Reverse Mortgages Across Canada
Reverse Mortgage In Canada: Access Your Home's Equity At 55+ Without Monthly Payments
A reverse mortgage lets Canadian homeowners aged 55 and older turn part of their home's equity into tax-free cash, with no required monthly mortgage payments, while continuing to own and live in their home. We work with Canada's reverse mortgage providers to find the right fit for your situation.
Get Started Call 1-877-812-7267
A reverse mortgage is a loan available to Canadian homeowners aged 55 and older that lets you borrow against the equity in your home without making monthly mortgage payments. You receive the funds as tax-free cash, and the loan, plus accumulated interest, is repaid when you sell the home, move out, or through your estate. You keep ownership of your home the entire time, and how much you can access depends mainly on your age and your home's value.
55+
Minimum Age To Qualify
Up to 55%
Of Home Value Accessible
$0
Required Monthly Payments
15+
Years Of Experience
Based on HomeEquityLoans.ca and Tango Financial brokerage experience. The amount available depends on your age, your home, and the provider, and is determined on an individual basis.
How A Reverse Mortgage Works
A reverse mortgage turns part of the equity you have built in your home into tax-free cash, without requiring you to sell, move, or make monthly mortgage payments. You continue to own your home and live in it as you always have. The key difference from a regular mortgage is the direction of the payments: instead of you paying the lender each month, the loan balance grows over time as interest is added, and the whole amount is repaid later.
Repayment happens when you sell the home, permanently move out, or through your estate. You can take the funds as a single lump sum, or in some cases as a combination of an initial advance and further amounts over time. Because there is no required monthly payment, a reverse mortgage is often used to ease cash flow in retirement rather than add to it.
In Canada, you must be at least 55 years old to qualify, and the home must be your primary residence. Independent legal advice is part of the process, which is a protection for you, making sure you fully understand the product before you commit. For a neutral overview, the Government of Canada explains reverse mortgages through the Financial Consumer Agency of Canada.
If you are under 55, or you want a different structure, a home equity loan or a HELOC may be a better fit. The comparison below shows how they differ.
Reverse Mortgage vs. Home Equity Loan vs. HELOC
Three ways to access your home's equity, side by side, so you can see which fits your stage and situation.
General comparison only. Your full annual percentage rate and Cost of Credit Disclosure are provided in writing before you commit.
Wondering How Much You Could Access?
Speak with an advisor who will walk you through your options in plain language, with no obligation.
Start Your Application Call 1-877-812-7267What Determines Your Amount
How Much Of Your Equity You Can Access
With a reverse mortgage, the amount you can access is based mainly on your age, your home's value, and where you live, rather than on income or a fixed loan-to-value cap. As a general rule, the older you are, the larger the percentage of your home's value you can access, up to roughly 55 percent at the upper end. The provider determines the exact figure for your situation.
General Pattern: Access Grows With Age
Age 55
Lower end
Age 65
More
Age 75
Higher
Age 80+
Up to ~55%
Illustration of the general pattern only, not a quote. The percentage rises with age and is set by the provider based on your home and situation.
This is part of how we level with the homeowners we work with. A reverse mortgage is a significant decision, and the right amount is the one that meets your goal while keeping your long-term position in mind, not simply the maximum available.
When A Reverse Mortgage Makes Sense
A reverse mortgage suits specific goals in retirement. These are some of the most common reasons homeowners 55 and older choose one.
Supplement Retirement Income
Add breathing room to your monthly budget without selling or downsizing.
Remove A Monthly Payment
Pay off an existing mortgage and free up the required monthly payment.
Age In Place
Fund accessibility upgrades and stay in the home and community you love.
Reverse Mortgage Pros And Cons
A reverse mortgage is a powerful tool for the right situation, but it carries real tradeoffs. Here is an honest look at both sides so you can decide with clear eyes.
The Advantages
No required monthly mortgage payments, which eases cash flow in retirement.
The funds you receive are tax-free and yours to use as you choose.
You keep ownership of your home and can continue living in it.
It lets you stay in your home and community rather than selling or downsizing.
Things To Consider
Interest accumulates over time and is added to the balance, so the amount owed grows.
Because equity is used over time, it reduces what is left for your estate and heirs.
Rates are generally higher than a traditional mortgage or home equity loan.
It is a significant long-term decision, which is why independent legal advice is required.
Understanding The Costs Involved
Like any product secured against your home, a reverse mortgage involves certain costs to set up. We believe in full transparency, so you will always know what to expect before you commit to anything, with nothing buried in fine print.
Depending on your situation and the provider, the costs can include categories such as a home appraisal, independent legal advice, and a setup or closing fee. Interest also accumulates on the balance over time, which is central to how a reverse mortgage works. The Government of Canada's Financial Consumer Agency of Canada offers helpful background on reverse mortgages and their costs.
Before you move forward, you receive a full written Cost of Credit Disclosure that lays out every cost in plain terms, so you can decide with complete clarity. Our role is to make sure you understand exactly what you are agreeing to, with nothing left unexplained.
The Process
Getting Your Reverse Mortgage
Apply Or Call
Tell us your goal and a little about your home. One conversation is all it takes to begin.
We Review Your Options
We work with Canada's reverse mortgage providers to find the option that fits your goals.
Review Your Offer
We explain the terms, the costs, and how the balance grows over time, in plain language.
