Access Up to 55% of Your Home Equity

Homeowners in Canada aged 55+ can tap into their home equity with a reverse mortgage, unlocking up to 55% (up to 65% in some circumstances) of their home’s value. No monthly payments are required, and the loan only needs to be repaid when you sell your home, move out permanently, or the last survivor passes away.

What a Reverse Mortgage REALLY IS

A reverse mortgage is more than just a loan; it’s a financial tool that provides added security and flexibility for retirees. When used correctly, it can be a game-changer, offering an edge in achieving financial stability. Boost your financial security, enhance your quality of life, and ensure a lasting legacy for your loved ones.

Versatile and Tax-Free Funds

You can use the money from a reverse mortgage for any purpose, whether it’s a lump sum, installments, or a combination. Best of all, the funds you receive are tax-free. Receive tax-free funds from your home’s equity to cover expenses like debt, renovations, or day-to-day costs, without impacting your government benefits.

Beyond CHIP Reverse Mortgage

Most people have heard of the CHIP Reverse Mortgage offered by HomeEquity Bank, but there are other lenders out there as well.

No More Mortgage Payments

Enjoy the freedom of being mortgage payment-free. A reverse mortgage allows you to stop making monthly payments while still owning your home.

Flexible Financial Options

Choose how to receive your funds—whether as a lump sum, occasionally as needed, scheduled monthly payments, or a combination — based on your financial needs and goals.

Preserve Home Ownership

Keep full ownership of your home while living in it, with the flexibility to sell or refinance at any time. You maintain control over your property and equity growth.

Secure Your Future and Legacy

Reverse mortgages allow you to live comfortably and potentially pass on wealth to your heirs by leveraging home equity to build a tax-free savings plan or fund an early inheritance.

Stay in Your Home for Life

With a reverse mortgage, you are guaranteed the right to live in your home for as long as you wish, or until the last surviving homeowner passes away, without fear of eviction or foreclosure.

No Credit or Income Requirements

Unlike traditional loans, reverse mortgages don’t require proof of income or creditworthiness, making them accessible for retirees with limited financial resources.

Protect Against Market Fluctuations

Reverse mortgages provide a steady source of income that isn’t affected by stock market volatility, ensuring stability and peace of mind during retirement.

Preserve Investments

A reverse mortgage allows you to tap into home equity without having to liquidate your other retirement savings or investments, helping to protect your financial future.

Eliminate High-Interest Debt

A reverse mortgage can help you pay off high-interest credit card debt or other loans, improving your financial situation by lowering your monthly expenses.

Flexible Repayment Options

You are in control of repayment. You can choose to make no payments, partial payments, or full interest payments, giving you flexibility based on your financial situation.

No Impact on Government Benefits

Reverse mortgage proceeds do not affect eligibility for Canadian government benefits like CPP, OAS, GIS, or other pensions, allowing you to maintain your full entitlements.

Enjoy a Better Quality of Life

Use the additional cash flow to improve your lifestyle—travel, pursue hobbies, or engage in social activities that may have previously been out of reach.