What a reverse mortgage is
A reverse mortgage lets Canadian homeowners aged 55+ borrow against their home equity without making regular mortgage payments. The loan, plus interest, is repaid when the home is sold or the homeowner moves or passes away.
Who it's designed for
Reverse mortgages are commonly used by retirees in Ottawa, Perth, and Lanark County who are equity-rich but cash-flow limited, and want to age in place, supplement retirement income, or help family without selling their home.
How much you can access
Typically up to 55% of your home's appraised value, depending on your age, property location, and home value. Older borrowers generally qualify for a higher percentage.
How it compares to other options
A reverse mortgage is one of several ways to access home equity in retirement, alongside a HELOC, downsizing, or a traditional refinance. We'll walk through the true cost and trade-offs of each so you can make an informed decision.