• Yes, it is possible. The funds from the new reverse mortgage will be used to pay off your existing mortgage. • Any money left over after paying off the existing mortgage will be given to you, and you can choose to receive it as regular payments or a single lump sum.

• Yes, this type of loan, which requires no monthly payments, can be used for anything, including purchasing a home. • However, if you work directly with HomeEquity Bank for a Reverse Mortgage, you will only have access to 59% of the home's value. • Alternatively, RetireMyWay can help you secure a reverse mortgage for up to 65% of the new home's value.

• Is there an age limit for getting a reverse mortgage?No, there is no maximum age limit to qualify. In fact, qualifying for a larger amount becomes easier as you get older.

The money you access from your home is entirely yours to use as you see fit. People have used proceeds from their Reverse Mortgage for a variety of purposes, such as covering everyday living costs, providing an early inheritance to family, making home improvements, or financing a special trip. The choice is completely yours.

• Yes, you can, as long as your children are not listed as owners on the property's title. • Standard programs like CHIP Reverse Mortgages and Flex Reverse Mortgages require everyone on the title to be at least 55 years old. • However, we do have access to other reverse mortgage lenders for situations where someone on the title is under 55.

If you opt not to make interest payments, the total amount you owe will increase over time. However, you retain full ownership of your home, and any increase in its market value belongs entirely to you. Because of this, most Canadian homeowners who use these products have found substantial equity remaining when it's time to repay the loan.

• You have the flexibility to repay the loan in full at any time without penalty. • Repayment is required when you sell your home, permanently move out, or pass away. • You or your estate can repay the loan using the money from the home's sale.

RetireMyWay currently provides its services throughout the province of Ontario.