Unlock Your Home's Potential with Expert Guidance

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Unlock Your Home's Potential with Expert Guidance
Bobby Faboyede specializes in reverse mortgages and can help you understand how your age and your home's value can help you access equity.

Mortgage services provided by Black Knight Capital Inc. (FSRA Licence #13667).

Schedule a 30 min Consultation with Bobby

Reverse mortgages are an increasingly popular and powerful financial tool for Canadian homeowners aged 55 and older. Specifically in Ontario, accessing your home equity can provide substantial tax-free cash flow to secure your retirement while also strategically supporting the financial stability of the next generation. Black Knight Capital is here to guide you through the process, ensuring you understand the mechanics and benefits tailored for the Ontario market.

Reverse Mortgages in Ontario: How Black Knight Capital Can Help

Considering A Reverse Mortgage?

Retirement is nearer than you realize. Are you aware that you can access tax-free funds from your home equity without having to sell your property? Numerous Canadians, just like you, are seeking ways to boost their retirement income, and they are achieving this by tapping into the considerable wealth they have accumulated as homeowners through a Reverse Mortgage

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A reverse mortgage can be likened to a credit line, but it has a significant distinction: no monthly payments are required, nor do you need to sell your property. Like a credit line, you can access your funds in a lump sum, through monthly installments, or a mix of both. With a reverse mortgage, you can tap into a portion of your home’s equity, up to a specified limit, as a loan. The value of your home backs this loan, and repayment is only necessary when you sell your house or pass away.

Feature Canadian Reverse Mortgage Detail

Eligibility: All homeowners on the title must be 55 years of age or older.

Location: Available in primary residences across Ontario (and Canada).

Repayment: The loan does not require regular mortgage payments; interest accrues and is compounded.

Loan Due Date: Only when the home is sold, or the homeowners pass away.

Key Rule: The homeowner always retains title and ownership of the home.

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Generational Impact: Supporting the Next Generation

The responsible and strategic use of a reverse mortgage by parents and grandparents can be an effective way to facilitate wealth transfer and help younger family members navigate high living costs in Ontario. Financial Stability for the Senior Generation

            By securing tax-free cash flow, seniors can:

  •  Avoid Relying on Children: Consistent access to funds reduces the need to lean on adult children for financial support or emergency needs.

  • Preserve Existing Assets: Seniors can use reverse mortgage funds instead of drawing down RRSPs, RRIFs, or TFSAs, thereby preserving these assets for a later date or for a larger estate.

  • Age-in-Place: Funds can be used for essential home modifications or in-home care, avoiding the massive costs associated with long-term care facilities, which often drain family resources rapidly.

  • Sailboat on calm water during sunset, with a distant mountain range in the background.

    No Monthly Payment

    A reverse mortgage enables you to access your home's equity under certain conditions, without the need for monthly payments, in contrast to conventional loans that require regular repayments.

  • Person with arms outstretched standing on rocky shore at sunset, facing the ocean with sky and clouds in the background.

    Leverage Equity

    Leverage the equity in your home to boost your retirement savings and income – and did we mention it’s tax-exempt?

  • A luxurious bathroom featuring a built-in bathtub beneath large windows, with dark wood double vanities on either side, ornate wall sconces with orange lampshades, and rustic wooden ceiling panels.

    Using Your Equity

    Utilizing a reverse mortgage enables you to take advantage of the equity you've accumulated, all while continuing to reside in your home.

  • A two-story house with gray wooden shingles, black shutters, a large front porch, and a well-maintained lawn surrounded by trees and bushes.

    Reverse Mortgage Safeguards

    The amount owed on your reverse mortgage will never surpass the value of your home, ensuring you are safeguarded from paying more than its actual worth.

 FAQs

  • A: To qualify, you need to possess a home that serves as your primary residence or a dwelling where you reside for a minimum of 6 months each year. Additionally, every owner named on the property's title must be at least 55 years of age.

  • A: Typically, you can receive between 40% and 60% of your home's appraised value. Various factors influence this percentage, including your age and current interest rates. Reach out to us today to learn more.

  • A: You begin your journey, we will support you at every stage. Our reputation is built on transparency and integrity in all our actions. With more than 25 years of experience, we guarantee that all our clients are well-informed before making any decisions. We collaborate with various lenders to secure the best rates for you – our priority is representing your interests, not those of the lender.

  • A: If you are 55 years old or older, intend to remain in your home for the foreseeable future, and wish to boost your retirement income to manage daily expenses, this opportunity is tailored for you. You have the option to tap into the equity of your home and obtain either a one-time payment or consistent payments from a lender to help meet your retirement financial requirements.

  • A reverse mortgage may be used to pay off an existing traditional mortgage or line of credit. This may eliminate monthly mortgage payments, potentially increasing monthly cash flow for retirement.m description

  • A: Upon the sale of the home or the passing of the last borrower, the loan (principal plus interest) is repaid from the sale proceeds. Any remaining equity may belong to the borrower or their estate.

    • A: Reverse mortgages may be used to provide funds, which could potentially assist children with a down payment for a home.Item description

  • A: The funds may be used at the borrower's discretion. This may include home renovations, healthcare costs, travel, or supplementing income.