Written by Tim Ward, Mortgage Broker

Visualize this: It’s 1986. You’re an accountant in Vancouver. You’re seeing seniors living longer, healthier and more self-sufficient lives than ever. But they don’t have enough cash to pay their day-to-day expenses.

You want to help them. So, you create a financial product that lets them access home equity without giving up ownership. You call it… the Canadian Home Income Plan, and lovingly refer to it as a CHIP. Your product – a reverse mortgage – gives seniors a way to stay in their homes, access the equity without selling, and have complete flexibility and control over the funds. It has a slow start, but over the next decade it catches on across Canada.

Fast forward to 2026 and the reverse mortgage has evolved into a useful tool for so many Canadians. We’ve seen a 40% increase in usage of reverse mortgages in the past 3 years alone! There are several reasons for this, including skyrocketing property values, inflation driving up the cost of living, people living longer and healthier after retirement, and a whopping 71% of those over 75 still owning homes. So, older Canadians are opting to supplement their income with home equity to maintain or improve their standard of living in retirement.  

What are the Basics of a Reverse Mortgage?

A reverse mortgage is available exclusively to homeowners aged 55 and older; all applicants must meet that minimum age. You can access anywhere between 15-55% of the value of your home, with your age and the location playing the biggest roles in the amount.

With a reverse mortgage, you can take out money in four different ways:

1. Use it like a line of credit
2. Take out a lump sum of cash at any time
3. Arrange regular ongoing monthly payments
4. Use a combination of options 2 and 3 above

Also of note is that you must live in the home, maintain the property, and ensure property taxes and insurance are both paid and current. You can get up to 3 reverse mortgages and even qualify for one on multi-unit properties (up to 6 units).

What are the Benefits?  

A reverse mortgage doesn’t depend on your credit score or your income for qualification. In fact, you don’t need to have any income at all! You also maintain complete ownership of your home and continue to live in it and build equity.

Another set of benefits are that the funds aren’t considered income, so they’re not taxed and don’t impact any pension or benefits you qualify for. You can even use this as part of your tax strategy (do consult a financial planner about this though).

What Can I Use a Reverse Mortgage for? 

These funds are extremely flexible, so you can use them for nearly anything. A few common ways Canadians use them are:

• Home renovations or upgrades
• Helping family (like a gifted down payment, a living inheritance, or a paying for a wedding)
• Buying another property
• Paying off higher interest debts
• Funding your lifestyle, a vacation, or other expenses

What Will a Reverse Mortgage Cost?  

There are two types of costs you’ll encounter with a reverse mortgage.

First, like any mortgage, you’ll be charged interest. The rates are typically 1-2% higher than a regular mortgage, but you have the same flexibility with fixed or variable rates in various terms.

Second, you’ll have upfront costs to fund the reverse mortgage. You’ll need to get independent legal advice, an appraisal on your home, and you’ll most likely pay a lender or setup fee. Those three items will typically cost $1500 - $3000. You might be able to negotiate the rate or even find a promotion that waives the setup fee, so using a mortgage professional to shop around could save you money.

How do I Get Out of a Reverse Mortgage? 

Much like a regular mortgage, you can pay off the amount owing in full at the end of the term without penalty. You can also make regular payments to bring down the balance. Lenders may also impose early repayment fees depending on the terms and conditions.

Alternatively, if you sell the property, you repay the amount in full at the time of sale. In the case of death, your reverse mortgage must also be repaid in full, before your estate is disbursed.

Are Reverse Mortgages Regulated? 

Yes. The industry is regulated by the Office of the Superintendent of Financial Institutions (OSFI). They’re considered a non-recourse loan, meaning you’ll never have to repay more than the property is worth or sold for. You often see this feature advertised by lenders as a ‘no negative equity guarantee’, but know that’s a legal requirement here in Canada.

Are Reverse Mortgages a Scam?  

No. They’re a legitimate and useful way for people to access home equity without selling their home. They’ve been approved and endorsed by the Canadian Association of Retired Persons (CARP), and members can even qualify for a $250 fee rebate upon funding. Plus, the Ontario Teachers Pension Plan invests in one of the main reverse mortgage companies.

