Home Equity Loans For Senior (55+)
Learn how a Reverse Mortgage
can help you access your equity and unlock a stress – free Retirement
Get a Free Consultation
Get a Free Consultation
Cover unexpected costs like healthcare
Gift a down payment to a loved one
Pay off mortgage and debt
Renovate or refurbish your home
Manage the rising cost of living
Manage the rising cost of living
Renovate or refurbish your home
Pay off mortgage and debt
Gift a down payment to a loved one
Cover unexpected costs like healthcare
How Does a Reverse Mortgage Work?
- A reverse mortgage allows you to unlock up to 59% of the value of your home as tax-free cash.
- You own 100% of your home and can remain in it as long as you wish.
- No regular principal or interest payments are required, enabling you to focus your financial resources on the things that are important to you.
- Interest is simply added to the balance over time, and the balance becomes payable when you move out, sell the home or pass away.
- You only have a handful of obligation while the mortgage is outstanding, like paying your property tax and home insurance on time, and keeping your home in good condition.
Why Seniors Work With Equity55
- Instant access to multiple lenders can save you thousands of dollars
- No additional cost to you. The bank pays our fee
- We work to find the best deal for your specific needs
- We save you time and money
Our Reverse Mortgage Process
What to Expect After You Use Our Reverse Mortgage Calculator:
1
Get an estimate
Begin with a complimentary online estimate, no strings attached.
2
Consult with us
One of our team members will soon reach out to guide you through the process and help identify the best product and bank for your needs.
3
Valuation/ Appraisal and Document submission
Home valuation and appraisal. Submit all required documents this usually includes: T4, NOA, T1, 90 Day Bank History.
4
Meet with your lawyers
You’ll need to meet with a lawyer of your choosing for Independent Legal Advice (ILA). ILA ensures that all parties (titleholder and non-titleholder, if applicable) to the mortgage receive an explanation of the nature and effect of the documents from an impartial third-party lawyer.
5
Receive funds
Reverse mortgage funds have been deposited. It’s time to start enjoying your tax-free cash.
SPEAK TO A CERTIFIED ADVISOR 1(824)9999999
Reverse Mortgage Calculator
Get a free estimate of how much you can access from you home equity
Competitive Interest Rates
| Rate Term | Interest Rate |
| 5-Year Fixed | 6.74% |
| 3-Year Fixed | 7.44% |
| 1-Year Fixed | 8.24% |
- This rate may be available for new home equity release mortgages, prior to the first interest rate reset, in certain locations, and is subject to meeting Bloom’s credit granting criteria. This rate may be changed, extended or withdrawn at any time without notice. Bloom’s rates, including the Promotional Rate, are compounded semi-annually.
- This is the estimated cost of borrowing for 5 years expressed as an annual percentage. It is based on a $200,000 mortgage, and includes the Processing, Appraisal, and ILA Certificate fees outlined above for new home equity release mortgages.
- This rate applies to home equity release mortgages that are not subject to the Promotional Rate, including for the purpose of determining the new rate on a home equity release mortgage that becomes subject to an interest rate reset. Bloom’s rates, including the Bloom Rate, are compounded semi-annually.
How Much Can I Get From a Reverse Mortgage?
The amount of money available for borrowing depends on your age, your home’s value and its location.
Your loan approval will NOT be reduced if you have low income or bad credit!
You can use our reverse mortgage calculator with no personal information to find out how much you can potentially access from your home equity
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FAQs
A reverse mortgage is a straightforward method to convert a portion of your home’s equity into tax-free cash without the need for ongoing payments.
- Access up to 59% of your home’s value
- No monthly mortgage payments needed
- Receive your tax-free funds as a lump sum or over time
- Maintain ownership of your beloved home
A reverse mortgage transforms your home equity into cash that can be utilized according to your preferences.
The answer to this is NO.
The reverse mortgage has safeguards built into products to ensure you are not at risk of losing your home or equity.
Your reverse mortgage becomes due when the earliest of these events occurs:
- The property is sold or transferred
- The last borrower moves into a long-term care or retirement residence
- The last borrower passes away
- Default, which can include failure to maintain the home or pay property taxes
To be eligible, you must:
- Be a homeowner
- Be 55 years or older
- Reside in your home for a minimum of 6 months annually
If there are others listed on your home’s title, they must also be at least 55 years old.
The expenses linked to a reverse mortgage can differ based on your lender. Generally, the lender will impose a one-time establishment fee (often deducted from the initial advance).
Similar to a standard mortgage, you may also have to cover appraisal fees (paid to an external property appraiser) and legal expenses for closing or independent legal advice.
The method for receiving funds from a reverse mortgage depends on your situation and the lender. Generally, the following options are available:
- Initial lump sum
- Ad-hoc payments
- Scheduled payments (e.g., monthly, quarterly)
Unlike traditional mortgages, you are not required to make regular payments until the reverse mortgage becomes due. However, you may have the option to prepay some of the principal or interest under certain conditions.