A website of Dominion Lending Centres Homestead Financial · Independently Owned and Operated · Brokerage Licence #11711

# Is a Reverse Mortgage Right for Me? | ReverseMortgageHamilton.ca

> Ten plain questions for Hamilton homeowners 55+: is a reverse mortgage worth a closer look, worth comparing first, or probably not the right fit?

URL: https://reversemortgagehamilton.ca/tools/reverse-mortgage-assessment/

Free tool, about two minutes

# Is a reverse mortgage right for me? A 10-question check

Ten short questions about you and your Hamilton house lead to one of three answers (worth exploring, compare first, or likely not a fit) along with the reasons behind it.

[Get My Free EstimateGet My Free Reverse Mortgage Estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagehamilton&utm_medium=satellite&utm_campaign=reverse-mortgage-assessment)

-   No cost
-   Doesn’t affect your credit
-   No sales pressure

Question 1

1. How old is the youngest owner on the title?

 Younger than 55 Between 55 and 64  Between 65 and 74  75 or above

Question 2

2. Do you live in this house for most of the year?

 Yes, this is where I live No, it's a cottage, a rental or a second home

Question 3

3. Which best describes the property?

 A house: detached, semi or freehold townhouse A condo apartment or condo townhouse I own  A co-op, or a home or condo on leased land  A rural property with acreage

Question 4

4. How many more years do you see yourself living here?

 Under 3 years 3 to 10 years  For as long as possible

Question 5

5. Roughly how much is still owing on the house?

 Nothing at all Under about a third of its value  Between about a third and a half of its value  Over about half of its value  Not sure

Question 6

6. What would you use the money for?

 Clearing a mortgage or other debt More money each month for living costs  Repairs, changes or care so I can stay put  Helping a child or grandchild  Keeping up with the property tax  Not decided yet

Question 7

7. Could your income handle monthly payments on a bank line of credit?

 Yes, without strain Possibly, but money would be tight  No, or I'd rather not have payments

Question 8

8. Is leaving the whole house to your heirs a priority?

 It matters a lot It matters a little  Comfort now matters more to me

Question 9

9. Are the property tax and home insurance up to date?

 Yes I owe some property tax  Not sure

Question 10

10. Have you mentioned the idea to your family?

 Yes, they know about it Not so far  Yes, and they have doubts

See My Result

Answer every question to see your result.

Your result

[Get My Free Reverse Mortgage Estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagehamilton&utm_medium=satellite&utm_campaign=reverse-mortgage-assessment) [Browse the Hamilton guides](/guide/)

## Questions about this check

**What will the result tell me?**

Whether a reverse mortgage looks worth exploring, whether a cheaper option deserves a look first, or whether something rules it out. Treat it as a starting point rather than advice for your situation.

**Are my answers stored?**

No. They exist only in your browser and are cleared when you leave the page.

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Free reverse mortgage estimate (no sales pressure): https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagehamilton&utm_medium=satellite&utm_campaign=reverse-mortgage-assessment

Operated by Dominion Lending Centres Homestead Financial, a mortgage brokerage licensed by the Financial Services Regulatory Authority of Ontario, brokerage licence #11711. Independently Owned and Operated. ReverseMortgageHamilton.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.