Reverse mortgage
If you're 55 or older in Ontario, a reverse mortgage converts part of your home's equity into tax-free cash, without selling your home or making monthly mortgage payments.
A reverse mortgage gives you access to the equity in your home without selling. The loan is typically repaid when the home is sold or the homeowner passes away.
What you get
No monthly mortgage payments
Free up your cash flow.
Stay in your home
For as long as you like.
Keep ownership
Remaining equity belongs to you or your heirs.
No income or credit requirements
An option for seniors who'd struggle to qualify elsewhere.
How reverse mortgages work
Eligibility
In Ontario you must be at least 55 and have significant equity in your home.
Loan amount
Based on your home's value, the age of the youngest homeowner and the current interest rate.
No monthly payments
The loan is repaid when the home is sold or the homeowner passes away.
Use of funds
Anything you like: home improvements, medical expenses, travel and more.
Tax-free
Funds aren't taxable income, so Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) aren't affected.
“Colin is a superb mortgage broker. He is knowledgeable, responsive, professional and excellent at problem-solving. Colin takes his time and provides all the details you need when searching for the right mortgage fit. Highly recommend. Best mortgage experience I have had!”Ben H · Homeowner
Talk to us about a reverse mortgage
Tell us a little about your situation. A real person from our team will call you back, usually the same day during office hours.