Access Your Home Equity Tax-Free — No Monthly Payments Required
For Canadian homeowners aged 55+. Maintain ownership, make no payments, and access funds tax-free.
Quick Check
Do You Qualify?
If you meet all three, you may qualify for a reverse mortgage.
Simple Process
How a Reverse Mortgage Works
From first conversation to funds in your account, we guide you through every step.
Apply With a Specialist
Speak with a Loans Expert reverse mortgage specialist who will assess your situation, explain your options, and help you choose the right lender.
Home Appraisal
An independent appraiser determines the current market value of your home. This determines how much equity you can access.
Approval & Legal Review
Once approved, you receive independent legal advice (required by law) to ensure you fully understand the terms before signing.
Receive Your Funds
Choose a lump sum, scheduled advances, or a combination. Funds are deposited directly into your bank account, tax-free.
Key Benefits
Why Canadians Choose Reverse Mortgages
No Monthly Payments
Unlike a traditional mortgage or HELOC, you are never required to make monthly payments. The loan is repaid when you sell or move out.
Tax-Free Funds
Reverse mortgage proceeds are not considered income by the CRA. You receive the full amount tax-free, with no impact on OAS or GIS benefits.
Maintain Ownership
You remain on title and continue living in your home for as long as you choose. The lender has no ownership stake in your property.
No-Negative-Equity Guarantee
All Canadian reverse mortgage lenders guarantee you will never owe more than your home is worth, even if property values decline.
Compare Lenders
Current Reverse Mortgage Rates in Canada
Only 4 lenders offer reverse mortgages in Canada. Here is how they compare.
| Lender | Rate | Closing Fee | Availability | Highlight |
|---|---|---|---|---|
| HomeEquity Bank (CHIP) | 6.64% | $1,795 | All of Canada | Largest provider |
| Equitable Bank Flex Lite | 6.44% | $995 | ON, QC, BC, AB | Lowest fee |
| Equitable Bank Flex | 6.54% | $995 | ON, QC, BC, AB | Higher LTV for 70+ |
| Bloom Finance SafeRate | 6.69% | ~$1,500 | BC, AB, ON | Lifetime fixed rate |
| Home Trust EquityAccess | TBD | TBD | TBD | Launching 2026 |
No Hidden Costs. No Broker Fees.
At Loans Expert, we cover all broker fees for reverse mortgage clients. Your only costs are the standard lender closing fees listed above. There are no additional charges, no surprises, and no obligation until you decide to proceed.
Closing fees cover independent legal advice, appraisal, title search, and administration. These are standard across all lenders.
Popular Uses
How Canadians Use Their Reverse Mortgage
Supplement Retirement Income
Bridge the gap between your pension, CPP, OAS, and the lifestyle you want to maintain.
Home Renovations
Age-in-place upgrades, accessibility modifications, or simply the kitchen you have always wanted.
Pay Off Existing Debts
Consolidate credit cards, lines of credit, or an existing mortgage into a single, no-payment solution.
Help Family Members
Provide a living inheritance to help children or grandchildren with a down payment or education.
Healthcare and Caregiving
Cover in-home care, medical expenses, or long-term care costs without selling your home.
Talk to a Reverse Mortgage Specialist
Not sure if a reverse mortgage is right for you? Leave your details and a licensed specialist will walk you through your options — no cost, no obligation.
Frequently Asked Questions
Honest answers to the questions we hear most often about reverse mortgages.
Is a reverse mortgage a responsible financial choice?
Yes, when used appropriately. Reverse mortgages were designed specifically for Canadians aged 55+ who want to access their home equity without selling or making monthly payments. All Canadian reverse mortgage lenders are federally regulated Schedule 1 banks, and independent legal advice is required before closing. Many financial planners now include reverse mortgages as a legitimate component of retirement planning.
How does a reverse mortgage affect my estate?
When you sell or move out, the loan balance (principal plus accumulated interest) is repaid from the sale proceeds. The remaining equity goes to you or your estate. Because of the no-negative-equity guarantee, your estate will never owe more than the home is worth. Most borrowers retain 50% or more of their home equity even after 15 years.
What happens to my spouse or partner?
If both partners are on the reverse mortgage, the surviving partner can continue living in the home with no change to the loan terms. The loan only becomes due when the last borrower sells, moves out, or passes away. This is one of the most important protections built into Canadian reverse mortgages.
Do I have to make any payments at all?
No monthly mortgage payments are ever required. However, you must maintain your property, pay property taxes, and keep your home insured. Some borrowers choose to make voluntary interest payments to manage the loan balance, but this is entirely optional.
How much can I qualify for?
Most borrowers can access between 20% and 55% of their home value, depending on age and property location. Older borrowers qualify for a higher percentage. For a quick estimate, try our reverse mortgage calculator.
How do the rates compare to a regular mortgage?
Reverse mortgage rates are typically 2% to 3% higher than conventional mortgage rates. However, there are no monthly payments, so the comparison is not direct. For many retirees, the value of staying in their home with no monthly obligation far outweighs the higher rate.
How long does the process take?
From initial application to receiving funds, the process typically takes 3 to 6 weeks. This includes the home appraisal, underwriting, legal review, and closing. Urgent situations can sometimes be expedited.
Are there alternatives I should consider first?
Depending on your situation, alternatives may include a home equity line of credit (HELOC), downsizing, a conventional mortgage, or government benefits you may not be receiving. A good reverse mortgage specialist will discuss all options with you before recommending a reverse mortgage. At Loans Expert, we always start with a full review of your situation.
Get Your Personalized Reverse Mortgage Estimate
Find out how much equity you can access, tax-free, with no monthly payments.