# Is a Reverse Mortgage Right for Me? 10 Questions | TorontoReverseMortgage.ca

> Ten plain questions for Toronto homeowners 55+. See whether a reverse mortgage looks worth a closer look, needs careful comparing, or is probably not the right tool.

URL: https://torontoreversemortgage.ca/tools/reverse-mortgage-assessment/

Free tool · About 2 minutes

# Is a reverse mortgage right for me? A 10-question check

Answer ten plain questions about you and your Toronto home. You'll see one of three results: worth a closer look, compare carefully first, or probably not the right tool. Each result explains why.

[Get my free estimate →](/estimate/)

Free · No sales pressure · Getting an estimate doesn't affect your credit

Question 1

1. How old is the youngest person on the home's title?

 Under 55 55 to 64  65 to 74  75 or older

Question 2

2. Do you live in this home most of the year?

 Yes, it's where I live No, it's a rental, a cottage or a second home

Question 3

3. What kind of home is it?

 A house: detached, semi-detached or townhouse A condo apartment registered in my name  A co-op, or a home or condo on leased land (leasehold)  I'm not sure

Question 4

4. How long do you plan to stay in this home?

 Less than 3 years 3 to 10 years  As long as I can

Question 5

5. What do you still owe on the home?

 Nothing Less than about a third of what it's worth  More than about half of what it's worth  I'm not sure

Question 6

6. What would the money be for?

 Paying off a mortgage or other debts Extra money every month to live on  Renovations or care so I can stay at home  Helping a child or grandchild  I'm not sure yet

Question 7

7. Could your income cover the monthly payments on a bank line of credit?

 Yes, comfortably Maybe, but it would be tight  No, or I don't want monthly payments

Question 8

8. How important is leaving the home's full value to your children?

 Very important Somewhat important  Less important than being comfortable now

Question 9

9. Are your property taxes and home insurance up to date?

 Yes I'm behind on property taxes  I'm not sure

Question 10

10. Have you talked it over with your family?

 Yes, they know Not yet  They're worried about it

See my result

Please answer every question to see your result.

Your result

[Get my free estimate →](/estimate/) [Read the guides](/guide/)

## About this check

**What does this check tell me?**

It tells you whether a reverse mortgage is worth a closer look, whether another option might fit you better, or whether something rules it out. It is a starting point, not advice for your situation.

**Is anything I answer saved or sent?**

No. Your answers stay in your browser and disappear when you leave the page.

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Free reverse mortgage estimate (no sales pressure): https://torontoreversemortgage.ca/estimate/

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