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Question 1

Reverse mortgage eligibility?

Answer 1

55 or older for both you and spouse

Question 2

Reverse mortgage ltv?

Answer 2

55% of home equity, with no more than 75% of equity be mortgaged

Question 3

CMHC min. Downpayment?

Answer 3

5% for 1, 2 units
10% for 3/4 units

5% for mtg upto $500k
10% for mtg above $500k

Rental must be 20%

Question 4

Properties values need to under $$$ for CMHC insurance

Answer 4

$1mil

Question 5

First home buyer plan repayment

Answer 5

Max 15 years, second year following the withdrawal or by Mar 1 of third year

Question 6

First time home buyer’ tax credit amount

Answer 6

Non refundable tax credit on $10k for first time hombuyer
$1500 (15% of $10,000)

Question 7

Eligibility for first time home buyer incentive

Answer 7

Annual incomes of $120,000 or less

Limiting home price, max of $480,000

Question 8

Tax free first home savings account

Answer 8

Starting 2023, annual contribution of $8000 and lifetime contribution limit of $50,000

Can be open 15 years