Reverse Mortgages (Seniors Loans)

Benefits at a Glance

Use the money for any personal or investment purpose you wish
Title remains in the home owner's name
Money can be received in a lump sum, monthly payments cash reserve or both
You are not required to live in the home
No repayments required until title is transferred
Protection available if you wish to leave an inheritance Independent legal advice required
Our no negative equity pledge means if the sale value of your property does not cover the outstanding loan balance we will not ask you or your estate to make up the difference
Choice of variable and fixed interest rate options

You must meet the following:

Be at least 65 years of age
In the case of a couple, one applicant must be at least 65 years of age, additional applicant must be a minimum of 60 years of age.
Be a homeowner with equity in your home. While you may qualify even if you have an outstanding mortgage, you will be required to pay out the mortgage with the funds received from the equity release loan prior to receiving the balance of the money

Varies depending on age and home value.

Minimum 20%
Maximum 45%
(conditions do apply)