Stay in your home, and use what it’s worth.
At 55 or older, a reverse mortgage turns part of your home’s value into tax-free money, without selling and without monthly payments. We lay out the full picture, and the alternatives, before we make our final recommendation.
- 55+Usually the minimum age for everyone on title
- Up to 55%Of your home's current value, usually
- $0Regular payments required while you live there
Tax-free, and it doesn’t affect Old Age Security or GIS.
See what your home could give you
Your age and where you live matter most. The older the youngest owner, the more you can usually access. Set your details for a rough range, then we’ll get you real numbers from the lenders we work with.
You could qualify for about
Tax-free, with no regular payments.
A rough estimate, not an approval or a quote from any lender. The lender sets the amount from everyone’s age on title, the home’s type, location and appraised value.
Three ways to receive your money
It’s your money to use as you choose: renovations, travel, helping family, health care, or clearing debt so your monthly budget has room to breathe.
One lump sum for the full amount. A good fit for a larger need, like paying off an existing mortgage or a major renovation. Interest applies to the full amount from day one.
Take part up front, often a minimum around $25,000, and keep the rest available for when you need it. Each draw can carry a fee, and some lenders adjust the rate when you draw.
A steady deposit to your bank account, such as $1,000 a month or $3,000 every three months, usually after an initial amount of around $20,000. Extra income for retirement.
What it costs
With no regular payments, interest is added to the balance over time. We show you how that affects the equity in your home before you commit.
- Interest rateUsually higher than a regular mortgage or a home equity line of credit.
- Interest added to the balanceYou don't make payments, so interest is added to what you owe. The balance grows over time.
- Appraisal and set-up feesThe home is appraised, and the lender charges to set up the loan. Some fees can be added to the balance.
- Legal fees and closing costsSome provinces require independent legal advice. Where they don't, it is still worth having.
- Prepayment penaltiesPaying it off before it's due, for example by selling early, can cost a fee.
When it has to be repaid
You can usually repay early if you choose, subject to any prepayment fee. Otherwise the balance comes due when:
- You sell your home.
- You move out of your home.
- The last borrower on the loan dies.
- You default on the terms of the reverse mortgage.
A reverse mortgage is one option, not the only one. Depending on your income and plans, one of these may cost less:
- Selling and moving somewhere smaller, renting, or moving into assisted living.
- A home equity line of credit or a refinance, if you can carry a payment.
- A personal loan, for a smaller amount.
We lay out the full picture, and the alternatives, before we make our final recommendation.
Common questions
Rules and fees vary by lender. We confirm what applies to you before you count on it.
See what your home could do for you.
Two ways to start. Not sure yet? Ask us first. Ready to go? Apply now. Either way, one team member looks after you from here.