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What a reverse mortgage is
CHIP, Equitable, Bloom, Home Trust, and Fraction — eligibility, costs, and estate impact.
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How a reverse mortgage works
Advances, compounding, the no-negative-equity guarantee, and the 10-step process.
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HELOC, refinance, and downsizing
When a reverse mortgage is the wrong tool — compare every Canadian alternative.
Access Your Equity Without Monthly Payments
You've spent decades building equity in your home. A reverse mortgage lets you access that equity tax-free while continuing to live in and enjoy your home — with no monthly payments required.
Stay in Your Home
A reverse mortgage lets you access your equity while continuing to live in and enjoy your home. No selling, no downsizing, and no disruption to your life. You maintain full control of your property.
No Monthly Payments
Unlike a traditional mortgage or HELOC, a reverse mortgage requires no monthly payments at all. The loan balance is repaid only when the home is eventually sold or you move out.
Tax-Free Funds
Reverse mortgage proceeds are considered a loan, not income, so they are completely tax-free. This means they will not affect your OAS, GIS, CPP, or any other government benefits.
No Negative Equity Guarantee
Canadian reverse mortgage programs include a No Negative Equity Guarantee. This ensures you will never owe more than the fair market value of your home at the time it is sold.
Flexible Disbursement
Receive your funds as a single lump sum, scheduled monthly advances, or a combination of both. We help you structure the disbursement to match your financial plan.
Maintain Ownership
You remain the registered owner of your home and can sell at any time. The reverse mortgage is simply a secured loan against your property — it does not transfer ownership.
Reverse Mortgage Requirements
Canadian reverse mortgages have straightforward eligibility criteria designed for homeowners in retirement. Here is what you need to qualify and how we guide you through the entire process.
Requirements
- All borrowers on the title must be 55 years of age or older — the older you are, the higher percentage of your home's value you can access
- The property must be your primary residence where you live for at least 6 months of the year
- Your home must be in a location and condition acceptable to the lender — most single-family homes, townhouses, and condos in urban and suburban areas qualify
- Any existing mortgage or secured debt on the property must be paid off from the reverse mortgage proceeds at closing
- Property taxes and homeowner's insurance must be kept current for the duration of the reverse mortgage
- The home must be properly maintained in reasonable condition as a condition of the mortgage agreement
- Independent legal advice is required before closing to ensure you fully understand the terms and implications of the reverse mortgage
How We Help
- We explain the reverse mortgage in plain language and ensure you understand how interest accrues and how much equity remains over time
- Our team provides a detailed comparison showing the reverse mortgage versus selling your home, downsizing, or drawing from RRSPs/RRIFs
- We calculate exactly how much you can access based on your age, property value, and location — with no obligation and no cost
- We help you structure the disbursement as a lump sum, monthly advances, or a combination based on your retirement income needs
- We ensure your existing mortgage (if any) is paid off from the reverse mortgage proceeds so you immediately eliminate your monthly payment
- Our team coordinates the appraisal, legal process, and closing so you receive your funds as quickly as possible
- We involve your family members in the conversation if you wish, so everyone understands the product and feels comfortable with the decision
Questions About Reverse Mortgages
Everything you need to know about reverse mortgages in Canada.
How It Works
Protection & Tax Benefits
Common Uses & Estate Planning
Protection & Tax Benefits (Continued)
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