Tax-free cash
Access a portion of your home equity as cash that can be used for retirement, family support, renovations, or debt repayment.
How it works
How reverse mortgages work in Canada.
A reverse mortgage allows eligible Canadian homeowners 55+ to access a portion of their home equity while continuing to own and live in the home.
Reverse mortgage basics
A reverse mortgage lets you access home equity without selling the home you love.
For Canadian homeowners aged 55+, a reverse mortgage can turn a portion of built-up home equity into tax-free cash. No required monthly mortgage payments are needed, and you continue to own and live in your home as long as you meet the mortgage obligations.
No required payments
Unlike a traditional mortgage, regular monthly mortgage payments are not required while the reverse mortgage is in good standing.
Stay in your home
You remain in the home you love and keep title and ownership, subject to normal mortgage obligations like taxes and maintenance.
Flexible advances
Depending on lender and qualification, funds may be available as an initial advance, scheduled advances, or future draws.
Family-aware planning
A reverse mortgage can help children or grandchildren now, including down payment support, while still considering your estate goals.
Lender-neutral advice
The goal is not to push one lender. It is to help you understand the options and whether this structure truly fits your situation.
Could you qualify?
Eligibility starts with age, ownership, occupancy, and available equity.
Every lender has its own requirements, but the basic starting point is straightforward.
Age 55+
All registered owners on title generally need to meet the minimum age requirement.
Homeowner
You need to own an eligible Canadian property with sufficient equity available.
Primary residence
The home usually needs to be where you live for at least part of the year, subject to lender rules.
Funding and repayment
Funds can be structured around your goals.
Depending on lender rules and qualification, proceeds may be available as an initial advance, future advances, or scheduled advances. Repayment is generally triggered by events such as selling the home, transferring title, the last borrower moving to long-term care, the last borrower passing away, or default under the mortgage terms.
Initial advance
A lump-sum amount may be used to repay debts, renovate, improve cash flow, or support family.
Future advances
Some structures may allow access to additional funds later, subject to lender rules.
Repayment events
The mortgage is normally repaid when the home is sold or another due-date event occurs.