About 3 minutes · no obligation · nothing is committed by asking
See what your home could pay you.
Seven quick questions. No number is guessed on a screen. Ramin gets the real figure from the lenders for your ages and your home, and calls you with it and all five lenders' costs side by side.
Where is the home?
It decides which lenders and programs are open to you.
What happens next
1. Seven quick questions
The home and what it is worth, how many people live there and their ages, what is owed and what the money is for: the same things the lenders ask before they will name a figure.
2. Ramin calls within one business day
He gets the real figures from the lenders for your exact ages and property, and puts all five lenders' full costs side by side, in writing.
3. The decision stays yours
Nothing is committed by asking. If a cheaper tool wins for you, the recommendation says so.
Prefer to work it through yourself first? The calculator shows the balance year by year, the typical range by age is on the calculators page, and what it costs lists every fee from the lenders' own pages. Answering the seven questions commits you to nothing.
Before you start
Will I see a figure on the screen?
No, and that is deliberate. A number from a website is a guess: the real figure depends on your exact ages, the home, where it is and what is owed on it, and each lender works it out differently. Ramin gets the actual figures from the lenders and calls you with them, usually within one business day.
Why do you ask for a phone number and the property address?
Ramin answers by phone first, because it is the fastest way to a straight answer, and the lenders set how much they will advance by area as well as by age: the same home in a major city such as Vancouver typically qualifies for a larger share than in a smaller centre such as Vernon or Grande Prairie. So the address is what turns a guess into a figure. Your details go to him alone, nothing is committed by asking, and there is no obligation. You are welcome to have family on the call.
Why do you ask how many people live at the property, and whether each is male or female?
Because the lenders do. Their own calculators ask for each borrower's age and whether they are male or female before they show a figure, and anyone living in the home who is not on the title can change the paperwork. So the form asks about everyone who lives there, and who goes on the application is sorted out on the call. Ramin needs the whole picture to get you a real number rather than a rough one.
Which lenders are behind the figures?
HomeEquity Bank, which sells the CHIP Reverse Mortgage; Equitable Bank, which assesses joint borrowers on the lower of their average age and ten years above the younger; Bloom Finance, which lends in BC, Alberta and Ontario and assesses joint borrowers on their average age; Home Trust, whose product is the EquityAccess Reverse Mortgage; and Fraction, whose no-payment mortgage is not a reverse mortgage but works like one for up to five years at any age. Ramin puts all five lenders' full costs side by side before recommending any of them, or none.