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2525 blv Daniel-Johnson, Laval, QC, H7T 1S9
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Fax: 514-533-0143
Homeowners 55 and over — Quebec
55 and over: could the equity in your home give you more breathing room?
Your home has gained value over the years, but your monthly budget has tightened. Depending on your situation, certain mortgage solutions — including a reverse mortgage where it makes sense — may let you use part of that equity without having to sell your home.
- A home worth far more than what you paid for it
- Retirement income that leaves less room than before
- Debts or payments that weigh on you every month
- A need for cash, without wanting to move
Nectarios Petropoulos, mortgage broker (licence 237338), Dominion Lending Centres National. Free, confidential review with no obligation.
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Fill out the form and we will call you back to go over your situation. No obligation on your side.
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We will contact you shortly to discuss your situation. If your request is urgent, you can also reach us at 514-999-9946.
Who this is for
Does any of this sound like you?
Most homeowners we meet are not shopping for a financial product. They are looking for an answer to a specific situation.
Plenty of equity, very little cash
Your home is worth several hundred thousand dollars, but that money is locked in the property and does nothing for you day to day.
A tighter monthly budget in retirement
Your income has changed, costs have gone up, and your monthly room to manoeuvre is not what it was when the mortgage was first set up.
Debt that costs too much
Credit cards, lines of credit, a car loan: several high-rate payments eat into your budget and you would like to look at consolidation options.
A decline or a difficult renewal
Retirement income does not fit a lender's usual qualifying criteria, even though your property is largely paid off.
A project or a large expense
Renovations, making the home more accessible, care costs, helping a family member: you need funds for something specific.
Selling is not your first choice
You are attached to your home and your neighbourhood, and you want to know first whether there are options that let you stay.
The basics
Home equity, explained in plain terms
Equity is the difference between what your property is worth today and what you still owe on it. A home valued at $600,000 with a $120,000 mortgage balance represents roughly $480,000 in accumulated equity.
That equity is real, but it is not liquid: it only becomes available if you sell, or if you use a mortgage solution suited to your situation. Several routes exist and they do not suit the same profiles. Here are the ones that can be reviewed with you, based on your age, your property, your income and your eligibility.
Options that can be reviewed
Mortgage refinancing
Replacing your current mortgage with a larger one to free up funds. Eligibility depends on income, credit and the value of the property, among other factors.
Home equity line of credit
An available amount secured by your home that you draw on only when you need it. Payments and terms vary by lender and by file.
Second mortgage or alternative lending
Often considered when the existing first mortgage is worth keeping, or when standard bank criteria are not met.
Reverse mortgage (55 and over)
Available to homeowners aged 55 and over, it allows access to part of the home's equity with no required monthly mortgage payment, the balance generally being repaid when the property is sold or the homeowners move out. It carries its own costs and long-term implications and is not right for everyone: it is reviewed as one option among several, never as a default answer.
The process
How the review works
A simple three-step process, at no cost and with no obligation.
We build the picture
Property value, mortgage balance, debts, income, age and goals. That is the basis of any serious recommendation.
We compare the options
We look at what you may qualify for, including a reverse mortgage where relevant, and at what should be ruled out.
You decide
Costs, benefits, limits and long-term effects are explained clearly. You are free to move ahead or not.
What changes
What the review can give you
Every file is different and no outcome can be guaranteed in advance. Here is what homeowners are usually looking for.
- A clear idea of how much of your home equity could realistically be accessible in your situation.
- A real understanding of the differences between refinancing, a line of credit, a second mortgage and a reverse mortgage.
- A look at whether debt consolidation could ease your monthly payments, subject to eligibility.
- The costs, conditions and implications before you commit, including the effect on your estate.
- A straight answer even when the conclusion is that no solution is right for you at the moment.
Who you will be talking to
A mortgage broker, not a product salesperson
Nectarios Petropoulos is a mortgage broker with Dominion Lending Centres National and has been working with Quebec homeowners since 2016, particularly on files that fall outside standard bank criteria.
A broker works with several lenders: banks, alternative lenders and specialized lenders. The job is to compare what exists for your situation and explain the consequences of each option, including when doing nothing is the better call.
- Broker
- Nectarios Petropoulos
- Licence number
- 237338
- Brokerage
- Dominion Lending Centres National
- Office
- 2525 Daniel-Johnson Blvd, Laval, Quebec H7T 1S9
- Phone
- 514-999-9946
Frequently asked questions
Reverse mortgages and home equity: your questions
What is home equity?
It is the share of your property that is genuinely yours: today's market value, minus the balance of your mortgages and any other debt secured by the home. The more you have paid down and the more the value has risen, the larger the accumulated equity.
What is a reverse mortgage?
It is a loan secured by your home, available to homeowners aged 55 and over, that gives access to part of the equity built up in the property. Unlike a conventional mortgage, no monthly principal and interest payment is usually required: interest accrues and the balance is normally repaid when the property is sold or the homeowners leave the home. The amount available, the rates and the conditions vary with age, the property, the region and the lender.
Do I have to sell my home to access my equity?
Not necessarily. Subject to eligibility, some mortgage solutions allow access to part of the equity while you remain the owner and continue to live in the home. Selling stays an option worth comparing, but it is not the only one.
Do I stay the owner of my home?
With a reverse mortgage you remain the owner and the title stays in your name. As with any mortgage, your usual obligations continue: property and school taxes, home insurance and upkeep of the property. The exact terms are set out in the lender's contract and are explained to you before anything is signed.
How much could I get?
No amount can be quoted before a review. It depends on your age, the value and type of property, its location, the existing mortgage balance and the lender's criteria. The review exists precisely to establish what is realistic in your case.
Is a reverse mortgage always the best option?
No. It is one option among several, with trade-offs: it avoids required monthly payments, but interest accumulates on the balance and reduces the equity left later on. In many files, refinancing, a line of credit or consolidation is the better fit. Comparing them is what settles the question.
Is the review really free?
Yes. Reviewing your situation and comparing the options is free and carries no obligation. If a specific solution involves costs (lender fees, appraisal, notary, brokerage fees where applicable), they are laid out clearly before you decide anything.
Is my information kept confidential?
Yes. The details you send through the form are used only to get back to you and review your request. Filling out the form has no effect on your credit file.
Let's look at your equity and your options
A few minutes is enough to get a clear picture of what is possible — or not — in your situation.
The information on this page is provided for general guidance only and is not an offer of credit or a guarantee of approval. Available solutions, amounts, rates and conditions vary with your situation, the property, the lender and your eligibility, and are subject to review. A reverse mortgage is available to homeowners aged 55 and over and carries costs and implications that should be assessed before any decision.