Unlock the Equity in Your Home.Enjoy Retirement on Your Terms.
If you're 55 or older, a reverse mortgage can help you access the equity you've built in your home, without selling it or making monthly mortgage payments.
Whether you're looking to eliminate debt, supplement retirement income, renovate your home, or help your family financially, a reverse mortgage gives you the flexibility to achieve your goals while continuing to own and live in your home.
How Can a Reverse Mortgage Help?
A reverse mortgage allows you to convert the equity in your home into tax-free funds that can be used however you choose.
Common reasons homeowners choose a reverse mortgage include:
- Pay off your existing mortgage or high-interest debt
- Reduce monthly financial obligations
- Supplement retirement income
- Cover home renovations or major purchases
- Help children or grandchildren with a home purchase
- Provide a living inheritance
- Fund healthcare or long-term care expenses
- Enjoy greater financial freedom during retirement
Why Choose a Reverse Mortgage?
Access Your Home Equity Your Way.
Receive your funds as:
A one-time lump sum
Scheduled monthly, quarterly,
semi-annual, or annual advances
A combination of both
Choose a payment schedule that fits your financial needs.
Tax-Free Funds
Reverse mortgage proceeds are considered a loan, which means the money you receive is tax-free and does not affect government benefits in most situations.
No Monthly Mortgage Payments
No regular mortgage payments are required while you continue living in your home and meet your homeowner obligations.
Repayment occurs when:
- You sell your home
- The last borrower permanently moves out
- The last borrower passes away
Continue Owning Your Home
You remain the owner of your home throughout the life of the reverse mortgage.
As long as you:
- Live in the home as your primary residence
- Maintain the property
- Keep property taxes and insurance current
You remain in control of your home.
Payment Guarantee
With a reverse mortgage, you can have peace of mind knowing you'll never owe more than the fair market value of your home when it is sold, provided you meet the terms of your mortgage.
What is Fair Market Value?
Fair market value is the amount your home could reasonably sell for in today's real estate market. It's based on what a willing buyer would pay and a willing seller would accept at the time your home is sold.
How Does the Payment Guarantee Work?
Every reverse mortgage includes a No Negative Equity Guarantee. This means that if your reverse mortgage balance ever becomes higher than the value of your home, neither you nor your estate will be responsible for paying the difference, as long as the mortgage terms have been met.
Example:
- Your home sells for $800,000.
- Your reverse mortgage balance is $850,000.
- Because of the Payment Guarantee, you (or your estate) would not have to pay the additional $50,000.
The result: You can access your home equity with confidence, knowing your repayment will never exceed your home's fair market value, provided you continue to meet the terms of your reverse mortgage.
Flexible Qualification
Our application process is straightforward, with:
No minimum credit
score requirement
Flexible income
qualifications
Expert guidance from experienced mortgage professionals
How Does a Reverse Mortgage Work?
A reverse mortgage is designed for Canadian homeowners aged 55 and older.
You may qualify to access up to 55% of your home's equity, depending on factors such as:
Your age
Home value
Property location
Available equity
Funds can be received as a lump sum or scheduled advances.
Interest is added to the mortgage balance over time, and repayment is deferred until the home is sold or is no longer your principal residence.
Is a Reverse Mortgage Right for You?
A reverse mortgage may be ideal if you want to:
- Stay in your home longer
- Increase monthly cash flow
- Eliminate mortgage payments
- Access tax-free cash
- Support family financially
- Improve your retirement lifestyle
Ready to Unlock Your Home Equity?
A reverse mortgage can provide financial flexibility while allowing you to remain in the home you love. Whether your goal is reducing debt, increasing retirement income, helping family, or simply enjoying greater peace of mind, we're here to help you explore your options.
Speak with a Reverse Mortgage Specialist Today.
FAQ
Frequently Asked Questions
Who qualifies for a reverse mortgage in Canada?
You must be at least 55 years old and the home must be your primary residence. If you own the home with a spouse or partner, both of you need to meet the age requirement. Qualification is based mainly on your age, the value and location of your home, and how much equity you have, not on income or credit score alone.
How much money can I access?
Most Canadian lenders allow you to access up to roughly 55% of your home's appraised value, and the amount available generally increases with age. Your property type and location also affect the maximum. A Mortio broker can run the numbers for your specific address before you apply.
Do I still own my home?
Yes. Title stays in your name. You continue to live in the home and make the decisions about it, as long as you keep it as your primary residence, maintain the property, and stay current on property taxes and home insurance.
When does the loan have to be repaid?
Repayment is due when the home is sold, when the last borrower permanently moves out, or when the last borrower passes away. There are no required monthly principal or interest payments before then.
Is the money I receive taxable?
The funds are a loan advance rather than income, so they are not taxable and generally do not affect income-tested benefits such as OAS or GIS. Confirm your own situation with a tax professional.
Can I owe more than my home is worth?
Reverse mortgages in Canada include a No Negative Equity Guarantee. If the loan balance ever exceeds the fair market value of the home at the time it is sold, neither you nor your estate is responsible for the difference, provided the terms of the mortgage have been met.
Will there be anything left for my heirs?
In most cases, yes. Home values often continue to grow while interest accrues on the balance, so equity typically remains after the loan is repaid. Your estate keeps whatever is left once the reverse mortgage is settled.
Can I pay it off early?
Yes. Reverse mortgages can be repaid at any time, and many lenders let you make optional interest payments to slow the growth of the balance. Prepayment charges may apply depending on the lender and where you are in the term. We will review those details with you before you sign.