What Homeowners Need to Know

Discover How Mike Cara, Top-Rated Mortgage Broker in Peterborough, Can Help You Access the Equity in Your Home

Are you a homeowner in Peterborough looking to supplement your retirement income, renovate your home, or simply improve your financial flexibility? A reverse mortgage may be the perfect solution. As one of the top-rated mortgage brokers in Peterborough, Mike Cara brings over 30 years of experience helping homeowners unlock the full value of their homes—without the stress of monthly payments.

In this blog, we’ll explain how reverse mortgages work, who they’re for, their benefits and risks, and why more Canadians—especially in Peterborough—are turning to reverse mortgage solutions with Mike Cara’s expert guidance.

🏡 What Is a Reverse Mortgage?

A reverse mortgage is a loan available to Canadian homeowners aged 55 or older that allows you to access up to 55% of your home’s current value—tax-free. Unlike a traditional mortgage, you don’t make monthly payments. Instead, the loan is repaid when you sell your home, move out, or pass away.

Reverse mortgages in Canada are most often offered by lenders like Home Equity Bank (CHIP Reverse Mortgage) and Equitable Bank.

📌 Why Homeowners in Peterborough Are Considering Reverse Mortgages

Peterborough is known for its aging population, with over 25% of residents aged 55 and older (StatCan, 2024). As property values continue to rise across the region, many seniors are sitting on significant home equity—yet they struggle with the rising costs of living, healthcare, and home maintenance.

A reverse mortgage offers an innovative and secure way to stay in your home longer, allowing you to enjoy a better quality of life.

✅ Top Benefits of a Reverse Mortgage in Peterborough

Here are some key advantages of choosing a reverse mortgage, especially with a trusted advisor like Mike Cara:

1. Stay in Your Home

Enjoy the comfort and familiarity of your home without needing to sell or downsize.

2. No Monthly Payments

You don’t pay anything until the loan becomes due—perfect for fixed-income retirees.

3. Tax-Free Cash

Funds received through a reverse mortgage are not taxable income, preserving your OAS and GIS eligibility.

4. Flexible Use of Funds

Use the money for:

• Daily living expenses
• In-home care or renovations
• Travel or family support
• Debt consolidation

5. Preserve Your Investments

Avoid withdrawing from RRSPs, RRIFs, or investment portfolios during downturns.

⚠️ Considerations Before Getting a Reverse Mortgage

While reverse mortgages are an excellent solution for many, they may not be for everyone. Here's what to keep in mind:

• Interest accumulates over time, reducing the equity left for heirs.
• You must continue to pay property taxes, home insurance, and maintain the home.
• It’s important to understand the terms of the loan clearly.

This is where Mike Cara's experience makes all the difference—he ensures you're fully informed and comfortable before making any decision.

👨‍💼 Why Work with Mike Cara for Your Reverse Mortgage?

With over 30 years of mortgage experience and a reputation built on trust, results, and personalized service, Mike Cara is recognized across Peterborough and the Kawarthas as a top-rated mortgage broker.

Mike Cara is:

• ✅ Top-ranked on ThreeBestRated, 5-Best, Top10, Yelp and YellowPages
• ✅ A+ Rated by the Better Business Bureau
• ✅ A member of the Peterborough and Kawarthas Chamber of Commerce
• ✅ Certified by the Canadian Mortgage Brokers Association and Equifax
• ✅ Known for honest advice and stress-free service

Whether you’re just exploring your options or ready to act, Mike Cara will take the time to understand your needs, explain every option, and guide you with care.

🔍 Is a Reverse Mortgage Right for You?

Reverse mortgages work best for:

• Homeowners aged 55+
• Those who want to age in place
• People with significant home equity
• Individuals seeking financial flexibility without downsizing

📊 Reverse Mortgage Trends in Ontario (2024–2025)

• According to Equitable Bank, reverse mortgage applications in Ontario grew by 28% year-over-year (2024).
• The average Canadian homeowner aged 60+ has over $600,000 in home equity (CMHC, 2025).
• 68% of retirees in smaller cities like Peterborough express interest in staying in their homes versus moving into retirement communities (CIBC Retirement Poll, 2024).

With the cost of living and inflation continuing to rise, many local seniors are seeing reverse mortgages as a practical and empowering solution.

📞 Ready to Explore Your Options?

Don’t leave your financial future to chance. Whether you’re retired, semi-retired, or planning, speak to Mike Cara, your local expert in reverse mortgages in Peterborough.

Visit Mike Cara Mortgage Broker in Peterborough on Google for reviews and directions.

🔁 Final Thoughts

A reverse mortgage can be a game-changer, providing the financial freedom and peace of mind that many Peterborough homeowners deserve. But it's essential to make informed decisions with someone who has the experience and ethics to guide you properly.

Trust Mike Cara, one of Peterborough’s most respected mortgage brokers, to help you unlock your home’s equity—on your terms.