best mortgage rates Mississauga

Reverse Mortgages: Unlock Your Home’s Value Without Moving

Your home has worked hard for you—now let it pay you back. With a Reverse Mortgage from Khan Mortgages, Mississauga homeowners aged 55+ can access up to 55% of their home's equity as tax-free cash with no monthly mortgage payments.

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best mortgage rates Mississauga

Empower Your Retirement with a Mississauga Reverse Mortgage

For many seniors in the Peel Region, home equity is their largest asset, but it remains locked away while daily living costs rise. A Reverse Mortgage allows you to convert that equity into a tax-free lump sum or steady monthly income while you retain full ownership and title of your property. At Khan Mortgages, we specialize in structuring these loans so you never have to worry about principal or interest payments until you decide to move or sell. Our solutions adhere to the 2026 standards set by the Canada Mortgage and Housing Corporation (CMHC), ensuring that the amount you eventually owe will never exceed the fair market value of your home.

 

Whether you need to pay off an existing First Mortgage, cover medical expenses, or provide a “living inheritance” to your children, our local Mississauga team provides the expertise to secure the best rates and most flexible terms. Contact Khan Mortgages today to receive a free equity assessment and discover how a reverse mortgage can transform your retirement in Mississauga.

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A retired couple in Mississauga happily planning their future after securing a tax-free reverse mortgage from Khan Mortgages.
Reverse Mortgage

Key Facts and Features

The money you receive is not considered taxable income, ensuring that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) remain unaffected.

Contrary to common misconceptions, a Canadian reverse mortgage does not mean you will lose your home. You won’t be required to move or sell your property to repay your CHIP Reverse Mortgage. The only requirements are to maintain your property and stay current with property taxes, fire insurance, and any condominium or maintenance fees while you reside there.

A reverse mortgage can enhance your retirement experience or help you manage unforeseen expenses. You can use the funds for medical bills, home upgrades, supporting family and loved ones, traveling, or covering monthly expenses without draining your current savings. The only requirement is that any existing loans secured by your home must be paid off with the proceeds from your CHIP Reverse Mortgage.

Based on years of experience, 99 out of 100 homeowners have equity remaining when their CHIP Reverse Mortgage is repaid. On average, homeowners retain about 50% of their home’s value at the time of sale.

To qualify, you must be a Canadian homeowner aged 55 or older, with the age requirement applying to both you and your spouse. You can access up to 55% of your home’s value; there are no credit checks, health assessments, or income requirements needed. Additionally, your home must be your primary residence.

You are not required to make regular mortgage payments as long as you or your spouse live in the home. The total amount becomes due only when both you and your spouse no longer reside in the property.

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Private Mortgage

Looking for a loan or a mortgage when you have a bad credit score or a bankruptcy in your name can be highly frustrating. Helping you get the Private Mortgage you need.

Bad or Poor Credit

Do you have bad or poor credit and are trying to get a mortgage but it's proven to difficult? We might be able to help. We have options to help those with bad credit get the mortgage they need.

Home Equity Line of Credit (HELOC)

A HELOC can be a great way to access needed money for those important things that come up in life. Helping you get the Home Equity Line of Credit you need.

Self-Employed Mortgages

We work with lenders from all across Canada that offer excellent mortgage options for self-employed Canadians like yourself. Helping you get the Self-Employed Mortgage you need.

Reverse Mortgages

Why Choose Khan Mortgages?

    • No Monthly Payments: You aren’t required to make any payments as long as you live in your home.

    • Tax-Free Income: The money you receive is a loan advance, meaning it is not taxable and won’t affect your OAS or GIS benefits.

    • Full Ownership: You stay on the title and keep 100% of any future appreciation in your home’s value.

    • Specialized Local Knowledge: From Private Mortgage backups to prime reverse products, we shop all lenders to find you the best mortgage rates in Mississauga.
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How does it work?
How do I get started?

At Khan Mortgage, we’ve simplified the mortgage process to make it as easy and seamless as possible. Our network of experienced mortgage professionals will guide you through every step of the way.

1. Find an Agent or Broker

Find the expert you want to collaborate with.

2. Apply Safely Online

Approximately 5 minutes is all you need.

3. Get Your Funding Fast

When all goes according to plan, funding is swift!

(416) 807-5050
best mortgage rates in Mississauga

frequently asked questions

Find answers to your most pressing mortgage questions in our Frequently Asked Questions section.

To qualify, you (and your spouse, if applicable) must be at least 55 years old and own your home as a primary residence. Your home must be located in an approved area, such as Mississauga, and any existing debt on the home must be paid off using the proceeds from the reverse mortgage.

Absolutely not. You retain full ownership and the title of your property. You can stay in your home for as long as you wish, provided you keep the property in good repair and stay current on property taxes and homeowners’ insurance.

While both use your home as collateral, a HELOC requires you to make monthly interest payments and pass a strict income “stress test.” Reverse Mortgages require no monthly payments and are approved based on your age and home value rather than your credit score or pension income.

When the last homeowner moves out or passes away, the loan (principal plus interest) is repaid from the sale of the home. Because of the “No Negative Equity Guarantee,” you or your heirs will never owe more than the home is worth at the time of sale. Contact Khan Mortgages today to learn more about protecting your estate while accessing the cash you need.