However, like any financial product, the reverse mortgage market sees its share of scams. Be sure to use a licensed and experienced mortgage professional to avoid them. Look out for anyone one asking you to sign over the title to your home (never do this), or contractors offering to do the paperwork and get funding for you to fund upgrades or renovations. Those are big red flags!

Are there Alternatives to a Reverse Mortgage?

You always have options! A Home Equity Line of Credit (or HELOC) lets you take out equity and offers up to 80% of the value of your home (although you need income to qualify). You could also sell your home and downsize, rent, or move into another type of residence. No matter what route you go, you’ll want to look at the total cost of each option to help you make the best decision.

What Are the Next Steps to Getting a Reverse Mortgage? 

I’d love to help you explore your options. There are several Canadian financial companies that offer reverse mortgages in 2026, each with different fees, requirements and features. I would be happy to compare them and help you pick the best choice for your unique situation. Let’s set up a call to discuss.

Tim Ward Mortgage Broker   705-351-2284 [email protected] www.wardmortgage.ca     The Mortgage Centre - Hometown Financial #13028 Each Mortgage Centre is Independently Owned & Operated

Written by Tim Ward, Mortgage Broker

Timing is everything when you’re buying and selling a home. But… what if it wasn’t?

When you want to purchase your next dream home, you search the market for days, weeks, even months to find the perfect place. And simultaneously, you prep your own home for sale, open it for viewings, and look for the right offer and buyer. It’s great if the dates for your purchase and sale align and you want to move in exactly one day. But what if that isn’t the case?

Enter: the bridge loan. It’s literally a bridge between your current home and your future home! It fills the gap of financing when you can’t or don’t want to pay for two mortgages for an extended period of time. 

Here are some reasons a bridge loan is a great solution for you:

1. You want to take your time moving rather than do it all in one day
2. Your new home purchase closes before your existing home sale
3. You want to renovate before moving in
4. You need time to clean or empty your existing home
5. The housing market is hot and you don’t want to miss a perfect property

If you think there must be a catch – there are a few. Here’s what you need to know:

• Bridge loans are short term, temporary loans between 1-90 days
• You need a firm sale agreement on your existing home
• You will be required to make payments on both mortgages during the bridging period when you own both properties
• A realtor is required to process the transaction
• Cash will be required to pay realtor and legal fees, plus any mortgage penalties, outside of the bridge loan and mortgage financing

The pros: You’ll have plenty of flexibility in terms of closing and moving dates. It allows you to buy your dream home when you see it, rather than settle for what’s available in a specific time window. You also have flexibility in terms of your new home purchase, as you won’t need a full down payment for a new home, instead using the equity you’ve already built up in your existing home.

The cons: You will pay interest on the new financing amount at a higher than your regular mortgage. Plus, you might incur fines for breaking your existing mortgage. You also need to have a lump sum of cash to pay for closing and sale costs. You might also have to use any existing financing sources first, like maxing your line of credit.

Bridge Loans for Land: Some lenders will also offer you the ability to use bridge financing for purchasing land. This works well if you don’t have construction financing secured yet, or you haven’t decided what to do with that land right away. There are more considerations than with an existing home, like borrower options, your net worth, the location of the site, etc.

How it works: You’ll need to use a lawyer and a realtor. When you complete your new home purchase, you’ll sign documentation that guarantees you will use the funds from your sale to pay off the bridge loan (you won’t get any cash out of the deal). Your lender may also require a collateral charge on the property you’re selling, depending on their conditions and the amount of the bridge loan.

Next steps: Want to calculate what it would cost, run your scenario for viability, or even apply for a bridge loan? Call or email me! It costs nothing to get my expertise on the financial aspects of your home purchase and financing plans!

Tim Ward Mortgage Broker   705-351-2284 [email protected] www.wardmortgage.ca     The Mortgage Centre - Hometown Financial #13028 Each Mortgage Centre is Independently Owned & Operated

Written by Tim Ward, Mortgage Broker

December is a great time to start thinking about your 2026 finances. We have three big questions to ask yourself which will help course correct and set you up to meet your financial goals in the New Year. 

