Is a Reverse Mortgage Right for you?

Carola Singer • November 14, 2018

One of the benefits of working with a Canadian Mortgage Expert is that we aren’t tied to a single lender, rather we have access to multiple lending institutions. Having more options with lender partners, means having more options with mortgage products. The HomeEquity Bank and their reverse mortgage product is a great example of this.

A reverse mortgage allows Canadian homeowners 55 and older to access some of the equity in their home without any income or credit checks, and no monthly payments.

The HomeEquity Bank recently conducted some research in partnership with IPSOS research and discovered what older Canadians really want from their retirement, they included the information in a newsletter, and we wanted to share the findings with you here…

These are the key points:

> 93% of 65+ Canadians want to continue living in their home throughout retirement
> Almost 70% want to stay so that they can maintain their independence
> Many have been approached about selling their home but are determined to stay

They also need extra money. In the same survey, HomeEquity Bank asked: if money were no object, what improvements would you make to your home?

> 33% said that they would modernize their home’s décor
> 40% would install a new kitchen or bathroom
> 21% would install accessibility enhancements

In an earlier survey carried out with ResearchNow, HomeEquity Bank asked Canadian homeowners aged 55+, if they were given a $100k cash gift, what would they do with the money? Their answers included paying off their mortgage or other loans, using it to supplement retirement income or covering healthcare expenses.

So why do they need help to stay in their home? Many Canadians approaching retirement age have insufficient or zero retirement savings. Plus, retirees are seeing their debt grow faster than any other age group.

If you or someone you know might benefit from talking about a reverse mortgage, any one of our Canadian Mortgage Experts would love to discuss all your financial options.

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What Online Mortgage Calculators Can—and Can’t—Tell You

By Carola Singer • August 5, 2026
What Online Mortgage Calculators Can—and Can’t—Tell You Online mortgage calculators are everywhere—and on the surface, they seem like a no-brainer. You plug in some numbers, and out pops what you can “afford.” Simple, right? Not quite. While the math itself is correct, the story behind those numbers is often misleading. Mortgage qualification isn’t just about numbers—it’s about context, risk, and lender policy. And that’s where calculators fall short. The Numbers Are Accurate—but the Picture Isn’t An online calculator can show you what a payment might look like at a given interest rate, or how making extra payments could reduce your amortization. That’s useful information! But when it comes to mortgage qualification , calculators don’t account for the many variables that lenders consider, such as: Your credit history and score Employment type (salary, self-employed, contract) Outstanding debts and monthly obligations Assets, savings, and down payment source The property type and location you’re buying Lenders evaluate all these factors through their internal risk models. That means two people entering the exact same numbers into a calculator could receive very different results when they actually apply for a mortgage. Why Online Calculators Can Mislead You When you see a “How much can I afford?” or “Mortgage Qualification” calculator online, it’s easy to treat the result as fact. But these tools don’t know your financial story—they only crunch the data you enter. A calculator can’t predict how a lender views your risk, how new mortgage rules apply to your file, or how things like spousal support, car loans, or variable income will impact approval. In short: calculators estimate payments, not qualification . Use Calculators the Right Way Don’t get us wrong—online calculators still have value. Use them to explore different “what-if” scenarios: How do payments change with different down payment amounts? How would a rate increase affect affordability? What if you added $100 a month to your payments? These tools are great for helping you understand your comfort zone. Just remember: they’re a starting point, not a green light. The Real First Step: Get a Pre-Approval If you’re serious about buying a home, skip the guesswork and get a mortgage pre-approval . It’s quick, free, and gives you real-world clarity on what you can afford. A pre-approval looks at your full financial picture—income, credit, debts, assets—and provides a framework for your purchase price, payment range, and rate options. It’s the only way to get a reliable answer to the question, “What can I really afford?” Final Thoughts Online calculators are convenient, but they can’t replace expert advice. Think of them as a starting point, not a solution. A professional mortgage broker can interpret the numbers, navigate lender policies, and tailor your financing strategy to your actual situation. If you’d like help understanding your true buying power—or want to get pre-approved with confidence— reach out anytime . I’d be happy to walk you through your options and help you make sense of the numbers.