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.
1
See If You Qualify
Must be 55+, own your home, and have sufficient equity. Our free consultation determines your eligibility.
2
Get Educated & Counseled
Receive required financial counseling and detailed explanations. No obligation to proceed after learning.
3
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.
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?
How much can I receive?
Do I have to make monthly payments?
Will I still own my home?
Compare Your Options
Understanding how reverse mortgages compare to other financial options helps you make an informed decision that's right for your situation.
Detailed Option Comparison
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
Interest compounds over time
Reduces available equity
Age 55+ requirement
Ongoing property obligations
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.
Nick Tavernese Can Help
Our licensed professionals can help you understand which option might be best for your unique situation.
Stories of Financial Freedom
Real families, real results. See how reverse mortgages have transformed retirement for Canadian 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 Canadian 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.
Frequently Asked Questions
“I honestly don't know much about reverse mortgages. Can you explain it like I'm talking to a neighbor?”
“How much money would I actually get each month?”
“This seems complicated. What if I make a mistake?
“If I decide to do this, how long does it take?”
“Will I lose my house? What happens to my kids' inheritance?”
“Am I even eligible? I'm 67 and still owe some money on my house.”
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.
Helping Canadian with their home mortgages for over 35+ years.
Dominion Lending Centres Clear Trust Mortgages Mortgage Agent Level 2 - License #12806
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