No, you are not too old to get a reverse mortgage. In fact, a reverse mortgage can be a valuable financial tool for Canadian homeowners aged 55 and older, regardless of their age.
When you apply for a reverse mortgage, the amount of equity you have in your home, your age, and the current interest rate will determine how much you can borrow. The older you are, the more you can potentially borrow.
It's important to note that a reverse mortgage does not require you to make any monthly payments. Instead, the interest on the loan is added to the balance, and the total amount is due when the last homeowner on the title passes away or sells the home.
In conclusion, age is not a barrier to getting a reverse mortgage. If you're a Canadian homeowner aged 55 or older, let me know and we can have a no obligation interview where I can answer your questions and see if a reverse mortgage is a good fit for you.