Reverse Mortgage

Reverse Mortgage | Age 55 or Older?

In just a few minutes find out how much tax-free cash you qualify for using a reverse mortgage. We will send you a full package explaining your best options.

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Step 1 of 5

Represent a Client Authorization Form

Authorizing a representative

When you authorize someone as a CRA “represent a client”, you are letting that person or Business represent you for income tax matters at the level of authorization you specify. (Level 1 or Level 2) Income tax matters include issues related to information on your tax return.

To put it simply. Level 1 access allows us to READ ONLY your income tax document history. Level 2 access would allow your representative to make changes to your income tax documents (example: change a return, or request relief of penalties) You can learn more about the difference of Level 1 and Level 2 access by clicking here.

At Pragmatic Lending, we only require Level 1 access (READ ONLY). This allows us to securely and safely review your income documents required by banks/lenders to obtain an approval. Further, being your CRA "my representative" does not have to be permanent, and does not interfere with any other authorizations you have in place already. While filling out this form you will have the option to set an expiry date. We recommend at least 10 days, so our access will be automatically deleted after your application has been completed.

You can add or change information about an existing representative through My Account at canada.ca/my-cra-account or by completing a new Form T1013, or by calling CRA at 1-800-959-8281.

Part 5 – Signature and date

You can cancel your representative(s) using My Account at canada.ca/my-cra-account, or by calling 1-800-959-8281. An authorization stays in effect until you cancel it, it reaches the expiry date you choose, or we are notified of your death. Your representative can also immediately cancel their own authorization using Represent a client at canada.ca/taxes- representatives, or by making a request by telephone or in writing.
Part 5 – Signature and date
To protect your confidential tax information, we will not accept or act on any information given on this form unless you or a legal representative has signed and dated this form. Your responsibilities It is your responsibility to monitor and understand the transactions your representative completes on your behalf, and to make sure that the information for your representative is current. You can view your transactions using My Account. The CRA often adds new online services that your representative can access. It is your responsibility to review these services and decide if your representative should still be authorized to represent you. If you feel your representative is not acting in your best interest, you should immediately remove their access to your information. By Signing this form you are confirming you have read the entire disclosure agreement under the heading "Authorizing or Cancelling a Representative" and agree to all terms and conditions within.

By Signing below, I/We agree this is full acceptance of the terms above.

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Reverse Mortgage Kelowna Mortgage Broker Okanagan

Reverse Mortgage Or Standard mortgage?

A reverse mortgage is a long-term financing solution that requires no payments until the mortgage is due. It allows qualifying homeowners to convert a portion of their home equity into cash on a tax-free basis while remaining in their principal residence.

With a Reverse Mortgage:

Full repayment of the mortgage is due when the property is sold or transferred, or when the borrower passes away, moves, or defaults.
No payments are required until the reverse mortgage is due.
Eligibility is determined using the borrower’s age and home’s appraised value.
Interest accrues until the mortgage is repaid, and as such, the home’s equity may decrease as the interest increases throughout the life of the mortgage.

Family Matters.

Considering a reverse mortgage is a big decision. Discuss the option with your loved ones, so you are prepared to make the right choices for you and all involved.

A reverse mortgage can help you plan for retirement while keeping your family’s future in mind. Accessible funds help with growing living costs, build a safety net for emergency savings.