Reverse Mortgages in Canada: The Truth, Pros, Cons & Common Myths Explained Hey, it’s Walter Monteiro from The Maximum Results Team. There’s a lot of misinformation about reverse mortgages in Canada—often confused with how they work in the U.S. In this video, I explain how reverse mortgages really work in Canada, who they’re for, and when they make sense as a financial strategy. 📌 In this video, you’ll learn: • How reverse mortgages work in Canada • Who qualifies and how much you can access • Pros, cons, and common myths • Whether this option makes sense for your situation How Reverse Mortgages Work in Canada 🏡 Homeowners 55+ can access up to 55% of their home’s value, tax-free 💰 No monthly payments — the loan is repaid when you sell, move, or pass away Who Might Benefit Reverse mortgages can help with: • Unexpected expenses • Rising living costs • Limited retirement savings How Much Can You Access • Age 55: approx. 15–20% of home value • Age 75+: up to 55% of home value Common Uses ✔ Fund retirement lifestyle ✔ Help children or grandchildren ✔ Avoid downsizing ✔ Cover living expenses Things to Consider • Higher interest rates • Impact on inheritance • Early repayment penalties • Maximum loan limits Common Myths 🚫 You lose ownership — False 🚫 You can owe more than your home’s worth — No (no negative equity guarantee) 🚫 It’s too expensive — Depends on your goals and situation 💬 Need personalized advice? Talk to Karen Monteiro, Mortgage Broker Mortgage Alliance – Greater Golden Horseshoe 📞 519-590-6847 📧 karen@maximumresults.ca Let’s see if a reverse mortgage makes sense for you #ReverseMortgageCanada, #CanadianReverseMortgage, #HomeEquity, #RetirementPlanningCanada, #SeniorFinance, #MortgageTipsCanada, #FinancialFreedom, #EstatePlanningCanada, #WealthBuilding, #RetirementSolutions, #MortgageBrokerCanada, #CanadianHomeowners, #HomeEquityLoan, #MaximumResultsTeam
