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“Helping Clients and Businesses that Banks Don't Understand. (Self-Employed, Private, Bridge, Seniors Mortgages)”
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Q: How does a reverse mortgage work, and who is it right for?
A reverse mortgage is provided by only a few lenders. It is right for seniors above the age of 55 who have low income but lots of equity in their home. A reverse mortgage allows a borrower to take a lump sum amount or monthly allowance from their home. The loan is repaid when and if the home is sold. The owner always retains ownership of their home. It is a great solution for short or long-term retirement planning.
Answered October 2026
Q: My credit score is low. What are my options to get approved?
Contact a licensed mortgage broker who can work with banks and credit unions or trust companies that support borrowers with low credit scores. Borrowers who want to refinance or purchase a home with low credit scores have the greatest chance of approval when they have an income which is high enough to comfortably support the mortgage loan payments or borrowers who have a strong downpayment or equity in the home (ideally more than 25% of the value of the home).
Answered October 2026
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✓ Answers reviewed by VerifiedAdvisors.ca. General information only, not personal financial advice. Speak with a licensed broker about your situation.
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Sami is one of 138 licensed brokers at Get A Better Mortgage Inc.. Largest teams: Mississauga (16), Toronto (13), Brampton (11), Woodbridge (7).
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