
Stories of Financial Freedom
Real families, real results. See how reverse mortgages have transformed retirement for Canadians seniors.
Helen R.
Age 73 • Mississauga, ON
“Now I sleep peacefully knowing I can stay in the home where I raised my children. I even started volunteering at the local library again!”
Monthly Support
$2,500/month
Frank & Susan M.
Age 69 • Kingston, ON
“We bought a new trailer and have visited every Canadians national park! Frank is healthier than ever, and we’re living the retirement we always dreamed of.”
Monthly Support
$3,650/month
Maria G.
Age 71 • Windsor, ON
“Miguel graduated debt-free and is now a resident at Toronto General! He calls me his ‘guardian angel’, but really, my home was the angel.”
Monthly Support
$2,800/month
Questions You're Actually Thinking
Forget formal FAQs. Here are the real conversations we have with people just like you. These are the questions that matter, answered the way you’d want to hear them.
“I honestly don't know much about reverse mortgages. Can you explain it like I'm talking to a neighbor?”
Of course! Think of it this way – you’ve been making mortgage payments for decades, right? Well, with a reverse mortgage, it’s like your house starts making payments to YOU instead. You still own your home, you can still live there as long as you want, but now your home helps with your monthly expenses. It’s really that simple!
“How much money would I actually get each month?”
That depends on three main things: your age, your home’s value, and current interest rates. The older you are and the more your home is worth, the more you can receive. Most of our clients get between $2,000 and $4,000 per month, but I’ve seen it range from $1,200 to over $5,000. The only way to know for sure is to run the numbers for your specific situation.
“This seems complicated. What if I make a mistake?
You know what? Your caution is actually wisdom. Any major financial decision should be thought through carefully. That’s why there are built-in protections – in Canada you’re required to get independent legal advice and I will explain everything as many times as you need. Take your time. Ask every question that comes to mind.
“If I decide to do this, how long does it take?”
Usually about 4 weeks from start to finish in Canada. Here’s what happens: First, we talk and see if it makes sense (that’s today if you want). Then you get independent legal advice (required in Canada). Next comes the application, home appraisal, and underwriting. Finally, you sign papers and start receiving money. We guide you through each step.
“Will I lose my house? What happens to my kids' inheritance?”
I completely understand this concern – it’s the #1 worry I hear from folks. Here’s the truth: YOU keep ownership of your home. You can live there as long as you want. When you eventually pass away or decide to move, your kids have options. They can keep the house by paying off the loan balance, or sell it and keep any remaining equity. Many families actually end up with more inheritance because their parents lived more comfortably and didn’t drain their savings.
“Am I even eligible? I'm 67 and still owe some money on my house.”
Great question! At 67, you absolutely qualify age-wise – you only need to be 55 or older. And yes, many people still have some mortgage balance left, that’s totally normal. When you get a reverse mortgage, it pays off your existing mortgage first, then any remaining money comes to you. So you’d go from making monthly payments to receiving them instead!
Nick Tavernese
Mortgage Agent Level 2 - License
I’ve been helping clients with their mortgage needs for over 35 years. Giving my clients more choice, flexibility, and solutions tailored to their home ownership goals.
What is a Reverse Mortgage?
A financial solution that allows Canadian homeowners 55+ to unlock the value in their home without selling or moving.
How a Reverse Mortgage Works
A straightforward process designed with your comfort and security in mind.
See If You Qualify
Must be 55+, own your home, and have sufficient equity. Our free consultation determines your eligibility.
Get Educated & Counseled
Receive required financial counseling and detailed explanations. No obligation to proceed after learning.
Access Your Funds
Choose how to receive money: lump sum or monthly payments. You remain in your home.
Speak With Nick
Every situation is unique. I’m a licensed professional that can help you understand if a reverse mortgage could provide similar benefits for your circumstances.
Frequently Asked Questions
What is a reverse mortgage?
A reverse mortgage allows homeowners 55+ to convert part of their home equity into tax-free cash without monthly payments. You remain the owner of your home and can live in it for as long as you want.
How much can I receive?
The amount depends on your age, home value, and location. Generally, you can receive up to 55% of your home’s value. The older you are, the more you may qualify for.
Do I have to make monthly payments?
No! Unlike a traditional mortgage, you don’t make monthly payments. The loan is repaid when you sell your home, move permanently, or pass away.
Will I still own my home?
Yes, you retain full ownership of your home. You can sell, renovate, or leave it to your heirs. You’re responsible for property taxes, insurance, and maintenance.
Key Benefits
No Monthly Payments
Tax-Free Cash
Stay in Your Home
Perfect for:
- Supplementing retirement income
- Eliminating existing mortgage payments
- Funding home improvements
- Covering healthcare costs
- Helping family members financially
- Paying debt, cover an unexpected expense, renovate your home, pay for a special vacation or help children or grandchildren
Reverse Mortgage
Advantages
Disadvantages
Best For:
Home Equity Line of Credit (HELOC)
Advantages
Disadvantages
Best For:
Nick Tavernese Can Help
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Questions You're Actually Thinking
Forget formal FAQs. Here are the real conversations we have with people just like you. These are the questions that matter, answered the way you’d want to hear them.
Frequently Asked Questions
I honestly don't know much about reverse mortgages. Can you explain it like I'm talking to a neighbor?
Of course! Think of it this way – you’ve been making mortgage payments for decades, right? Well, with a reverse mortgage, it’s like your house starts making payments to YOU instead. You still own your home, you can still live there as long as you want, but now your home helps with your monthly expenses. It’s really that simple!
This seems complicated. What if I make a mistake?
You know what? Your caution is actually wisdom. Any major financial decision should be thought through carefully. That’s why there are built-in protections – in Canada you’re required to get independent legal advice and I will explain everything as many times as you need. Take your time. Ask every question that comes to mind.
Will I lose my house? What happens to my kids' inheritance?
I completely understand this concern – it’s the #1 worry I hear from folks. Here’s the truth: YOU keep ownership of your home. You can live there as long as you want. When you eventually pass away or decide to move, your kids have options. They can keep the house by paying off the loan balance, or sell it and keep any remaining equity. Many families actually end up with more inheritance because their parents lived more comfortably and didn’t drain their savings.
How much money would I actually get each month?
That depends on three main things: your age, your home’s value, and current interest rates. The older you are and the more your home is worth, the more you can receive. Most of our clients get between $2,000 and $4,000 per month, but I’ve seen it range from $1,200 to over $5,000. The only way to know for sure is to run the numbers for your specific situation.
If I decide to do this, how long does it take?
Usually about 4 weeks from start to finish in Canada. Here’s what happens: First, we talk and see if it makes sense (that’s today if you want). Then you get independent legal advice (required in Canada). Next comes the application, home appraisal, and underwriting. Finally, you sign papers and start receiving money. We guide you through each step.
Am I even eligible? I'm 67 and still owe some money on my house.
Great question! At 67, you absolutely qualify age-wise – you only need to be 55 or older. And yes, many people still have some mortgage balance left, that’s totally normal. When you get a reverse mortgage, it pays off your existing mortgage first, then any remaining money comes to you. So you’d go from making monthly payments to receiving them instead!