A reverse mortgage allows Canadian homeowners aged 55+ to access a portion of their home’s equity as tax-free cash—without making monthly mortgage payments. The loan is repaid when you sell your home, move out, or pass away.

Yes! You remain the owner, and you can live in your home for as long as you like, provided you meet the loan conditions (such as paying property taxes and insurance and maintaining the home). It is just a mortgage. When you first purchased your home and you received a loan from your bank, you did not give up ownership of your home. It is the same with a reverse mortgage.

The amount depends on your age, home value, type of home, location, and lender. Generally, the older you are and the more your home is worth, the more you can borrow. To find out how much you could borrow, request a no-obligation pre-approval.

No. One of the biggest advantages of a reverse mortgage is that you don’t have to make monthly payments. The loan balance grows over time, and it is repaid when you sell your home or pass away.

Yes, your home can still be passed on to your heirs. However, they will need to repay the reverse mortgage balance, usually by selling the home or using other funds. Any remaining home equity belongs to them.

While there are no monthly payments, interest accrues over time. There are also setup costs, such as legal fees, an appraisal fee, and a one-time closing fee. On average, the cost for setting up a reverse mortgage is $3,000 - deducted from proceeds. The appraisal cost is the only out of pocket cost and some lenders will cover this for you upfront.

Yes! Many retirees use reverse mortgage funds to eliminate existing mortgage or debt payments, cover medical expenses, supplement their retirement income, or even help their children or grandchildren financially.

A HELOC requires monthly payments and an income qualification, while a reverse mortgage does not. Many retirees find it difficult to qualify for a HELOC due to fixed retirement income, making a reverse mortgage a more accessible option.

Yes! You can sell your home at any time, and the reverse mortgage will be repaid from the proceeds of the sale. Any remaining equity is yours to keep. Remember, you always retain ownership of your home with all the rights and responsibilities.

If you want to access home equity without selling or making payments, a reverse mortgage can be a great option. However, it’s important to consider long-term costs and explore all financial options. Speaking with a mortgage professional can help you decide. At anytime, you can schedule a free, no-obligation consultation with me.

If you move into a nursing home or assisted living for an extended period (typically 12 months or more), the reverse mortgage must be repaid. Many retirees use reverse mortgage funds to cover care costs so they can stay in their homes longer. or use a Home Equity Tax-Free Annuity to cover the cost of homecare.

Interest accumulates on the loan balance over time. Since you’re not making monthly payments, the total amount owed grows. The final amount is paid off when the home is sold.

Yes! Many retirees use a reverse mortgage to pay off their existing mortgage, eliminating monthly mortgage payments and freeing up their cash flow.

No, the money you receive from a reverse mortgage is not taxable income. It does not affect your Old Age Security (OAS), Canada Pension Plan or Guaranteed Income Supplement (GIS) benefits.

The first step is to speak with a reverse mortgage specialist. They will review your financial situation, explain the options, and help you determine if a reverse mortgage is right for you.