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Canadian Home Income Plan FAQs
Is there an age limit for a reverse mortgage in Canada?
Yes, you and your spouse must be at least 55 years old in order to qualify for the Home Income Plan or reverse mortgage in Canada.
Is there a monthly payment for the Canadian Home Income Plan?
No, you can have a Canadian Home Income Plan (Reverse Mortgage) for as long as you wish and never make a payment on that mortgage as long as you or your spouse lives in the home.
Is there a maximum amount I can borrow?
Yes, Depending on your age and the condition of the house you can borrow on average up to 40% of the value of your home.
What if the loan eventually exceeds the value of the equity in my home?
No matter what, that the loan balance will not exceed the fair market value of the home. In other words you can never owe the lender more than the value of the home.
What if I have bad credit? Will I still qualify for a Canadian Home Income Plan or reverse mortgage in Canada?
Yes, if you are the right age and your house is in reasonable shape then you will qualify for a Canadian Home Income Plan (reverse mortgage in Canada).
Is it only available in monthly payments?
No, you can receive the money in one lump sum or as a supplemental income every month.
Do I have to pay taxes on the money I receive?
No, it does not qualify as taxable income.
Are there restrictions on how I use the money?
No, you can use it for any purpose.
What are the out-of-pocket costs?
You will need to pay an appraisal fee that can range from $175 to $400.
Are there any additional fees?
Yes, a $1,495 package includes conveyance, closing and administrative costs, which will be deducted directly from your Canadian Home Income Plan reverse mortgage.
Canadian Home Income Plan No Obligation Quote
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