Turn the equity in your home into tax-free cash — without selling or moving.

The main requirements are straightforward: every person on title must be at least 55, and the property must be your primary residence. Beyond that, lenders look at the home itself — its value, type, condition, and location — far more than they look at you. There's no income test and no minimum credit score in the way a conventional mortgage has one.

Up to 55% of your home's appraised value. Where you land depends mostly on your age and on which product suits you — at 55 that's roughly 17–25%, while at 80 you could reach the maximum. The higher figures come from products that allow greater access in exchange for a higher rate, which is often a worthwhile trade. Property type and local market matter too: a detached home in a major centre supports more than a rural property or an unusual building.

If you have an existing mortgage or line of credit, it must be paid off from the proceeds, so your net cash is what's left after that.

There's no single answer, and that's genuinely the most useful thing I do. Canada has several reverse mortgage lenders — HomeEquity Bank, Equitable Bank, Home Trust, and Bloom Finance among them — plus alternatives like Fraction for people under 55. They differ on how much they'll advance, their rates, their prepayment charges, their set-up fees, and which properties and provinces they'll lend on.

The lender who offers you the most money is often not the cheapest, and the cheapest rate sometimes comes with prepayment terms you'd regret. I take your situation to all of them and show you the comparison side by side. There's a rundown of each lender above.

Possibly. Every true reverse mortgage in Canada requires all owners to be at least 55, with no exceptions. But there are home equity products outside that category — Fraction being the main one — with no age minimum, which can achieve something similar: accessing equity without required monthly payments. The terms are different, notably a shorter maximum term, so it's not a straight substitute. It's worth a conversation rather than assuming you're out of options.

No. I'm compensated by whichever lender funds your mortgage, and that compensation doesn't vary in a way that would make one lender more attractive to me than another. I'm not owned by, or exclusive to, any of them. If I steer you somewhere, it's because the numbers said so, and I'll show you the numbers.

Higher than a conventional mortgage or HELOC — that's the trade for no required payments and no income qualification. Rates change constantly, so I won't publish a number that goes stale. Call and I'll tell you exactly what's available today across every lender in this space, along with the fixed and variable options.

Expect an appraisal fee, your own legal fees, and a lender set-up fee — typically a few thousand dollars all in. These are usually deducted from your advance rather than paid out of pocket. My compensation comes from the lender when the mortgage funds; you don't pay me a fee.

No. The money is borrowed against your own home, not income, so it isn't reported on your tax return, doesn't count toward the OAS clawback, and doesn't affect GIS eligibility. This is one of the strongest reasons people choose it over drawing down an RRIF.

If you're both on title, nothing changes. Your spouse continues living in the home under the same terms, with no payments required. The loan only becomes due when the last surviving homeowner sells, moves out permanently, or passes away. Making sure both spouses are on title is something I check carefully.

When the home is sold, the loan balance plus accrued interest is repaid from the proceeds and your estate keeps the remainder. Your children can also choose to repay the balance and keep the home, refinancing it in their own names.

Because of the No Negative Equity Guarantee, if the balance has grown beyond the home's value, your estate is not responsible for the shortfall — provided you met your obligations. Your family cannot inherit a debt from this.

Yes. What they inherit is the home's value minus whatever's owed. They can sell and keep the difference, or pay off the balance and keep the property. What changes is the amount, not their ability to inherit — and the equity projection above lets you see roughly what that looks like under different assumptions.

No payments are required. You can make voluntary payments toward the interest if you want to slow the balance's growth, and many people do — but nothing is mandatory, and there's no payment you can miss. You do have to keep paying property taxes and home insurance and maintain the property, as you would with any mortgage.

Yes to both. You can sell whenever you like and repay from the proceeds, or repay from other funds. Prepayment charges may apply in the first few years depending on the lender and product, and they generally decline over time. Some lenders waive them if you move to long-term care or on the death of the borrower. Ask me to compare the specific prepayment terms before you choose a lender — they differ meaningfully.

Not while it remains your primary residence and you keep up property taxes, insurance, and basic maintenance. Unlike a HELOC, which a lender can reduce or call, a reverse mortgage can't be demanded back while you're meeting those terms. The obligations are worth taking seriously, but they're within your control.

No, and this is where most of the fear comes from. Canadian reverse mortgages are structured differently, are more tightly regulated, and don't carry some of the problematic features of older American products. Much of the horror-story reputation comes from a different market and a different era.

Condos and townhouses are generally fine, subject to the building qualifying. Rental properties and second homes don't work — it must be your primary residence. Unusual properties, very rural locations, and mobile or leasehold homes may not qualify with all lenders. Tell me the property and I'll tell you quickly whether it's a fit.

Yes, please do. A reverse mortgage affects your drawdown strategy, your tax position, and your estate, so your planner and accountant should have a view. And if your adult children will eventually deal with the estate, it's far better they understand the plan now than discover it later. I'm happy to explain it to all of them on the same call.

Usually two to four weeks from our first conversation to funds in your account — most of that being the appraisal and your lawyer's review. If you're up against a deadline, tell me and I'll let you know honestly whether it's achievable.

There isn't a hidden one, but there is a real cost: the interest rate is higher than a conventional mortgage, and because you're not making payments, the balance compounds and grows. Over fifteen or twenty years that adds up meaningfully and reduces what you leave behind. That's the honest trade-off — access and flexibility now, in exchange for less equity later. It's a good deal for some people and a poor one for others, which is exactly what the first conversation is for.