Reverse Mortgage

Access the equity in your home without required monthly mortgage payments. Designed for homeowners aged 55 and over.

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What Is a Reverse Mortgage?

A reverse mortgage allows homeowners aged 55+ to access a portion of their home’s equity without selling or making regular mortgage payments.

Instead of making payments to a lender, the loan balance grows over time. The loan is typically repaid when the home is sold, you move out, or the last homeowner passes away. This ensures the loan is settled as part of the natural transition of the home, rather than requiring ongoing payments during your lifetime.

How It Works

  • You borrow against the value of your home

  • Funds can be received as a lump sum or in stages

  • No required monthly mortgage payments

  • Interest is added to the loan balance over time

  • You continue to own your home

This allows you to access equity while continuing to live in your home, without adding monthly payment pressure.

When a Reverse Mortgage Might Make Sense

  • You want to access cash without selling your home

  • You’re looking to reduce or eliminate monthly mortgage payments

  • You want to supplement retirement income

  • You have significant home equity but limited cash flow

  • You want flexibility without taking on new monthly obligations

  • Leaving the full value of your home as an estate is not your primary concern

Things to Consider

  • Interest rates are typically higher than traditional mortgages

  • The loan balance increases over time

  • The amount of equity remaining will decrease

  • Fees may apply depending on the structure

  • Independent legal advice is required before completing the process

Not sure if a reverse mortgage is the right approach?

→ Explore other ways to access your home equity

Common Questions & Misconceptions

  • Yes. You remain the owner of your home at all times.

    A reverse mortgage is simply a loan secured against your property—similar to a traditional mortgage—but with no required monthly payments.

    As long as you meet the basic terms of the mortgage, ownership stays fully in your name.

  • No, as long as you meet the terms of the mortgage, you cannot be forced to leave your home.

    These terms typically include:

    • Living in the home as your primary residence

    • Keeping property taxes up to date

    • Maintaining home insurance

    • Keeping the property in reasonable condition

    If these obligations aren’t met, the lender may have the right to take action, similar to a traditional mortgage. However, this is uncommon when the mortgage is set up and managed properly.

  • No. Reverse mortgages in Canada include a no-negative-equity guarantee, meaning you or your estate will never owe more than the value of your home at the time it is sold, even if the loan balance has grown over time.

  • In most cases, the home is sold and the loan is repaid from the proceeds. Any remaining equity belongs to you or your estate.

  • With a reverse mortgage, interest is added to the loan balance over time rather than paid monthly. This means the amount owed gradually increases.

    At the same time, your home may also increase in value depending on market conditions. We’ll walk through this clearly so you understand how it may play out in your specific situation.

    The impact on your remaining equity will depend on:

    • The interest rate

    • How long the mortgage is in place

    • Changes in your home’s value over time

    In many cases, homeowners still retain a portion of their equity, but it’s important to understand how the balance can grow and how that fits into your long-term plans.

  • You can repay a reverse mortgage at any time, typically by selling your home or using other available funds.

    Depending on the timing and structure, there may be prepayment penalties, which we would review upfront so there are no surprises. These costs are often reduced over time depending on how long the mortgage has been in place, and in some cases may be reduced or waived under specific conditions.

    The goal is to ensure you maintain flexibility while understanding how and when the mortgage can be repaid.

How I Help You Decide If This Is Right

A reverse mortgage can be a helpful solution in certain situations—but it’s important to understand how it fits into your overall plan.

What we’ll do:

  • Review your full financial picture

  • Compare this option with alternatives (HELOC, refinance, etc.)

  • Walk through costs and long-term impact

  • Ensure you’re fully comfortable before moving forward

Thinking About Accessing Your Home Equity Without Payments?

Whether you’re exploring options or already have something in mind, we can take a look at your situation and determine what makes the most sense.

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