# Reverse Mortgage Assessment: 10 Questions | ReverseMortgageBurlington.ca

> A free 10-question reverse mortgage assessment for Burlington homeowners 55+. Find out if it deserves a closer look, needs comparing first, or does not fit.

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

Free tool, about 2 minutes

# Reverse mortgage assessment: is it a fit for you?

This free reverse mortgage assessment asks ten plain questions about you and your Burlington home. Your result is one of three: worth a closer look, compare carefully first, or not the right fit for now. Each one explains why.

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

No cost · No credit check · No sales pressure

Question 1

1. What is the age of the youngest person on the title?

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

Question 2

2. Do you spend most of the year living in this house?

 Yes, it's my home No, I rent it out, or it's a cottage or second place

Question 3

3. Which best describes the property?

 A detached, semi-detached or townhouse in town A condo apartment I own in my own name  A country property on a well or septic, or a big lot  A co-op unit, or a house or condo on leased land  Not sure

Question 4

4. How much longer do you plan to live there?

 Fewer than 3 years Somewhere from 3 to 10 years  As long as my health allows

Question 5

5. Roughly what is owing against the house today?

 Nothing at all Under a third of its value  Between a third and a half of its value  Over half of its value  Not sure

Question 6

6. Where would the money go?

 Clearing a mortgage, line of credit or credit cards Extra monthly income  Home changes or help at home, so I can stay  A gift to a child or grandchild  Undecided

Question 7

7. If a bank line of credit needed monthly payments, could your income carry them?

 Yes, without strain Maybe, though money would be tight  No, or I'd rather avoid monthly payments

Question 8

8. How much weight do you put on passing the full value of the house to your children?

 A lot Some  Less than living comfortably now

Question 9

9. Where do things stand with your property tax and home insurance?

 Both are up to date I owe some property tax  Halton Region defers my taxes  Not sure

Question 10

10. Does your family know you are looking into this?

 Yes No, not yet  Yes, and they have doubts

Show my result

Please pick an answer for all ten questions.

What your answers suggest

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

## About this check

**What does the result of this reverse mortgage assessment mean?**

It points to one of three things: a reverse mortgage is worth exploring, another option deserves a look alongside it, or something in your answers rules it out for now. Treat it as a first read, not advice on your situation.

**Do my answers get saved?**

No. They stay on your own device and are cleared when you leave this page.

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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. ReverseMortgageBurlington.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.