Independent Advice And Funding
You receive independent legal advice, then once everything is in order your funds are released.
Reverse Mortgages In Action
Supplementing Retirement Income
A Pickering homeowner wanted more breathing room in their monthly budget while remaining in the family home, without selling or downsizing.
Result: A reverse mortgage of roughly $125,000 supplemented monthly income with no required mortgage payments, improving cash flow while they stayed comfortably at home.
Eliminating An Existing Mortgage Payment
A Whitby homeowner still had a balance on their first mortgage and wanted to remove the required monthly payment to make retirement income go further.
Result: A reverse mortgage of roughly $92,000 paid off the existing mortgage, eliminating the monthly payment and reducing fixed expenses, while they continued to own and live in the home.
Aging In Place
A Clarington homeowner wanted to complete accessibility renovations, including a walk-in shower, a stair lift, and wider doorways, to stay safely at home.
Result: A reverse mortgage of roughly $68,000 funded the renovations without selling or downsizing, letting them continue living independently with no required monthly payments.
What Our Reverse Mortgage Clients Say
Real reviews from homeowners 55 and older who used a reverse mortgage to access their equity while staying in the home they love.
★★★★★
Retirement has been great, but we wanted a little more breathing room in our monthly budget without selling the home we've lived in for over 30 years. A reverse mortgage let us access some of the equity we'd built while continuing to live exactly where we wanted. We appreciated that every step was explained patiently, including the independent legal advice requirement and how everything works over time. We never felt rushed or pressured and always felt informed before making a decision.
Elaine T.
★★★★★
The biggest benefit for us was not having a required monthly mortgage payment during retirement. We had a lot of questions about how the interest works and what it would mean for our estate, and every one of them was answered honestly. We appreciated that the advantages and tradeoffs were explained equally clearly. It made us feel confident that we were making the right decision for our family.
Robert H.
★★★★★
We didn't want to downsize or leave the neighbourhood where our children and grandchildren still visit us every week. A reverse mortgage allowed us to access some of our home's equity while keeping ownership of our home and continuing to live there. Everyone we dealt with was professional, transparent, and incredibly patient throughout the process. We always knew what to expect next.
Susan P.
★★★★★
Our goal was to update our home so we could comfortably stay here for many more years. We used a reverse mortgage to fund accessibility improvements, including a walk-in shower and safer entryways, without taking on another monthly payment. Every cost and every step of the process was explained clearly. We appreciated the straightforward advice and never felt like anyone was trying to sell us something we didn't need.
Harold C.
★★★★★
We still had a small balance left on our existing mortgage, and the monthly payment was becoming something we'd rather not have in retirement. A reverse mortgage allowed us to pay that off while continuing to live in the home we love. The process was organized, communication was excellent, and we especially appreciated how much time was spent making sure we understood the long-term implications before moving ahead.
Linda W.
★★★★★
After looking at several options, we realized we wanted to stay in our home instead of selling and moving. A reverse mortgage gave us access to part of our home's equity without giving up ownership or taking on required monthly mortgage payments. The team was transparent from the very beginning, encouraged us to get independent legal advice, and made sure we understood both the benefits and the costs before making our decision. That honesty made all the difference.
Dennis F.
Reverse Mortgages Across Canada
We help homeowners 55 and older access their equity in provinces across the country. Wherever you are in our service area, one conversation puts our reverse mortgage knowledge to work for you.
Reverse Mortgage Questions, Answered
What is a reverse mortgage?
A reverse mortgage is a loan for Canadian homeowners aged 55 and older that lets you borrow against your home's equity without making monthly mortgage payments. You receive tax-free cash and keep ownership of your home. The loan plus accumulated interest is repaid when you sell, move out, or through your estate.
Do I still own my home with a reverse mortgage?
Yes. You keep title and ownership of your home and continue to live in it. A reverse mortgage is a loan secured against your home, not a sale of it. As long as it remains your primary residence and you meet the terms, you stay in your home.
How much can I borrow with a reverse mortgage?
The amount depends mainly on your age, your home's value, and your location, rather than on income. Generally, the older you are, the larger the percentage you can access, up to roughly 55 percent of your home's value at the upper end. The provider determines your specific amount.
Do I have to make any payments?
No monthly mortgage payments are required. Interest accumulates and is added to the balance over time, and the full amount is repaid when you sell, move out, or through your estate. You can choose to make voluntary payments if you wish, but you are not required to.
Will a reverse mortgage affect what I leave to my heirs?
Because interest accumulates over time and the loan is repaid from the home's value, a reverse mortgage reduces the equity that remains for your estate. We explain this clearly so you and your family understand the long-term picture. For neutral guidance, the Financial Consumer Agency of Canada offers helpful resources.
What age do I need to be to qualify?
You must be at least 55 years old, and the home must be your primary residence. If more than one person is on title, the age requirement generally applies to all homeowners. If you are under 55, a home equity loan or HELOC may be a better fit.
What costs are involved in a reverse mortgage?
Costs can include categories such as a home appraisal, independent legal advice, and a setup or closing fee, and interest accumulates on the balance over time. Before you commit, you receive a full written Cost of Credit Disclosure laying out every cost in plain terms, so there are no surprises.
Ready To Explore A Reverse Mortgage?
Find out whether a reverse mortgage is right for your retirement. Speak with an advisor who will explain your options honestly, in plain language, with no obligation.
Get Started Call 1-877-812-7267