But before we get that deep, let’s cover a few financial basics - and know that it’s okay if you’re still working on these steps:

1. Prioritize paying off high interest debt. That means credit cards with 20% rates and similar items. Consider a consolidation loan if you have multiple debts with rates over 15%. 
2. Automate your savings. If you don’t already have an automatic withdrawal from your main checking account, set one up! Even just $50 a pay cheque can make a difference. 
3. Forgive yourself for past mistakes. If you haven’t been responsible financially in the past, it’s okay! Let go of that and know you can do better, starting right now and building better financial habits. 
4. Check your credit score. If you have a blemish or need to build it up, work on paying bills on time, in full, every time. Close unused credit cards or other form of debt. 

Now let’s dive into the three big questions we mentioned at the beginning. 

Question 1: When was the last time you reviewed your accounts? 
Looking at your accounts on a monthly or quarterly basis is a great financial habit. A few action items:

• Check your statements for unauthorized or unrecognized transactions 
• Identify preauthorized debits and cancel things you really don’t use 

Question 2: What are you saving for? 
Saving in general is great, but having specific goals and seeing progress as you work towards them is even better. You likely want to save for retirement, go on vacation, buy a new home, have an emergency reserve, etc. Once you’ve established what you’re saving for, it’ll be easier to make sacrifices when you really need to. 

Here are two ways to get and stay on track in 2026:

1. Get organized: Some folks like to have more than one account; others have a spreadsheet or app that tracks progress. Either way, keeping track and visualizing your progress is important. 
2. Build on your success: Investing what you save will help compound your success. For short term savings, you’ll want to take less risk, so a savings account with low interest is probably a good bet. But for longer term goals, investing will bring you higher returns. Your best bet is to speak to a financial advisor or licensed professional for tailored advice. 

Question 3: Do your spending habits need an audit (or an edit)? 
More of a statement than a question here, as it’s a great way to better understand your financial habits and motivations. Start by reviewing your last three months of credit card and bank statements. Pay attention to spending patterns and see if you notice anything you’d like to improve on. Maybe you want to eat out less, ban yourself from Sephora… whatever your vice is, take note of it. 

Another aspect of a successful edit is improving your own financial literacy. Pick topics you’re interested in and listen to a few podcasts or videos. A few to consider:

• Maximizing different types of investment accounts 
• Asset classes (fixed income, equities, commodities)
• Alternative asset classes (real estate, collectibles, cryptocurrencies)
• Compounding interest (both on debt and investments) 

Improved financial literacy = more informed financial decisions. 

As we wrap up this discussion on financial resolutions, here’s one last piece of advice: take the emotion out of your finances. Identifying your goals, improving your knowledge, and setting up a plan to succeed will take your goals to the next level. 

Tim Ward Mortgage Broker   705-351-2284 [email protected] www.wardmortgage.ca     The Mortgage Centre - Hometown Financial #13028 Each Mortgage Centre is Independently Owned & Operated

Kingfisher Cove, a Stonebridge Community, is the newest and final phase of the acclaimed Stonebridge by the Bay development in Wasaga Beach. This exclusive collection of 35 Cape Cod–inspired townhomes offers a perfect blend of elegant coastal design, energy-efficient construction, and a relaxed community atmosphere. Designed by Stonebridge Building Group, Kingfisher Cove provides homeowners with the opportunity to enjoy timeless architecture and a lifestyle rooted in nature, recreation, and convenience.

Location

Ideally located at River Road East and Stonebridge Boulevard, Kingfisher Cove is just steps from the sandy shores of the Nottawasaga River and minutes from the world’s longest freshwater beach. The neighbourhood sits within easy reach of local shops, restaurants, and essential amenities, including the Stonebridge Town Centre. Whether it’s a morning coffee run or an evening walk along the dunes, everything you need is close to home.

Wasaga Beach is known as a true four-season destination. The surrounding area invites outdoor adventures year-round from summer kayaking, cycling, and hiking to winter activities like skating, snowmobiling, and skiing.

Features

Kingfisher Cove homes are thoughtfully designed to reflect the charm of coastal living while maintaining modern functionality. Every detail is chosen to enhance both style and comfort.

