Services / Reverse Mortgage
A reverse mortgage lets Canadian homeowners 55 and older access the equity in their home without selling or making monthly mortgage payments. You stay in your home, keep ownership, and repay the loan only when you sell, move out or the last borrower passes away.
Reverse Mortgage at a glance
Guide
Minimum age
Borrow up to
Monthly payments
Funds
*Depends on your situation, the property and lender or program rules.
Clear communication at every step, so you always know what's happening next.
We talk through your goals, budget and plans for the home.
We compare reverse mortgage lenders with other ways to access equity.
Your home is appraised and you get independent legal advice.
Take a lump sum, regular deposits or a mix of both.
A few key points we'll walk through with you before you make any decisions.
Because you make no payments, interest is added to the balance and grows over time, which reduces the equity left in your home.
You keep ownership, so you still pay property taxes and home insurance and keep the home in good repair.
Rates are higher than a regular mortgage, and there are appraisal, legal and setup costs. Repaying early can mean a penalty in the first few years.
Don’t see your question here? Give us a call — we’re happy to talk it through.
Yes. You keep title to your home. The lender registers a mortgage against it, just like a regular mortgage.
Major Canadian reverse mortgage lenders offer protection so that, as long as you meet the terms, the amount owed won't be more than the home's fair market value when it's sold. We'll confirm the details for your lender.
Reverse mortgage funds are a loan, not income, so they generally don't affect OAS or GIS. Check your own situation with your advisor.
This page is for general information only and isn’t financial advice. Mortgage rules, program limits and lender requirements change and depend on your situation; all financing is subject to lender approval. Koru Financial Group Inc. — FSRA Brokerage #12726.