Author / E-E-A-T Disclosure:
Authored by Rob Munn B. Sc., Licensed Mortgage Broker | Operating under FSRA Brokerage License #10295 and Serving Ontario Homeowners Since 1985.
- Title Ownership: Will the lender or bank own my home? (No, you maintain 100% title ownership).
- Maximum Borrowing Amounts: How much equity can I unlock? (Up to 55% based on age and property appraisal).
- Tax & Benefit Impact: Are payouts taxable or do they impact OAS/GIS/CPP? (100% tax-free, no effect on government benefits).
- Spousal Qualification: What if one spouse is under age 55? (Options, title requirements, and qualification rules).
- Existing Mortgages/HELOCs: Can I get a reverse mortgage if I currently owe money on my home? (Yes, payout proceeds clear existing debt first).
- Repayment Terms: When and how is the loan repaid? (When selling, moving permanently, or passing away—no monthly payments required).
- No-Negative-Equity Guarantee: What protects my estate if home values drop? (Borrower never owes more than the fair market value of the home).
- Voluntary Repayment Options: Can I pay interest monthly or make principal payments without penalty?
- Closing Costs & Setup Fees: What are the independent legal advice (ILA) fees, appraisal costs, and administrative fees in Ontario?
- Alternative Comparison: Reverse Mortgage vs. HELOC vs. Downsizing in Ontario.
- Legal Disclaimer: The Reverse Mortgage information as provided is for your educational purposes and requires mandatory Independent Legal Advice (ILA) in Ontario before execution.
- FSRA License Disclosures: Genesis Associates Ltd aka Genesis Reverse Mortgages
- Brokerage: FSRA License #10295
- Head Office: 1676 Sir Monty’s Drive, MississaugaOntario L5N 4R4
Reverse Mortgage Estimate:
