Reverse Mortgage in Toronto
Unlock the Equity in Your Home to Enhance Your Retirement
Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. Posted rates may be high ratio and/or quick close which can differ from conventional rates. *O.A.C. & E.O
Esi Ghassemi - Mortgage Broker at Centum Financial Services Limited Partnership - Brokerage # 13054
A reverse mortgage is a powerful financial solution for homeowners aged 55 and older, allowing them to access the equity in their home without selling it. At Esi.Mortgage, we specialize in helping clients in Toronto, Richmond Hill, and the Greater Toronto Area (GTA) explore the benefits of reverse mortgages and how they can provide financial freedom during retirement.
What is a Reverse Mortgage?
A reverse mortgage is a loan that allows you to convert the equity in your home into tax-free cash while retaining ownership. With a reverse mortgage, you can:
- Access funds for retirement expenses, travel, or medical costs.
- Avoid monthly mortgage payments (repayment is required only when the home is sold or the homeowner moves out).
- Maintain ownership and control of your home.
Benefits of a Reverse Mortgage
Transparent & Efficient Process
From pre-approval to closing, I provide clear guidance at every step. I aim to simplify the mortgage journey and empower you with the right financial decisions.
No Monthly Payments
The money you receive is tax-free and does not affect government benefits like CPP or OAS.
Financial Flexibility
Use the funds for any purpose, such as home renovations, debt consolidation, or enhancing your lifestyle.
Stay in Your Home
Enjoy your retirement years in the comfort of your own home
How It Works
Save More on Your Home Financing!
Personalized Consultation
Assess your financial goals and needs. Determine if a reverse mortgage is the right fit for you.
Access to Leading Lenders
Connect you with reputable lenders offering competitive reverse mortgage solutions. Ensure you receive the best terms and rates.
Clear Guidance
Walk you through the application process and answer all your questions. Help you understand the costs, terms, and repayment options.
Ongoing Support
Provide continuous advice to ensure your reverse mortgage meets your evolving needs.
Eligibility Requirements
To qualify for a reverse mortgage, you must
Be at least 55 years old
(for joint homeowners, both must meet this age requirement).
Own a home in Canada
typically your primary residence.
Have sufficient home equity
(for joint homeowners, both must meet this age requirement).
Our Partners
Why Choose Us?
With years of experience helping clients in Toronto, Richmond Hill, and the GTA, we are committed to making the reverse mortgage process straightforward and stress-free. Our expertise ensures that you receive personalized solutions tailored to your retirement goals.
Transparent & Efficient Process
From pre-approval to closing, I provide clear guidance at every step. I aim to simplify the mortgage journey and empower you with the right financial decisions.
Client-First Approach
I work for you, not the banks. I prioritize securing the most competitive mortgage rates and terms while ensuring a smooth and stress-free process.
Personalized Mortgage Solutions
No two financial situations are the same. I focus on crafting customized mortgage strategies to align with your short-term and long-term goals.
Access to a Wide Network of Lenders
From major banks and credit unions to private lenders, I have the connections and expertise to find the best mortgage solutions tailored to your financial needs.
Industry Expertise & Experience
With over nine years in the mortgage industry, I bring a wealth of knowledge and insights to help clients navigate the complexities of home financing.
Case Study
Unlocking Home Equity with a Reverse Mortgage in Ontario
The Goal
A retired couple in Oakville, both in their early 70s, wanted to access $400,000 in tax-free cash from their home equity to supplement their retirement income and cover medical expenses. Their home was valued at $1,200,000, and they had no existing mortgage.
The Challenges
Fixed Retirement Income → Unable to qualify for traditional loans due to limited income
Wanting to Stay in Their Home → Did not want to sell or move
No Monthly Mortgage Payments → Needed a solution that wouldn’t add financial stress
Credit Scores → 680 & 710 (not a major factor for reverse mortgage approval)
The Solution
Arranged a reverse mortgage for $400,000 with no monthly payments
Allowed them to access home equity without selling
Funds were made available as a lump sum to cover living expenses and healthcare costs
Ensured their homeownership was protected, with no repayment required until they moved or sold the property
The Outcome
Reverse Mortgage Amount: $400,000
No Monthly Payments Required
LTV After Reverse Mortgage: 33%
Approved in 10 days
Why Work with Esi.Mortgage?
- Access to leading reverse mortgage lenders
- No monthly payments—keep your home and your savings
- Customized solutions for retirees looking for financial freedom
125+ Five-Star Reviews (4.9 Rating)
Trusted by GTA Homeowners!
Frequently Asked Questions
What happens if I still have a mortgage on my home?
You can use a reverse mortgage to pay off your existing mortgage, freeing you from monthly payments.
How much money can I access with a reverse mortgage?
The amount depends on your age, home value, and location. Typically, you can access up to 55% of your home’s value.
Will I still own my home?
Yes, you retain ownership of your home, and the loan is repaid only when you sell or move out.
Are there fees associated with a reverse mortgage?
Yes, fees may include appraisal, legal, and administrative costs. We’ll help you understand these costs upfront.
What happens if my home’s value decreases?
Reverse mortgages are non-recourse loans, meaning you will never owe more than the home’s value at the time of sale.