Dave Butler
Great Brokers Company
License M2305768 (Level 2)
Office:123 Main Street, City, Province, Postal Code
Areas Served: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan, Northwest Territories, Nunavut, Yukon
BIO: Fiducias incredibiliter verecunde corrumperet Caesar.Pretosius appara.
Website: greatbroker.com
Reverse Mortgages
Unlock Financial Freedom with Reverse Mortgages in Canada
A reverse mortgage is a unique financial tool designed to help Canadian homeowners aged 55 and older unlock the equity in their homes while maintaining ownership and independence.
Whether you’re looking to supplement your retirement income, cover healthcare expenses, or achieve greater financial flexibility, a reverse mortgage may be the solution you’ve been searching for.
What Is a Reverse Mortgage?
A reverse mortgage allows you to convert a portion of your home’s equity into tax-free cash.
Unlike traditional mortgages where you make monthly payments, reverse mortgages allow the
lender to pay you—either in a lump sum, regular payments, or a combination of both.
The best part? There are no mandatory monthly mortgage payments. Repayment, including
accrued interest, is typically deferred until you sell your home, or the last borrower moves out.
How Better Mortgages Can Help
At Better Mortgages, we provide personalized advice and expert guidance to ensure your second mortgage works for you:
Tailored Assessments
We evaluate your financial situation and equity to recommend a second mortgage solution that suits your needs.
Expert Negotiation
Our experienced Mortgage Agents and Brokers secure competitive rates and terms by leveraging our extensive lender network.
Transparency and Support
We’re with you every step of the way, providing clear information and guidance to help you make informed decisions.
Second Mortgage Example
The Situation
A family owns a home valued at $850,000 with an outstanding first mortgage of $500,000 at a 3.19% interest rate, locked in until January 2027. The family has accumulated $95,000 in credit card and personal loan debt, averaging 24.8% interest, costing them $2,420 in monthly payments (in addition to their 1st mortgage payment).
Their bank declined their refinance application due to debt service ratio challenges and limited income flexibility, as one parent had temporarily stopped working to care for their children.
The Solution
Better Mortgages helped the family secure a second mortgage to consolidate their debts and reduce their financial burden:
- Second Mortgage Amount: $100,000
- Interest Rate: 12.25%
- Monthly Payment: $1,020 (interest-only option)
- Monthly Payment Savings: $1,400
The lender approved the loan based on the family’s significant equity, leaving over $250,000 in remaining home equity after funding. The second mortgage included an open term, allowing the family to pay it off penalty-free once their income situation improved.
Who Should Consider a Second Mortgage?
A second mortgage might be the right choice if you:
“Need funds but don’t want to refinance your primary mortgage”
“Want to consolidate high-interest debts.”
“Are managing significant expenses, such as home renovations or medical costs.”
“Have sufficient home equity and need quick funding. “
Take the Next Step with Better Mortgages
At Better Mortgages, we pride ourselves on delivering second mortgage solutions that help homeowners achieve financial flexibility and peace of mind.
Choose a Better Mortgages representative to work with or contact us today to schedule your consultation. Together, we’ll unlock the potential of your home’s equity and create a plan that works for you.
Let’s build a brighter financial future, starting today!