Frequently Asked Questions

Canadian Reverse Mortgages Index

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FAQs on Reverse Mortgages

We put together a list of Frequently Asked Questions (FAQs) about Reverse Mortgage loans in Canada. If you cannot find the answers you are seeking, then one of our agents will be happy to answer them for you. The is no obligation or pressure sales when you call us. Just simple answers to your questions.

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Reverse mortgages in Canada are designed for people aged 55+, who are usually on fixed incomes (regardless of the amount of monthly income). Because of this, there are no required monthly payments.

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You will. You maintain full title and ownership of your home.

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Unlike in the U.S., in Canada reverse mortgages are very conservative and designed to protect both the homeowner and the equity in the home. This makes them very safe.

A reverse mortgage can be paid back at any time. Repayment usually occurs when homeowners sell or move. Since over 90% of Canadians 60+ want to remain in their homes as long as possible, most reverse mortgages are paid back when the homeowners have passed away.

That's up to you. As long as your home remains your primary residence, and you keep your property well-maintained, and you pay your home insurance and property taxes, the loan can last as long as you want.

Nothing changes with your reverse mortgage. You will continue to have peace of mind. The loan amount can't be demanded by the bank because the property decreases in value.

What is a Reverse Mortgage?

It's a financial product that allows you to access the equity in your home and convert it into tax-free money.

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