Reverse Mortgage

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Turn Your Home Equity Into Retirement Flexibility

You’ve spent years paying off your home. Now you may have significant equity tied up in it — but not enough cash flow to comfortably enjoy retirement.

A reverse mortgage in Canada can allow eligible homeowners aged 55+ to access a portion of their home equity without selling their home or making regular mortgage payments, depending on the product.

Use the funds to supplement retirement income, pay off debt, cover major expenses, help family, renovate your home or simply enjoy retirement with less financial stress.

You worked hard for your home. Now let your home work for you.

Is Your Home Rich But Your Cash Flow Tight?

You may have:

Significant equity in your home
Retirement income that doesn’t stretch as far as it used to
Rising property taxes and living expenses
Credit cards, lines of credit or other debt
Unexpected home or medical expenses
Children or grandchildren you want to help
Money tied up in your home that you would rather have access to

Selling your home isn’t necessarily the answer.

A reverse mortgage may allow you to access your home equity while continuing to live in the home you love.

What Is a Reverse Mortgage?

A reverse mortgage is a mortgage designed for eligible homeowners 55 and older who want to access some of the equity in their home.

Instead of making regular mortgage payments, you can access funds from your home’s equity. Depending on the product, you may receive the money as:

A lump sum
Regular payments
A combination of both

You generally continue to own and live in your home while meeting the obligations of the mortgage.

What Can You Use the Money For?

A reverse mortgage can give you financial flexibility for the things that matter most.

Supplement Retirement Income: Your CPP, OAS, pension or investments may not provide the lifestyle you want. Accessing home equity can provide additional funds when you need them.

Pay Off Debt: Use your home equity to consolidate credit cards, lines of credit or other debts and potentially simplify your finances.

Cover Major Expenses: Pay for renovations, home repairs, vehicles, unexpected expenses or other large purchases without having to sell your home.

Help Your Family: You may want to help children or grandchildren with a down payment, education, business opportunity or another major expense.

Enjoy Retirement: Travel, hobbies, dining out or simply having more financial flexibility — retirement should be about enjoying life, not constantly worrying about money.

How Does a Reverse Mortgage Work?

1. We review your situation

We look at your age, home, existing mortgage, equity and financial goals.

2. We determine how much you may be able to access

Your available amount depends on factors such as your age, home value, property and lender criteria.

3. Your existing mortgage can be paid off

If you have an existing mortgage or other secured debt, reverse mortgage proceeds can generally be used to pay it off, subject to lender requirements.

4. You access the remaining funds

Depending on the product, you may receive a lump sum, regular payments or a combination.

5. You continue living in your home

You generally remain the homeowner and are responsible for property taxes, insurance, maintenance and other obligations.

How Much Can You Access?

There isn’t one amount that applies to everyone.

Your available borrowing amount can depend on:

Your age
The value of your home
Your property’s location and type
Your existing mortgage
The lender’s guidelines

Generally, the older you are and the more equity you have, the more you may be able to access.

Example

If your home is worth $1,000,000 and you have a relatively small mortgage remaining, you may have substantial equity available.

The actual amount you can access will depend on your individual circumstances.

Want to know what your numbers could look like? We can provide a personalized estimate.

Reverse Mortgage vs. HELOC

A HELOC and a reverse mortgage can both provide access to your home equity, but they work differently.

A traditional HELOC generally requires you to demonstrate sufficient income and meet the lender’s qualification requirements.

A reverse mortgage may be worth considering if you have significant home equity but limited retirement income or don’t qualify for traditional borrowing.

We’ll compare the options and help you understand which may make more sense for your situation.

A cheerful elderly couple driving a convertible along the scenic Pacific Coast Highway during sunset, with lighthouse, sailboats on the ocean, rocky cliffs, and hillside greenery in the background.

Is a Reverse Mortgage Right for You?

A reverse mortgage may be worth exploring if you:

✓ Are 55 or older
✓ Own a home with significant equity
✓ Want to remain living in your home
✓ Need additional retirement income
✓ Have limited monthly cash flow
✓ Want to consolidate debt
✓ Need money for a major expense
✓ Want to help your family financially

But a reverse mortgage isn’t automatically the right answer.

Our job is to help you understand your options — including the costs and potential drawbacks — so you can make an informed decision.

An elderly couple enjoying a relaxing evening together in a swimming pool at sunset. The man is wearing sunglasses and smiling, while the woman is holding a martini glass, both sharing a joyful moment. The background shows a luxurious house with large windows, lush greenery, lounge chairs with cushions, and umbrellas, with mountains and a setting sun in the distance.

Let’s See What Your Home Could Do for You

You don’t have to decide whether a reverse mortgage is right for you before speaking with us.

We’ll look at your home, existing mortgage, equity, retirement goals and financial situation, then explain how much you may be able to access, what your payments could look like and what the costs are.

No pressure. No obligation.

You spent decades building your home equity.

Let’s see if it can help you enjoy the next chapter.

Frequently Asked Questions

Generally, homeowners must be at least 55 years old, although eligibility requirements can vary depending on the lender and product.
There isn’t one fixed minimum. The amount you may be able to access depends on factors such as your age, home value, location, existing mortgage and lender requirements.
Potentially, yes. A reverse mortgage can generally be used to pay off an existing mortgage, subject to lender requirements. Any remaining funds may then be available to you.
Yes. You generally remain the owner of your home and can continue living there, provided you meet the terms of the mortgage.
You remain responsible for expenses such as property taxes, home insurance, maintenance and utilities.This can provide increasing access to home equity over time without necessarily having to refinance your mortgage again.
Depending on the product, regular mortgage payments may not be required. Instead, interest can accumulate on the mortgage balance.
This can provide significant cash-flow relief, but it also means the amount owing can increase over time.
The reverse mortgage generally becomes repayable when you sell your home or permanently move out. It may also become due in other circumstances outlined in your mortgage agreement.
The reverse mortgage generally becomes repayable by your estate. Your beneficiaries can typically choose to repay the mortgage using other funds or sell the home to repay what is owing.
Any remaining equity belongs to the estate.
Potentially, yes.
A reverse mortgage reduces the amount of equity available in the home, particularly as interest accumulates. However, your estate generally retains whatever equity remains after the mortgage and other amounts owing are paid.
The important question is often:
Do you want to leave all of your home equity behind, or use some of it to improve your quality of life today?
Generally, there are no restrictions requiring you to use the funds for a particular purpose. Homeowners commonly use reverse mortgage proceeds for retirement income, debt consolidation, renovations, family assistance, major expenses or travel.
It can depend on the specific benefit and how the funds are received or held. If this is a concern, we recommend discussing your situation with the appropriate government program or financial professional before proceeding.
This depends on the lender and the specific mortgage terms. Some products may have repayment costs or conditions, so understanding these upfront is important.
Not necessarily — it depends on your situation.
A HELOC may be better if you qualify based on your income and want a revolving credit facility. A reverse mortgage may be more suitable if you have significant home equity but limited income and want to reduce or avoid regular mortgage payments.
We’ll help you compare both options.