Unlock Your Home’s Equity with a Reverse Mortgage—No Monthly Payments Required
Homeowners Served with Reverse Mortgages
Helping Lethbridge Seniors Since
Hours Turnaround on Initial Pre-Approval
Reverse Mortgage in Lethbridge
Mortgage Worx Inc. has specialized in Reverse Mortgages since 2006. Our licensed mortgage professionals work closely with leading chartered lenders to help Canadian homeowners aged 55+ unlock the equity in their homes—without monthly repayments. Because we’re paid by our lending partners, our expert advice comes at no cost to you. Talk to us once, and you’ll gain access to multiple reverse-mortgage solutions tailored to your lifestyle and financial goals.
Why Mortgage Worx Inc.?
Expert Guidance from Start to Finish
We handle lender comparisons, documentation, and all regulatory requirements—so you can relax and stay focused on what matters.
Customized Income Solutions
Whether you need a lump sum, a line of credit, or regular monthly payments, we’ll structure your reverse mortgage to match your cash-flow needs.
Reverse Mortgage FAQs
A guide to starting your exciting journey toward lifelong homeownership. Includes: Documents you will require, Mortgage Default Insurance, Credit Profile, Calculate your down payment and upfront expenses
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What is a Reverse Mortgage and how does it work?
A reverse mortgage is a loan secured against your home equity, available to Alberta homeowners aged 55 and up. Instead of making monthly payments to a lender, you receive funds (as a lump sum, line of credit, or regular instalments) and defer repayment until you move out, sell the home, or pass away. Interest accrues on the outstanding balance, but you retain full ownership and title of your house throughout.
Am I still responsible for property taxes and insurance?
Yes. Even with a reverse mortgage, you must continue to pay your property taxes, homeowners’ insurance, and any condominium or utility fees. Maintaining your insurance coverage and keeping taxes current protects both you and the lender, and ensures the loan remains in good standing.
Can I stay in my home as long as I want?
Absolutely. Your reverse mortgage stays in place for as long as you live in the home as your principal residence, continue to pay property taxes and insurance, and keep the property maintained. You only trigger repayment if you sell, move into a long-term care facility, or upon your passing.
How much money can I get and how is it calculated?
The amount you can borrow depends on:
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Your age (older borrowers qualify for higher advance rates)
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Your home’s appraised value (as determined by an accredited appraiser in Alberta)
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Current interest rates and the lender’s maximum advance factor (typically up to 55–60% of your home’s value)
After appraisal and age verification, your lender will present the maximum principal limit and payment options tailored to your needs.
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What are the costs and fees associated with a Reverse Mortgage?
Typical costs include:
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Appraisal fee (to determine current market value)
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Closing legal fees (title search, registration)
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Mortgage insurance premium (protects lender against default)
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Administrative or disbursement fees (document preparation, advance setup)
All fees are disclosed upfront—there are no prepayment penalties, and you only pay interest on funds you actually receive.
Will my heirs inherit my home?
Yes. Your heirs retain the right to the property. Upon your passing, they can choose to:
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Repay the reverse mortgage (principal plus accrued interest) and keep the home, or
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Sell the home, use the sale proceeds to settle the loan, and retain any remaining equity.
How is a Reverse Mortgage repaid and when?
Repayment is due when the last borrower vacates the home (moves into long-term care or passes away) or sells the property. At that point:
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The home is listed for sale
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Proceeds first pay off the reverse mortgage balance (including accrued interest and fees)
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Any surplus funds go to you or your estate
Can I combine a Reverse Mortgage with other mortgage products?
Often, yes. In Alberta you can:
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Convert an existing conventional mortgage into a reverse mortgage (subject to lender approval)
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Tap additional reverse-mortgage advances if your home appreciates in value or you age into a higher advance bracket
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Use other credit lines or secured loans alongside a reverse mortgage—though each additional charge must respect the lender’s priority on your title
Always review combinations with your Reverse Mortgage Specialist to ensure you maintain proper lien priority and optimal cash flow.