What Are Key Requirements for the Reverse Mortgage?

A reverse mortgage is not for everyone. You must be

• at the age of 55+,

and

• a Canadian homeowner.

Two above factors are required in order to be able to apply for a reverse mortgage in Canada. There are a few products in the market for the reverse mortgages. Literally, a portion of your home's equity turns into tax-free cash. It is recommended that you consult with a mortgage broker to understand its pros and cons in the first place. A mortgage product that works for one borrower may not work for others.

This short video highlights some key features of the reverse mortgage.