If you're 55 or older and own your home in Northern Ontario, you may be able to access up to 55% of its value as tax-free cash — with no monthly payments required. You stay in your home. You keep ownership. I'll walk you through whether it makes sense for your situation, honestly.
Matthew will review your information and reach out within 2 business hours to walk you through your options.
The exact amount depends on your age, home value, and location — but here's the general picture for eligible homeowners.
A reverse mortgage is a structured, regulated product — here's what the process looks like from start to finish.
We confirm your age, home value, location, and any existing mortgage balance. This determines how much you can access — generally up to 55% of appraised value, with older applicants and higher-value homes qualifying for more.
This isn't right for everyone, and I'll tell you plainly if it isn't. We talk through your goals — supplementing income, paying off debt, funding home modifications — and whether a reverse mortgage is the best tool, or if something else fits better.
If it's the right fit, I match you to the lender and structure — lump sum, scheduled advances, or a combination. Funds are tax-free and don't affect OAS or GIS. You stay on title and in your home throughout.
You stay on title and retain full ownership of your home. The lender never takes possession. You can sell whenever you choose, on your own terms.
This is not free money. Interest builds on the loan balance, and that balance is repaid from the proceeds when the home is eventually sold — by you, or by your estate.
There is never a requirement to repay more than the home's fair market value at the time of sale. Any remaining equity after the loan is settled goes to you or your estate.
If you're reading this on behalf of a parent, you're asking the right questions. A reverse mortgage is a family and estate decision as much as a financial one.
The loan is repaid from the sale proceeds when the home is eventually sold. Any remaining equity goes to the estate. The CHIP no-negative-equity guarantee means heirs can never owe more than the home's fair market value — provided property taxes and insurance are maintained.
When both spouses are on the application (required when both are on title), a surviving spouse on the application stays in the home and the mortgage continues — it is not called when one borrower passes. This is one of the most important details to understand before proceeding.
We welcome family calls — parents and adult children together. A reverse mortgage is an estate decision and everyone affected deserves to understand it fully. Mention it in the form below and we'll set up time for the full family.
There are four reverse mortgage products currently available to Canadian homeowners. Our brokerage works with all of them — which one fits best depends on your age, property, location, and goals.
Issued by: HomeEquity Bank (federally regulated Schedule I bank)
Eligibility: Homeowners 55+ — available in all 10 provinces
Equity access: Up to 55% of appraised home value
Payout options: Lump sum, scheduled advances, or combination
No negative equity guarantee: Yes
Best known for: Canada's original reverse mortgage (est. 1986) — the widest provincial coverage of any provider
Issued by: Equitable Bank (federally regulated Schedule I bank)
Eligibility: Homeowners 55+ in urban centres — ON, BC, AB, QC
Equity access: Up to 59% of appraised home value
Payout options: Lump sum or staggered advances; multiple product tiers (Flex, Flex Lite, Flex PLUS for 70+)
No negative equity guarantee: Yes
Best known for: Highest available equity access of any Canadian reverse mortgage provider
Issued by: Bloom Finance
Eligibility: Homeowners 55+ — ON, BC, AB
Equity access: Up to 55% of appraised home value
Payout options: Lump sum, scheduled advances, or flexible card drawdown
No negative equity guarantee: Yes
Best known for: Canada's first lifetime fixed-rate reverse mortgage — one rate for the life of the loan, no renewal risk
Issued by: Home Trust Company
Eligibility: Homeowners 55+ — ON, BC, AB, NS
Equity access: Up to 59% of appraised home value
Payout options: Lump sum or advances
No negative equity guarantee: Yes
Best known for: Available exclusively through mortgage brokers — not sold direct to consumers; launched 2025
No rates are published here — they vary by product, property, age, and term. Our brokerage works with all four providers and will present the options that suit your situation.
A reverse mortgage lets homeowners 55 and older access up to 55% of their home's value as tax-free cash, with no monthly payments required. You stay in your home and keep ownership. Interest accrues over time, and the loan is repaid when you sell, move, or pass away — from the sale proceeds.
No. You keep full ownership and stay on title for as long as you own the home. The lender does not take possession. You can live in the home, sell it whenever you choose, or pass it to your estate — the loan balance is simply settled from the proceeds when the home is eventually sold.
Typically up to 55% of your home's appraised value, depending on your age, the property's value and location, and your existing mortgage balance (if any). Older applicants and higher-value homes generally qualify for a larger percentage. We calculate your specific number during a free consultation.
No. Funds from a reverse mortgage are tax-free, since they are loan proceeds rather than income. They also do not affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) eligibility, which makes this different from withdrawing from an RRSP or RRIF.
The loan balance — principal plus accrued interest — is repaid from the proceeds of the home sale. Any remaining equity goes to you or your estate. There is never a requirement to pay more than the fair market value of the home at the time of sale, regardless of how much the loan has grown.
Yes. A reverse mortgage can be used to pay off an existing mortgage or other secured debt as part of the transaction, which often eliminates a monthly payment you're currently making. The remaining equity, if any, can be taken as a lump sum, scheduled advances, or a combination.
No — this is the most common misconception. You remain the registered owner of your home for the life of the loan. The lender holds a mortgage charge on the property (the same as any conventional mortgage), but they do not take possession. You stay in your home for as long as you choose to.
No. All major Canadian reverse mortgage providers — including CHIP (HomeEquity Bank), Equitable Bank, Bloom Financial, and Home Trust — include a no-negative-equity guarantee. The amount owed at repayment can never exceed the fair market value of the home at the time it is sold, provided property taxes, insurance, and maintenance obligations are kept current. Your estate will never be required to pay more than the home is worth.
Reverse mortgages generally require the property to be your primary residence. A four-season, year-round home on an Ontario lake often qualifies; a seasonal cottage typically does not. If your cottage doesn't qualify for a reverse mortgage, a home equity loan or refinance through the brokerage may be an alternative — see our cottage mortgage page or contact us to review your specific property.
If both spouses are on the reverse mortgage application — required when both are on title — the surviving spouse stays in the home and the mortgage continues unchanged. The loan is not called when one borrower passes. It is only repaid when the last borrower sells, moves out permanently, or passes away.
No obligation. Get a clear, honest answer about whether a reverse mortgage fits your situation — directly from Matthew, same day in most cases.
Free, no-obligation review. You'll get a straight answer on whether a reverse mortgage fits your situation — family members welcome on the call.
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