- Pre-approval in as little as 24 hours
- Credit scores 650 and below welcome
- Licensed Ontario mortgage brokers — FSN #13301
- No hidden fees — straightforward advice you can trust
Sudbury
New Sudbury
Copper Cliff
Ontario
Reverse Mortgage
A reverse mortgage allows homeowners aged 55 or older to convert a portion of their home equity into tax‑free cash without making monthly mortgage payments. The loan is repaid when the homeowner sells the property, moves out permanently or passes away, at which point the loan balance (including accrued interest) is deducted from the sale proceeds. This product is often used to supplement retirement income, pay for healthcare or fund travel and other expenses.
Lighthouse Lending helps clients determine how much equity they can access and clarifies how interest accrues over time and affects estate value. We also advise on alternatives, such as downsizing or HELOCs, so clients like you can make informed decisions about using a reverse mortgage to maintain your lifestyle.
Reverse Mortgage
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We move quickly so you don't lose momentum on your financial goals.
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Credit challenges don't disqualify you. We've seen every situation and helped through it.
Our volume gives us access to preferred rates banks simply can't match.
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While requirements vary by loan type, we work with buyers with scores as low as 580 for FHA loans. Conventional loans typically require 620+.
In Ontario, the minimum down payment is 5% for homes up to $500,000, 5% on the first $500,000 and 10% on the portion above that up to $1.5 million, and 20% for homes over $1.5 million, with mortgage insurance required if you put down less than 20%.
Mortgage rates change frequently based on market conditions, but in Canada, most borrowers are currently seeing approximately 3.8%–5.5% for fixed rates and around 3.3%–4.5% for variable rates, depending on the lender, term, and your financial profile.
The mortgage process typically takes 1 to 4 weeks, depending on factors like document submission, lender approval times, and the complexity of your application.
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