HomEquity Bank executive discusses reverse mortgages in Canada

In a recent piece for Dominion Lending Centres, Yvonne Ziomecki for HomEquity Bank has set out to clarify several commonly accepted views surrounding reverse mortgages in Canada.

Among the most prevalent of the so-called misconceptions, Ziomecki said, is the possibility of sellers losing ownership of their homes to institutions.

“This statement is false,” Ziomecki stated. “Just like with any other mortgage, your home is used to secure the loan, which means that HomEquity Bank is registered as a standard charge on title.”

“You, as a customer DO NOT transfer ownership of your home to us. In fact, once it’s time to pay back the mortgage you or your heirs have the choice to settle the loan however you or they want. Selling the home is the most common option, but it is not mandatory,” the HomEquity Bank senior vice president added.

Also, Ziomecki emphasized that conservative lending practices play a significant part in protecting consumers, especially for those approaching retirement.

“We remind the customers that they can get up to 55% of the value of their home in a reverse mortgage loan. Of course, this amount does depend on the borrower(s) age, their property type as well as the location of their home,” Ziomecki outlined. “But as a rule of thumb, the younger the borrower is, the less they will qualify for and the older the borrower is, the more they will qualify for. This is because we want to make sure that the borrowers reverse mortgage loan doesn’t exceed the value of their home.”

Ziomecki’s expanded explanation of how the DLC loan works can be found here.

Related Stories:
DLC Edge Financial launches reverse mortgage guide


Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


  • by Joe Robinson 2017-08-14 8:25:57 PM

    It really is teeming with scammers on the internet, really not normal. In one week I lost 1,750usd for payments. I had inquiries made ??at Dandy Cash.com and it came just disappointed. I would recommend anyone to advertise on the site. I've only tried it a different website, and when I had finally found someone who was still honest (Eminent Josh mortgages...joshmortgagecompany@gmail.com) Because he asked me in advance, but doubted he could give evidence and so I took the risk anyway and I was able to borrow from him 75,000usd, please dont email anybody said to be a mortgage lender in this website because they are all scams,they disappoint me and run away with my 1,600usd, Mr Eminent Josh is the only one i trust because he gave me the mortgage i needed,please do not email anyone in this website because they are scams they pretend to be mortgage lenders they rip people of their hard earned money the USA Attorney General Of Police are searching for this guys in the internet right now so dont email this guys please they will rip you off like they did to me... If you want to get a mortgage contact Eminent Josh Loans on email at joshmortgagecompany@gmail.com or better alternative you can text/call the company rep on 215-874-8060

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?