Reverse Mortgages
Access your home equity — tax-free — with no monthly mortgage payments required.
What Is a Reverse Mortgage?
A reverse mortgage is a loan secured against the value of your home that allows homeowners 55 and older to access up to 55% of their home's appraised value as tax-free cash. Unlike a traditional mortgage, there are no monthly mortgage payments required. The loan is repaid when you sell your home, move out, or pass away. You retain full ownership of your home throughout.
How Does It Work?
Get an appraisal
Your home is appraised to determine its current market value.
Receive your funds
Access up to 55% of your home's value as a lump sum or in scheduled advances.
Live payment-free
No monthly mortgage payments — ever. Stay in your home as long as you choose.
Repay when you're ready
The loan is repaid when you sell, move, or your estate settles.
Common Myths About Reverse Mortgages
Myth: “The bank will own my home”
Reality: False. You retain full ownership of your home. The reverse mortgage is simply a loan registered against it, just like a traditional mortgage.
Myth: “I could end up owing more than my home is worth”
Reality: False. Canada's reverse mortgage providers guarantee you will never owe more than the fair market value of your home at the time of repayment.
Myth: “My heirs will inherit nothing”
Reality: False. Most homeowners still have significant equity remaining when the loan is repaid. Your estate receives whatever is left after the loan balance is settled.
Myth: “It affects my government benefits”
Reality: False. The funds you receive are tax-free and do not count as income, so they do not affect OAS, GIS, or CPP benefits.
Myth: “I must own my home outright”
Reality: False. You can have an existing mortgage. The reverse mortgage proceeds are often used to pay it off, eliminating your monthly payment entirely.
Who Is a Reverse Mortgage Right For?
Supplement retirement income
Top up your pension or RRSP withdrawals without selling your home.
Pay off existing debt
Eliminate your current mortgage or high-interest debt and free up monthly cash flow.
Fund home renovations
Make the improvements you've been putting off and stay comfortable in your home longer.
Help family members
Gift money to children or grandchildren for a down payment or education.
Cover healthcare costs
Pay for in-home care, medical expenses, or assisted living without financial stress.
Ready to Learn More?
A reverse mortgage isn't right for everyone — but for many Canadians 55+, it's a powerful tool for financial freedom. Let's talk about whether it makes sense for your situation.