The advantages
No payments, tax-free, no effect on OAS/GIS, stay in your home, flexible advances.
The drawbacks
Higher rates, compounding interest, setup costs, prepayment charges, less equity.
When it makes sense
Example situations: income top-up, paying off debt, home updates, helping family.
When it may not
Planning to move soon, wanting to leave the full home value, lower-cost alternatives available.
Questions to ask before deciding
Link to the questions-to-ask guide.