• Classic Cape Cod elevations with eco-friendly cement board siding and cultured stone accents.
• Energy Star-rated Low-E argon-filled windows and exterior doors that improve efficiency.
• Nine-foot ceilings on the main floor with smooth white finishes and wide plank engineered wood flooring.
• Contemporary kitchens featuring quality cabinetry, extended uppers, premium countertops, and stainless steel double sinks.
• Bathrooms finished with imported tilework, comfort-height toilets, and elegant vanity cabinetry.
• High-performance features including R-60 attic insulation, R-22 wall insulation, high-efficiency heating, and an HRV ventilation system designed for clean indoor air.
• Homebuyers enjoy peace of mind with a comprehensive TARION warranty that covers workmanship, materials, and major systems:
  • One-year warranty on defects in materials and workmanship.
  • Two-year coverage on plumbing, heating, electrical, exterior cladding, and water penetration.
  • Seven-year protection against major structural defects.

Amenities

Residents of Kingfisher Cove become part of a vibrant community enriched by natural beauty and shared spaces. Homeowner-exclusive amenities make it easy to balance leisure, social life, and relaxation.

• A private outdoor swimming pool
• Over two kilometers of scenic walking trails that connect to ponds, green spaces, and the greater Stonebridge by the Bay community.
• The Beach House, a private clubhouse designed for gatherings, family events, or celebrations with neighbours.

Unit Types

Kingfisher Cove offers a boutique collection of 35 modern townhomes, each designed with comfort, versatility, and aesthetic appeal in mind. The multi-level layouts provide open-concept living spaces that capture natural light and offer direct access to outdoor balconies on select units. Every home brings a coastal-inspired character that makes everyday life feel like a vacation.

Kingfisher Cove embodies the best of Wasaga Beach living — refined architecture, sustainable design, and a connection to nature that celebrates every season.

Written by Tim Ward, Mortgage Broker

Although some things stay the same, the housing market isn’t one of them. If you’re in the thick of things with your adult children trying to buy a property - could you imagine paying the average 2025 Canadian home price of $678,331?! There’s truly a housing affordability crisis happening right now and it’s taking the biggest toll on new home buyers trying to enter the market – your kids. If you’re looking for options to help them with their home purchase, this article is for you.  

The housing crisis your kids are facing isn’t just out-of-reach prices. There’s also stricter mortgage qualification guidelines (including the stress test), unemployment exceeding 7% in Canada in 2025, the growing gap between salaries and home prices, and a volatile condo market in Vancouver and Toronto - to name a few. So, here are a few ways to overcome the home-ownership barriers of 2025 and beyond. 

1. Financial Assistance: If you can afford to give your kids cash for a down payment, that’s great. There’s no minimum or maximum amount you can give them. You’ll need to make sure it has been in their account long enough or write them a gift letter or show proof of funds if not.
2. Co-signing the Mortgage: If you’re still working or have sufficient income from other means, you can consider taking joint financial responsibility for a mortgage. The point is to improve their debt-to-income ratio so they can get approved for a mortgage that their own income doesn’t allow for.
3. Early Inheritance: One trend that’s gaining momentum with the baby boomer generation is giving your children their inheritance early. It’s a plus for parents who get to see their kids enjoy it or help them when they need it more. You’ll have to do some financial forecasting for this to work.
4. Reverse Mortgage: If the above aren’t great options for your family, and you own your own home, you could consider a reverse mortgage. This would give you a lump sum or monthly installments of cash which you don’t repay until you sell your home.
5. Increase Credit Score: This is an indirect route, but a higher credit score has material benefits. It makes lenders more apt to provide financing, and can get the owner a lower mortgage rate. And of course, a lower rate means lower payments, and an easier time qualifying for a mortgage. Making sure they have bills in their name (like the electric bill) that are paid in full every month helps establish their credit worthiness.
6. Pay off Debt: Even if you can’t cover the downpayment on a home, you can get your kids there faster by helping them pay down debt. This will not only free up room for saving, but it will also improve their debt servicing ratio and give them more room to borrow for a mortgage.
7. Introduce Me! (Your Mortgage Broker): Letting me take a closer look at their finances and mortgage needs might open a door or bring to light a lender you haven’t thought of. I’m happy to do a review at no charge.
8. Putting a Home In Trust: Here you’d be the one purchasing the home and putting it in an irrevocable trust for your child. This is option makes sense if you want to maintain ownership, if your child has poor credit history and won’t qualify with a lender, or even if they are married and you want them alone to retain the home (in case of divorce). It’s also a strategic method of estate planning if you want your child to (eventually) receive the property and avoid probate and taxes. 
9. Joint Mortgage: Here you would each have separate financial responsibilities as part of the home purchase agreement, as outlined in the mortgage. This might be the right option if you want to co-own the home, and will each pay a portion of the mortgage every month. 
10. Inter-Family Mortgage: If you have the cash to finance the house, you can loan them those funds and draft a personal mortgage or loan agreement. As it’s not governed by a financial institution, you have flexibility in what the terms of the loan are. 

