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Your home has helped you for years. Let it help a little more.

A reverse mortgage lets Canadian homeowners aged 55 and older turn up to 55% of their home's value into tax-free cash, with no monthly payments. You keep ownership, and the loan is repaid when you sell or move out.

  • No monthly payments
  • Stay in your home
  • Tax-free money

See how much you could get

Two quick answers. No email needed.

You could get about—
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You keep your home

Your name stays on the title, and you can live there as long as you like.

Money your way

Take a lump sum, regular deposits, or some of each.

Protection built in

Lenders generally guarantee you won't owe more than your home is worth when it's sold.

How it works

Getting started is simple

  1. Tell us about your home

    Answer a few quick questions about your age, your home and what you'd use the money for. It takes about two minutes.

  2. Talk to a licensed agent

    We match you with one mortgage agent who works with Canada's reverse mortgage lenders. They call you to go over your options.

  3. Choose what suits you

    Compare offers with no pressure. If you go ahead, you get the money as a lump sum, regular deposits, or both.

Calculators

Try the numbers yourself

Free calculators that answer the questions people ask most. No email needed.

How much can I borrow?Estimate your amount from your age, home and location. Loan growth over timeSee how the balance and your remaining equity change, year by year. Reverse mortgage vs HELOCCompare monthly payments and total cost side by side. Lump sum vs monthly advancesSee how taking money gradually can save on interest.
Videos

Watch and learn

Reverse mortgages explained in under 4 minutes

How the loan works, what you keep, and what happens when the home is sold. Every video comes with a full transcript, so you can read instead of watch.

See all videos
Guides

Short reads, clear answers

Plain-language guides to help you decide, written for homeowners and kept up to date.

5 min readWhat is a reverse mortgage?How it works in Canada, who qualifies and what it costs. 6 min readReverse mortgage pros and consWhen it makes sense, and when it doesn't. 5 min readWhat a reverse mortgage costsInterest rates, appraisal, legal and setup fees. 5 min readReverse mortgage vs HELOCWhich one fits your retirement income? 4 min readWhat happens to my estate?How repayment works for your family. 7 min readAlternatives to a reverse mortgageDownsizing, HELOCs, refinancing and more.

All guides

Good to know

Is a reverse mortgage right for you?

Advantages

  • No monthly payments required
  • The money is tax-free and doesn't affect OAS or GIS
  • You keep ownership and stay in your home
  • Take a lump sum, regular deposits, or both

Things to consider

  • Interest rates are higher than on a regular mortgage
  • The balance grows over time, leaving less equity
  • Setup costs such as appraisal and legal fees
  • Prepayment penalties may apply if you sell early
Lenders

Who offers reverse mortgages in Canada?

Only a few lenders offer reverse mortgages in Canada, and most big banks don't. A mortgage agent can compare all of them for you.

HomeEquity BankThe CHIP Reverse Mortgage, Canada's longest-running reverse mortgage.
Equitable BankReverse mortgages offered through mortgage agents and brokers.
Bloom FinanceA newer lender with reverse mortgages sold through agents.

Compare lenders and rates

Questions

Reverse mortgage questions, answered

Do I have to make monthly payments?
No. With a reverse mortgage you don't make regular payments while you live in your home. Interest is added to the balance, and the loan is repaid when you sell, move out, or the last borrower passes away. You can choose to make payments if you want to.
Who qualifies for a reverse mortgage in Canada?
Homeowners aged 55 or older, where every owner on title is 55 or older and the home is your main residence. The amount you can get depends on your age, your home's value and location, and the type of property.
How much can I borrow?
Up to 55% of your home's appraised value. Older borrowers qualify for a higher percentage, so most people in their late 50s and early 60s get less than the maximum.
Will I still own my home?
Yes. You keep the title and can stay in your home for as long as you like. You still pay property tax and home insurance and keep the home in good repair.
Could I end up owing more than my home is worth?
Canadian reverse mortgage lenders generally guarantee that, as long as you keep up with property tax, insurance and maintenance, the amount owed won't exceed the home's fair market value when it's sold. Ask your agent to confirm the terms of the product you choose.
Does a reverse mortgage affect OAS or GIS?
The money is a loan, not income. It isn't taxable and doesn't affect Old Age Security or the Guaranteed Income Supplement.
Does it cost anything to get matched with an agent?
No. Getting matched is free and you're under no obligation. Mortgage agents are usually paid by the lender when a mortgage closes. Our disclosure page explains how we're paid.

Find out what your home could do for you

Answer a few questions and we'll match you with one licensed mortgage agent who compares Canada's reverse mortgage lenders. It's free, with no obligation.

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