Access More Equity Without Replacing Your Reverse Mortgage
If you already have a reverse mortgage, you may be eligible to borrow additional funds through a private second mortgage. This solution lets you unlock more of your home’s equity without refinancing or disrupting your original reverse mortgage agreement. It’s ideal if your property has appreciated in value or if you initially took less than the maximum available.
Depending on your location, age, and property type, you could qualify to borrow up to 65% of your home’s appraised value when combining both the reverse and second mortgages.
What Is a Second Mortgage?
A second mortgage is a private loan secured against your home that works alongside your existing reverse mortgage. It’s not a refinance, and it does not replace your original reverse mortgage. Instead, it’s a separate mortgage that sits in second position on the title, behind your existing reverse mortgage. It allows you to access additional equity that may have built up in your home over time.
This type of second mortgage is designed specifically for homeowners who already have a reverse mortgage and want to borrow up to 65% of the property value.
If your home has appreciated in value or if you didn’t take the full amount available during your original reverse mortgage approval, this option may allow you to access more of your home’s equity, without restarting the process.
Why Consider a Private Second Mortgage?
Many Canadians over 55 consider a top-up when:
Home values in their area have risen
They didn’t take the full amount at the start, and now need more funds
Their financial situation has changed since the original reverse mortgage
They want to help family, renovate, or cover rising living costs
It’s also useful for people who want to avoid the cost and hassle of refinancing their original reverse mortgage.
How Much More Can You Access?
Second Mortgages are based on the total maximum loan amount you’re eligible for. We’ll review your current reverse mortgage, reassess your home’s value, and walk you through exactly what’s available.
Is a Second Mortgage Right for You?
A second mortgage may be the right option if:
You want to borrow more without replacing your original reverse mortgage
Your home’s value has increased, or you need more financial flexibility
We’ll review your options together, answer your questions clearly, and help you decide what makes the most sense for your goals.
Get a Clear Picture of What’s Possible
Reach out to The Financing Factory today to see if a second mortgage top-up is right for you. It costs nothing to ask—and the peace of mind could be worth everything.
