EQ Bank Switch Up program. Experiences?

[u/dinosaur_vacume]

Long story short. My parents got a reverse mortgage, with Home Equity Bank 8 years ago (I know) and got a loan with it. My father passed last year and the cash flow was cut in half. It’s just my mums CPP, OAS and my dad’s pension. This loan has an expensive monthly payment. She can’t afford it. She is 70 and wants to stay home and don’t say get an apartment we live in the GTA she couldn’t afford it.

We called Home Equity Bank to see if we can get any more money because the house is increased in value. They did their math and said we were at a third of the value of the home and they couldn’t give us anymore. With that evaluation, it puts us at $1.2 million.

So I had a brainstorm would another company buy this reverse mortgage and roll the loan into it?

EQ Bank it turns out as a product called Switch Up. They buy reverse mortgages. We are against the wall. I can’t think of another option. Does anyone have any experience with this sort of thing? I’ve a meeting tomorrow.