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Reverse Mortgage

Let Clover Mortgage Help You Get The Most Out Of Your Retirement!

Being financially stable well into retirement isn’t as easy as it once used to be. Many Canadian seniors are finding it hard to make ends meet with just their pensions. Due to increasing expenses such as daily living costs, insurance, prescriptions and more, seniors all over the country are feeling stressed at the thought of their financial future. However, if you are over the age of 55 and have enough equity in your home, you can qualify for a reverse mortgage and regaining your financial stability! The great thing is that you never have to make any monthly payments or pay the loan back as long as you live in your home!

What is a Reverse Mortgage?

A reverse mortgage allows a senior (anyone over 55) to use the equity they have accumulated in their home and use that money however they wish. A senior can use the money for travel, to pay for their lifestyle, for luxuries, for healthcare, for investments, for home renovations, to pay off other debt, or anything else they desire.

For a long term homeowner, home equity can be one of the most significant assets they develop throughout their life. Being able to access this equity in order to gain some financial security or financial freedom can be a great idea. With a reverse mortgage, a homeowner can access up to 55% of their home equity if they want to continue living in their home. There are several factors that impact how much a lender will provide such as property type, location, value of the home and the age of the borrower. Once the amount is determined, an applicant can either receive the full amount in a lump sum or in monthly instalments.

How can I qualify for a Reverse Seniors Mortgage?

Any Canadian homeowner over the age of 55 can qualify for a reverse mortgage as long as they have a reasonable amount of equity in their home. The applicant is required to use the property as their primary residence and take care of it by keeping it in good standing and ensuring that the insurance and property taxes are being paid. Reverse mortgages are easier to obtain because unlike other loans and mortgages, they often don’t require a health check or minimum income.

How can a Reverse Mortgage or Seniors Mortgage have no monthly payments?

Unlike a traditional mortgage, with a reverse mortgage you do not have to make a single payment towards the loan for as long as you continue to live in your home. That’s right! There are no monthly payments and the only time the loan is due to be paid is if you sell your home, move out of your home, or upon death. At that point the home may either be sold, or remortgaged with a traditional mortgage by who ever will be inheriting the home from you.

At Clover Mortgage we are available to answer any questions that you may have about reverse mortgages. Our expert reverse mortgage specialists can help you apply and get approved for a reverse mortgage quickly and easily. In most cases, you can have your money within a matter of days.

Why Work With Us

Low Rates

*Rates start as low as 5.49%

*Rates are subject to change. Terms and conditions may apply.

Fast Service

We pride ourselves on quick, easy & honest service. Our clients always come first.

Bad Credit

We specialize in dealing with bad credit & bank declines. We turn a “no” into a “YES!”

Easy Application

*No credit checks. No complicated application.

*Terms and conditions may apply.

Call or text us today at 416-674-6222 or toll free at 1-800-673-2230 for a Free No-Obligation Seniors Reverse Mortgage consultation.

Our Customers Love Us

Sandra F.

I was in debt and needed help getting back on track. My mortgage agent at Clover Mortgage helped me get approved for a home equity loan to consolidate all of my debt in one small monthly payment. Now I’m saving over $1,000 a month in interest and am left with less debt and more money in my pocket at the end of each month. Thank you Clover!

David J.

I’m a self employed independent contractor. I earn a decent income, but when I went to the bank to refinance my home, they denied my application telling me that I didn’t have enough “provable” income to qualify for refinancing my home. When I came to Clover I was almost out of hope. My Mortgage Agent at Clover was caring and professional, and help me get a great rate and flexible terms on full refinance. The whole process took less than 48 hours! I was impressed at how quickly and easily they were able to get me the money and home refinance I needed. Thank you Clover Mortgage, I’m recommending you to everyone I know!!

Andrea R.

I had really bad credit, but really wanted to purchase a Condo. When I went to the bank they made me go through a lengthy application process that took weeks, and then they turned me down at the end of it all. When I found Clover Mortgage online, I called them and a friendly Mortgage Agent was able to help me get approved for a mortgage quickly and hassle-free. I got a good rate and now live in a home that I am comfortable in and am able to easily afford my monthly payments.

Ankur R.

I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my husband and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.

Janet L.

My husband and I found ourselves in a tough situation. Luckily my expert mortgage broker at Clover Mortgage helped us get a fast and easy approval for an amazing rate for refinancing our home. Clover’s service is the best I’ve ever experienced and I’ve been recommending them to all of my family members and friends ever since. Thanks for your help Clover!

Raj I.

I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my wife and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.