Office 289-505-0631  ·  Direct 647-291-7116 Rajiv Verma, Mortgage Broker · Mortgage Architects · FSRA Licence #12728
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Service · Reverse mortgage (55+)

Reverse mortgages — tap your home’s equity, keep your home

If you’re 55 or older, a reverse mortgage lets you turn home equity into tax-free cash — with no monthly payments required — while you continue living in and owning your home.

Quick answer: A reverse mortgage lets Canadian homeowners 55+ borrow against their home equity and receive tax-free funds, with no required monthly payments — the loan is repaid when you sell or move. It can ease retirement cash flow, but it reduces the equity you leave behind, so honest advice matters.

How a reverse mortgage works

  • Available to homeowners 55+ on their primary residence.
  • Access up to a set percentage of your home’s value as tax-free cash (lump sum or scheduled).
  • No monthly payments required — interest accrues and is repaid when you sell, move, or pass on.
  • You keep ownership and continue living in your home.

Who it’s for

Retirees who are house-rich but cash-flow-tight, who want to supplement income, help family, cover healthcare, or eliminate other debt — without selling the home they love or making monthly payments.

The honest trade-off

Because interest compounds and no payments are made, the balance grows and your estate’s equity shrinks over time. For the right person it’s a powerful tool; for others, a refinance or downsizing fits better. I’ll walk through all of it with you and your family.

Eligibility
Homeowners 55+
Funds
Tax-free lump sum or scheduled
Payments
None required
Repaid
When you sell or move
AI-enabled FAQ

Reverse mortgages — your questions, answered

Real answers to the questions clients actually ask. Search or tap any question.

What is a reverse mortgage?
It’s a loan for homeowners 55+ that lets you convert home equity into tax-free cash with no required monthly payments. The loan is repaid when you sell, move, or pass away.
Do I still own my home?
Yes. You keep title and continue living in your home. The lender simply has a mortgage against it, repaid down the road.
How much can I borrow?
Typically up to a set percentage of your home’s appraised value, based on your age, the home, and location. Older borrowers generally qualify for more.
Do I have to make any payments?
No monthly payments are required. Interest accrues and is added to the balance, repaid when the home is sold or you move — though you can make voluntary payments if you wish.
Is the money taxable?
No. Funds from a reverse mortgage are tax-free and generally don’t affect OAS or GIS benefits.
What happens to my estate?
Because interest compounds and no payments are made, the balance grows and reduces the equity left to your estate. Any remaining equity after repayment goes to you or your heirs.
Can I owe more than my home is worth?
Reputable Canadian reverse mortgages carry a no-negative-equity guarantee, meaning you won’t owe more than the home’s fair value when sold, provided obligations are met.
Is a reverse mortgage better than downsizing or a HELOC?
It depends. A refinance, HELOC, or downsizing may suit you better. I compare the options honestly so you and your family choose with clear eyes.
Will it affect my spouse?
With both spouses on title, the reverse mortgage typically continues as long as either lives in the home. I’ll confirm the details for your situation.
How do I know if it’s right for me?
Book a no-pressure conversation — ideally with your family. I’ll lay out the pros, the costs, and the alternatives so the decision is fully informed.

Related services

Refinancing · Debt consolidation · Contact

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