What is a Reverse Mortgage?
A reverse mortgage is a loan that allows you to access the equity in your home, while not making any payments on the loan until it is due. This is usually when you move out, sell your home or the last borrower passes away. The maximum amount you will be able to borrow will depend on your age and your home’s appraised value.
How we can help
At Canada West Mortgage, we can access up to 80% of your loan to value amount. We specialize in considering all property types and financial circumstances.
Apply Online
Easily apply for financing online
Submit Documents
Review, sign and deliver application documents
Get Approved
Receive approval today
How you can qualify
Property - The first factor we look at when approving you for a home refinancing option is if you own a residential property or land.
Equity - Your home or land is required to be worth more than the remaining mortgage amount on the property or land.
Credit Score - Credit scores won't affect if you will be approved as we specialize in approving borrowers with all types of credit profiles including bad or no credit.
Call UsEmail UsFrequently Asked Questions
Why should I consider a reverse mortgage?
Reverse mortgages are ideal for homeowners in their older years to access their home equity and generate income during retirement and in older age.
How do I apply?
You can apply online by filling in the form above.
How soon will I be approved?
We offer same day approval for your convenience as we understand that in most cases, you need to gain access to funds quickly.
I don’t own a property. Can I still apply?
A reverse mortgage requires that you own a property to access its equity.
When will I receive the funds?
As soon as we receive your signed documents upon approval, funds will be paid out within 24-48 hours.
How does repayment work?
With a reverse mortgage, your repayment plan is traditionally paid either when you move out, sell you home or if the borrower dies. To determine a repayment plan, we look at your financial needs and goals to find a solution that works for you.