Regardless of how you choose to help, consulting a lawyer or mortgage broker is a good place to start. It can help you understand the legal implications of each option and be sure you’re making an informed decision. If you’d like to explore any of these further, with no cost or strings attached, reach out so we can set up a meeting.

Tim Ward Mortgage Broker   705-351-2284 [email protected] www.wardmortgage.ca     The Mortgage Centre - Hometown Financial #13028 Each Mortgage Centre is Independently Owned & Operated

Written by Tim Ward, Mortgage Broker

Buying your first home – no matter what your age – is a significant life event. It can bring up all kinds of stresses, both financially and emotionally. Being prepared for what’s to come can put your mind at ease. So, as an expert in the process, here are my best tips to minimize stress, and avoid hiccups and surprises throughout the process. 

• Set Limits: Allot a maximum amount of time for house shopping and scrolling on socials, websites, etc. per day. Don’t get overwhelmed by browsing homes for hours on end, listening to everything you hear on social media, etc. 
• Build Your Team: You’ll need a real estate agent you’re comfortable working with, a lawyer to review documents, a thorough home inspector, and a mortgage broker to get your financing in order. It’s okay to meet a few of each profession and make sure you get the right team lined up. Asking for a referral is a great way to find that perfect someone. 
• Get Pre-Qualified & Pre-Approved: Using a mortgage calculator (or downloading my app) will help you determine what mortgage payments and subsequent home shopping budget you’d qualify for. A pre-approval looks more carefully at your credit score and income, giving you an estimate what a bank would lend YOU. A mortgage broker is the perfect person to help you get it. 
• Create a Budget – And Stick to It: Once you know what your down payment and ongoing mortgage payments will be, you’ve got to also consider the other costs of buying a home (like an inspection, moving, closing fees, legal fees, etc.). Know how much cash upfront you’ll need and don’t overspend leading up to a home purchase. 
• Spend Time in Prospective Neighbourhoods: It’ll minimize surprises about the neighbours and habits of the residents, plus you’ll get familiar with routines like school buses, playground zones, garbage days and more. 
• Lower Your Expectations: Thinking you’ll find a home that’s 100% perfect, at the price you want, with no one else bidding on it… well that’s not very realistic. So set out the absolute must-haves, consider what you can compromise on, and don’t get too wrapped up in just one house. Take your time and wait for one that fits your budget and your (lowered) expectations. 
• Monotask: If you’re trying to choose between houses, calculate expenses, hire a mover, rent a carpet cleaner, and declutter your home all at once, you’ll become scattered and ineffective. Instead of multitasking and trying to get everything done at once, pick just one task at a time and work on that exclusively. 
• Try a Daily Affirmation: Choose something like “I am making good financial decisions every day to support buying a home” or “I remain optimistic about finding my future home” or “I trust that my realtor is working in my best interest” and repeat it when you feel stress over the purchase, process, or whatever else is bothering you. 
• Enlist a Support System: If you’re feeling overwhelmed, lean on someone for support. That might be your broker if you’re confused about a process or requirement or a friend who recently bought a house to confirm their experience. It might even be your family or friends to vent or a gym buddy to get a stress-relieving workout in. Don’t ignore the stress as it can build throughout the process. 

I hope these tips help you with your next home purchase – and please share them if you know someone who’s going through it too! 

Tim Ward Mortgage Broker   705-351-2284 [email protected] www.wardmortgage.ca     The Mortgage Centre - Hometown Financial #13028 Each Mortgage Centre is Independently Owned & Operated