Reverse mortgage Mortgage Agents in Kitchener–Waterloo & Guelph
Kitchener-Waterloo and Guelph combine a large tech and university employment base with housing that's typically more affordable than the neighbouring GTA, drawing both first-time buyers and GTA transplants.
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Choosing a reverse mortgage mortgage agent in Kitchener–Waterloo & Guelph
Compare more than one reverse mortgage provider, since Canada has only a couple of major lenders in this space, and ask the agent to walk through exactly how the growing balance affects your estate over time.
Reverse mortgage mortgage agents in Kitchener–Waterloo & Guelph — common questions
You (and your spouse, if applicable) must be at least 55 years old.
No — that's the core feature. Interest accrues and is added to the loan balance, repaid when the home is eventually sold.
Typically up to 55% of your home's appraised value, depending on your age, the property, and the lender.