In this episode of Building Wealth Through Real Estate...Brick by Brick, I discuss mortgage options with Michael Dorego, particularly those available to first-time buyers. Michael, a mortgage agent with Northwood Mortgages Limited, shares his insights and expertise on reverse mortgages, dispelling myths and discussing the facts. He explains that reverse mortgages in Canada are heavily regulated and borrowers can typically only borrow up to 55% of their home's value. We also touch on the mortgage stress test, down payment assistance, and the various programs available to first-time buyers and renters. The conversation concludes with an introduction to the mortgage rules that have changed since December 15, 2024.

Reach out to Michael:

Michael Dorego (click on his name for his website)
Northwood Mortgage
mdorego@northwoodmortgage.com
+1 (416) 568-5111

Here are three key facts about Reverse Mortgages:
1.Eligibility and Home Equity: Reverse mortgages are available to homeowners aged 55+ in Canada. They allow you to access up to 55% of your home’s equity, but the amount depends on factors like your age, the value of your home, and your location.
2.No Monthly Payments: Unlike traditional loans, reverse mortgages don’t require monthly repayments. Instead, the loan is repaid when you sell the home, move out, or pass away.
3.Interest Accumulates Over Time: Since no payments are made during the loan term, interest compounds on the loan balance. This means the amount owed grows over time, potentially reducing the equity left in the home.

Ourboro - A co-ownership program designed to assist homebuyers by contributing to their down payment in exchange for a share in the home’s future appreciation.

Down Payment Options By Region

Waterloo Region

https://www.regionofwaterloo.ca/en/living-here/funding-to-help-buy-a-home.aspx

Guelph and Wellington County

https://www.wellington.ca/en/social-services/hs-homeownership-funding.aspx#Wellington-Affordable-Homeownership-Down-Payment-Loan-Fund

Oxford County

https://www.oxfordcounty.ca/en/services-for-you/home-ownership-program.aspx#Eligibility-self-check-list-for-a-down-payment-loan

Lambton County

https://www.lambtononline.ca/en/resident-services/homeownership-down-payment-assistance.aspx

Simcoe County (Barrie area)

https://www.simcoe.ca/dpt/sh/apply-for-the-homeownership-program

Dufferin County

https://www.dufferincounty.ca/housing-services/homeownership-program

Brant County

https://www.brantford.ca/en/living-here/homeownership-program-b-home-fact-sheet.aspx

Bruce County

https://www.brucecounty.on.ca/services/human-services/homeownership-program

Grey County

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