# Is a Reverse Mortgage Right for Me? | ReverseMortgageMississauga.ca

> Ten plain questions for Mississauga homeowners 55+. Find out if a reverse mortgage is worth a closer look, needs weighing against other options, or is ruled out.

URL: https://reversemortgagemississauga.ca/tools/reverse-mortgage-assessment/

# Is a Reverse Mortgage Right for Me? Take the 10-Question Fit Check

Ten plain questions about you and your Mississauga home, about two minutes, to see whether a reverse mortgage is right for you. The result is one of three: worth a closer look, weigh it against other options first, or ruled out for now, with the reasons.

[Get my free Mississauga estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagemississauga&utm_medium=satellite&utm_campaign=reverse-mortgage-assessment)

No cost and no sales pressure, and asking for an estimate has no effect on your credit.

Question 1

1. Thinking of everyone on the title, what is the youngest person's age?

 Not yet 55 In my late 50s or early 60s (55 to 64)  In my late 60s or early 70s (65 to 74)  75 or more

Question 2

2. Do you live in this house or condo for at least half the year?

 Yes, I live here most of the time No, it is rented out, or it is a cottage or second property

Question 3

3. Which best describes the property?

 A house of my own (detached, semi, or a freehold townhouse) A condo unit registered to me (apartment or townhouse)  A co-op unit, or a home on leased land (leasehold)  I am not sure which

Question 4

4. If things go to plan, how much longer will you live there?

 Less than three years Roughly three to ten years  As long as my health allows

Question 5

5. Is anything still owing against the property?

 No, it is paid off Yes, less than about a third of its value  Yes, somewhere between a third and a half of its value  Yes, over roughly half of what it is worth  I would need to check

Question 6

6. What would you use the money for first?

 Paying off a mortgage or other debts More money each month to live on  Repairs, changes or care so I can stay at home  Adding a basement apartment or garden suite  Giving a child or grandchild a hand  Not sure yet

Question 7

7. Picture a bank line of credit that needs a payment every month. Would your income cover it?

 Comfortably Only just  No, or I would rather not have a monthly payment at all

Question 8

8. How much does passing on the full value of the house matter to you?

 A great deal Somewhat  Living comfortably now matters more

Question 9

9. Are the property tax and the home insurance up to date?

 Yes, both The property tax has fallen behind  I am not certain

Question 10

10. Have you mentioned this to your family?

 Yes, they know Not so far  Yes, and they are worried

See my result

Answer all ten questions to see your result.

Your result

[Get my free Mississauga estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagemississauga&utm_medium=satellite&utm_campaign=reverse-mortgage-assessment) [Read the guides](/guide/)

## About this check

**What will the result tell me?**

One of three things: a reverse mortgage deserves a proper look, another option may fit you better, or something in your answers rules it out for now. Treat it as a starting point rather than advice.

**Does anyone see my answers?**

No. They are scored on your own device and vanish when the page closes.

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Operated by Dominion Lending Centres Homestead Financial, a mortgage brokerage licensed by the Financial Services Regulatory Authority of Ontario, brokerage licence #11711. Independently Owned and Operated. ReverseMortgageMississauga.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.