Reverse Mortgage Information

Reverse Mortgages (CHIP 55+)

Review reverse-mortgage products that may let an eligible homeowner borrow against home equity, subject to current provider and contract terms.

Overview

Compare reverse-mortgage eligibility, costs, obligations, repayment events, and alternatives

A reverse mortgage is a loan secured against a home. Eligibility and the amount offered depend on the provider's current terms, the borrowers, property, valuation, location, existing secured debt, and other requirements.

Payment options, advances, interest, fees, occupancy requirements, property obligations, default terms, and repayment events are set by the written contract and can vary by provider. Review a current written illustration and contract rather than relying on a general percentage or marketing summary.

A reverse mortgage can reduce remaining home equity as interest and fees accrue and may affect an estate. Compare alternatives and obtain independent legal and financial advice. Ask a qualified tax adviser about the tax treatment for your circumstances.

Key Features

Payment Terms: Confirm whether payments are optional or required and when the balance becomes due
Tax Review: Confirm the treatment of proceeds and interest with a qualified tax adviser
Occupancy and Property Duties: Review residence, maintenance, tax, insurance, and default conditions
Advance Options: Compare any lump-sum or scheduled-advance choices in the current offer
Contract Protections: Read the provider's current limitations, conditions, and repayment protections

How It Works

Step 1

Initial Consultation

We discuss your goals, review your financial situation, and outline mortgage paths that may suit your needs.

Step 2

Compare Suitable Options

I compare available rates, terms, features, fees, and qualification requirements, then guide you through the application and closing.

Fee Disclosure

On many standard lender-paid files, you may not pay a direct broker fee. Private or alternative financing can involve lender and broker fees, which are disclosed before you commit.

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Banks, credit unions, monoline & alternative
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Common Questions

Reverse Mortgages (CHIP 55+) — Common Questions

Get answers to common questions about this mortgage service.

How much can I get from a reverse mortgage?
The amount depends on the provider's current product terms, borrower ages, accepted property value, location, property type, existing secured balances, and eligibility. Request a current written illustration; no percentage or dollar amount is guaranteed.
Do I still own my home with a reverse mortgage?
A reverse mortgage is registered as a loan secured against the home. Ownership, occupancy rights, maintenance, property-tax, insurance, default, and other obligations are governed by the contract. Obtain independent legal advice before signing.
When does the reverse mortgage need to be repaid?
Repayment events and deadlines are defined by the provider's current contract and may involve sale, a move, death of the last borrower, default, or other specified events. Review the exact terms and estate process with independent legal and financial advisers.
How does a reverse mortgage affect my estate?
A reverse mortgage reduces available equity as interest and fees accrue. Future property value is uncertain. Review provider illustrations as estimates and discuss estate implications with independent legal and financial advisers.
Are there alternatives to a reverse mortgage I should consider?
Alternatives can include a HELOC, downsizing, or a conventional refinance. Availability, payments, costs, and risks vary, so compare the applicable product terms and consider independent legal or financial advice.
Service Area

Serving Port Coquitlam & Surrounding Communities

Whether you're in the heart of Port Coquitlam or the wider Coquitlam region, I'm here to help with your mortgage needs.

Discuss reverse mortgages (chip 55+)

Talk with Milka about suitable mortgage options, their costs, and the conditions that may apply.

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