Toronto Reverse Mortgages made easy.

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Toronto Reverse Mortgages made easy.

Learn More

How do Reverse Mortgages work in Canada?

The CHIP Reverse Mortgage for Canadians 55 and over

There’s no retirement like home.

Estimate

Find out how much money you can get with a free estimate. This is a no-hassle consultation and you are not obligated in any way.

Review

We will contact you to verify your information and answer any questions that you may have. We will make sure you fully understand all aspects of a Reverse Mortgage.

Receive

Once everything has been approved you receive the money you need in one lump sum or in multiple installments.

Payment

There are no monthly mortgage payments. The full amount becomes due when you are no longer in the home.

Request a copy of your free Canadian Reverse Mortgage Guide!

Reverse Mortgages made easy!

Frequently Asked Questions

What if the homeowner has an existing Mortgage?

That’s fine. Your existing mortgage or line of credit will be paid off with the Reverse mortgage proceeds. You will keep the remaining amount of the reverse mortgage.

What fees are associated with a Reverse Mortgage?

There are 2 types of fees associated with a reverse mortgage. We have a detailed section of our guide explaining everything there are no surprises.

Will the homeowner owe more than the house is worth?

The homeowner keeps all the equity remaining in the home. In our many years of experience, over 99% of homeowners have money left over when their loan is repaid. The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.

Should a Reverse Mortgage be considered as a loan of last resort?

No. Many financial professionals recommend a reverse mortgage to customers who would prefer to age at home, who want to reduce their monthly mortgage servicing costs, and want to supplement their monthly income with tax free funds.

How old do you have to be to qualify for a Reverse Mortgage?

Both you and your spouse need to be 55 years of age or older to qualify.

Is a Reverse Mortgage safe?

A Reverse Mortgage in Canada is a very safe option. The CHIP Reverse Mortgage is most popular for Canadians – it’s offered by HomeEquity Bank – Which is Federally Regulated just like TD, RBC, BMO, CIBC and Scotia Bank.

Will I lose my home or be asked to move?

No. You remain the owner of your home. You’ll never be asked to move or sell, as long as you keep your property taxes and home insurance up-to-date.

Our Happy Clients

I am retired and my house mortgage renewal was coming up in a few months time, I asked my son if he could recommend someone. I was put in touch with Amrit Bains and his team. I was very impressed with their professionalism and courteous service. I would strongly recommend their services. Amrit Bains and Sara Smith are very helpful and knowledgeable.

Nasim N.

Amrit is an excellent Mortgage Broker. When it was time for me to look for the right mortgage Amrit was able to walk me through the process and found me a great company and a great solution. If you are looking for a mortgage broker that truly cares about you, I would highly recommend Amrit and his team.

Mark R.

Thank you Amrit for taking the time to educate me and my wife about a Reverse Mortgage. The Chip program has given us a new life. We are now able to travel without having worry about monthly mortgage payments. I will definitely recommend you to anyone that I know can benefit from this program. Thanks, Dave.

Dave S.

About Me

Amrit Bains is one of the top Mortgage Professionals in Canada.

His mortgage philosophy is simple: Understanding your needs and providing you with innovative Reverse Mortgage Solution to meet your goals for the future.

CHIP Reverse Mortgage is the only reverse mortgage product available in Canada and is offered by Home Equity Bank. At Toronto Reverse Mortgage, we are a team of licensed Mortgage Agents with Dominion Lending Centres Forest City Funding – with expertise in Reverse Mortgages.

We work with you and with Home Equity Bank to help you with your CHIP reverse mortgage decision – absolutely free. We do not work for Home Equity Bank, Equitable Bank or any other bank – we are independently owned & operated. Let us look at your situation and determine if a Reverse Mortgage is the right fit for you or, if there are other options available that might be better.

Whether you are just inquiring about reverse mortgages or are looking to begin the process, we can help.

Get started with your reverse mortgage assessment in just 60 seconds – completely free and there is no commitment.