The Greater Toronto Area is Canada's largest and most varied mortgage market, spanning downtown condos, 905-belt townhomes, and detached homes from Oshawa to Milton. Borrowers here range from first-time condo buyers to growing families upgrading within the same commuting corridor.
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Choosing a reverse mortgage mortgage agent in Toronto & GTA
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 Toronto & GTA — 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.