Pillar Guide

Reverse Mortgage Canada — everything you need to know

Access your home equity without selling, without monthly payments, and without leaving the home you love. We'll help you understand if a reverse mortgage is right for you.

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How much equity can I access?

Estimate based on your home value and age — two key factors in reverse mortgage qualification.

$750,000
68
$120,000
Estimated maximum access
$0
Adjust sliders to see your estimate.
How it works

A reverse mortgage in plain English

Designed exclusively for Canadians 55+, a reverse mortgage lets you convert home equity into tax-free cash — no monthly payments required.

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Stay in your home

You retain full ownership and the right to live in your home for as long as you choose.

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Tax-free cash

Funds are not considered income, so they won't affect your OAS, GIS, or CPP benefits.

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No monthly payments

Nothing is owed until you sell, move, or pass away. Interest accrues but isn't due monthly.

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No negative equity guarantee

You'll never owe more than your home is worth at time of sale — protected by law in Canada.

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Up to 55% of home value

Maximum amount depends on your age, home value, and location. Older borrowers qualify for more.

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Routes to Private & Alternative

Approved by CHIP (HomeEquity Bank) or Equitable Bank. We match you to the best provider.

Common questions
Who qualifies for a reverse mortgage in Canada?
You must be 55 or older, own your primary residence in Canada, and have sufficient equity. Both spouses must be 55+ if the home is jointly owned.
What happens when I sell the home or pass away?
The loan (principal + accrued interest) becomes due. Your estate repays it from the sale proceeds. Any remaining equity belongs to you or your heirs.
How does a reverse mortgage compare to a HELOC?
A HELOC requires monthly interest payments and income/credit qualification. A reverse mortgage has no monthly payments and qualifies based primarily on age and equity — better suited for retirees with fixed income.
More questions
Can I lose my home with a reverse mortgage?
Not as long as you live in the home, keep property taxes and insurance current, and maintain the property. Defaulting on those obligations could trigger repayment.
What are current reverse mortgage rates?
Reverse mortgage rates are typically 1-2% higher than conventional mortgage rates due to the deferred repayment structure. Contact us for current rates from CHIP and Equitable Bank.
Are there alternatives to a reverse mortgage?
Yes — downsizing, a HELOC, a second mortgage, or a private mortgage. We'll walk through all options so you can choose what's right for your situation.
What is a reverse mortgage and how does it work in Canada?

A reverse mortgage is a loan secured against your home that allows Canadian homeowners aged 55+ to access up to 55% of their home's appraised value as tax-free cash. Unlike a traditional mortgage, no monthly payments are required. The loan is repaid when you sell the home, move out permanently, or pass away.

In Canada, the two main providers are HomeEquity Bank (CHIP Reverse Mortgage) and Equitable Bank. My Future Mortgage works with both to find the best rate and terms for your situation.

Reverse mortgage vs HELOC vs second mortgage — which is better?

The right choice depends on your income, age, and how long you plan to stay in your home. A HELOC requires monthly interest payments and active income qualification — challenging for retirees. A second mortgage has a fixed term and requires payments. A reverse mortgage has no monthly payments, making it ideal for seniors on fixed income who want to stay in their home.

My Future Mortgage compares all three options for you at no cost.

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