MKG Mortgages · GTA
Reviewed by Micky Khaneka, licensed mortgage broker
A reverse mortgage is for homeowners 55 and older who want to use equity without a required monthly principal-and-interest payment. You keep title. Interest accrues and is settled when the home is sold or the loan ends.
MKG Mortgages explains the cost, the amount you can draw, and what it means for the estate, for homeowners across the GTA, before anyone treats it as income.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
It is for an owner who is at least 55, wants to stay in the home, and does not want a new monthly principal-and-interest payment. It is not a way to borrow the full value of the house. The age of the youngest borrower and the property both affect the amount.
An illustrative example shows a draw today and a larger balance later, because interest is added to the loan. It also shows that the remaining equity is what the estate or a sale would see. It is not a promise of a dollar amount.
Illustrative example
The challenge. They needed a lump sum and did not want a new monthly mortgage payment.
How MKG structured it. We reviewed a reverse mortgage that kept title in their name and explained how the balance is settled when the home is sold.
Illustrative example
The challenge. The remaining mortgage payment was the piece they wanted gone.
How MKG structured it. The reverse mortgage cleared that balance and left a lump sum, with the cost shown as interest that accrues.
Illustrative example
The challenge. They wanted both paths in the same conversation.
How MKG structured it. We set the reverse mortgage beside a conventional refinance and a sale, and they chose with those options in view.
Interest accrues and is settled when the home is sold or the loan ends.
MKG confirms age, the current mortgage if one exists, and what the draw is for. Independent legal advice is part of these files. The cost of the setup is discussed before anyone treats the estimate as spendable. The lender still has to approve the home.
01
Reverse mortgages are for homeowners 55 and older who are keeping the home.
02
No required monthly principal-and-interest payment does not mean the loan is free. The balance grows.
03
Downsizing, a conventional refinance, or help from family can be the better path. We say so.
Compare it with a HELOC or a refinance if you can still carry a payment, and with selling if the equity is the goal and the house is not. A reverse mortgage keeps you in the home and costs more than a standard mortgage.
The equity is there, and a new monthly mortgage payment is the problem.
A reverse mortgage can clear it. The accruing interest is the trade.
We explain what is left, in plain numbers, before an application.
| Path | Monthly payment | What happens to the equity |
|---|---|---|
| Reverse mortgage | No principal-and-interest payment required | The balance grows and equity falls |
| HELOC or refinance | You pay as agreed | You can pay the balance down |
| Sale | The mortgage ends | You leave the house |
Sources. FCAC — mortgages Published rules change. Read the current page, and confirm tax with your lawyer, before you rely on a figure.
The reverse-mortgage page covers the GTA from the North York office. There is no separate city URL. A house in Vaughan and a condo that the program accepts are both started here. The city hub is the local page if you want the neighbourhoods.
The note below is paraphrased from a public Google review. It is one client's experience, not a promise that the next file ends the same way. A rate in a client's words is not an offer from MKG. The lender still decides.
Older homeowners writing about the team describe plain explanations and enough time to decide, without a push to draw more than they needed.
Paraphrased from a public Google review of MKG Mortgages. Names and identifying details are left out.
Micky Khaneka is a licensed mortgage broker, FSRA M21002608, at FLOW Lending Group, Brokerage #12864. Canadian Mortgage Professional named him to the CMP Top 75 for 2026, at number 15 in Canada. The lender still decides. The lender still decides.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
The firm serves clients in English, Hindi, Punjabi and Bengali.
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These are the questions that show up before a file is opened. The short answer sits under each one in the page, so you can read it without opening a box. The lender still decides, and a figure in an example is not an offered rate.
Homeowners 55 and older. The exact amount depends on age, the property, and the program. Location in the GTA does not waive the age rule.
No. Title stays with you. The loan is repaid when the home is sold or the agreement ends.
There is no required principal-and-interest payment on a standard reverse mortgage. Interest still accrues and is added to the balance.
If you and anyone else on title are 55 or older, you can borrow part of your home's value, generally up to 55%, without monthly payments. You keep ownership and stay in the home. The interest builds up, and the loan is repaid when you sell, move out or pass away, usually from the sale.
You keep paying property tax and insurance and keeping up the home. It isn't right for everyone, so we compare it with a HELOC or downsizing and encourage independent legal advice and a family conversation.
Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reverse-mortgages.html
Book a time or send the statement, the agreement, or the assessments you already have. The first call is free. It is a review of the file, not a promise of approval, and any rate talk stays illustrative and on approved credit.
Any rate or payment mentioned is illustrative and on approved credit (OAC). It is not a quote, a commitment, or a current offer.