Your home equity,
without moving out.
A reverse mortgage turns the equity in your home into tax-free cash. No monthly payments. No requalifying. You keep title, keep the home, and never owe more than it's worth. Designed for Canadian homeowners 55 and older — the money is yours to use however you choose.
- ✓ Access up to 55% of your home's value, tax-free
- ✓ No monthly mortgage payments while you live there
- ✓ Does not affect Old Age Security (OAS) or GIS benefits
- ✓ No-negative-equity guarantee* — you never owe more than the home is worth
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55+
age eligibility · both spouses
up to 55%
of home equity accessible tax-free
99%
of reverse mortgage holders keep equity in their home
In Plain English
What a reverse mortgage actually is
A reverse mortgage is a loan secured by the equity in your home. Unlike a traditional mortgage where you make payments to a lender, the lender pays you — either as a lump sum, staged advances, or a mix.
You keep ownership, you keep the title, and you keep living in your home for as long as you choose. The loan only becomes due when you and your spouse both move out, sell the home, or through your estate.
There are no monthly mortgage payments for as long as you live in the home. Interest accrues on the balance, but you never write a cheque unless you want to (voluntary prepayment is allowed).
The one requirement: you keep the property in good condition, pay your property taxes and insurance, and remain the owner-occupant. Meet those obligations and the no-negative-equity guarantee kicks in: you will never owe more than the fair market value of your home.*
Reverse Mortgage vs HELOC
Two ways to tap home equity
Both are legitimate options. The right one depends on your income, cash-flow needs, and whether monthly payments would be a strain.
HELOC is often the cheaper option if you have strong income to service the payments and want lower borrowing costs. A reverse mortgage is designed for retirees whose cash-flow is fixed and who don't want (or can't take on) another monthly obligation.
How Canadians Use It
The money is yours — spend it how you want
Alleviate debt stress
Ease the pressure of an existing mortgage, credit card balances, or lines of credit — without touching your savings or investments.
Cover unplanned expenses
Home repairs, mobility retrofits, in-home care, dental work — cash on hand for the surprises that come with aging in place.
Live life to the fullest
The retirement you actually want. Travel, hobbies, a boat, a cottage — funded from equity that's otherwise sitting locked in your home.
Maintain your standard of living
A predictable income supplement so your day-to-day lifestyle doesn't have to shrink when your paycheque stops.
Early inheritance for family
Help your children onto the property ladder or your grandchildren through school — while you're alive to see them enjoy it.
Age in place with dignity
The financial cushion to stay in the home you love, in the neighbourhood you know, instead of being pushed toward downsizing.
These are illustrative — many clients combine several. There's no restriction on how you use the funds beyond paying out any existing mortgage or lien secured against the property.
The Guarantee That Matters Most
You'll never owe more
than your home is worth.
The no-negative-equity guarantee* ensures that as long as you keep your property in good maintenance, pay your property taxes and insurance, and remain the owner-occupant, the amount owed on the due date will not exceed the fair market value of your home. If the sale proceeds are less than the loan balance, the lender covers the difference — not you, not your estate.
99%
of borrowers still have equity remaining when the loan is repaid
~50–60%
average equity left over — often more, thanks to home appreciation
55%
maximum LTV cap — deliberately conservative to protect your equity
*Guarantee excludes administrative expenses and interest that has accumulated after the due date. Property must remain in good maintenance, property taxes and insurance paid, and not in default. The 99% / 50–60% figures reflect long-run outcome data published by principal Canadian reverse mortgage lenders across 30+ years of book history. Individual outcomes depend on borrowed amount, home appreciation, and time held.
4 Ways to Take the Money
Pick the shape that fits your life
01
Lump sum
Receive the entire approved amount at once. Common for one-time uses: paying off a mortgage or line of credit, a major renovation, or an early inheritance for family.
02
Staged advances
Take a portion now, more later. Useful when your cash need is spread over 6–24 months — sequenced renovations, a series of medical expenses, or funding a family member across multiple milestones.
03
Planned monthly income
A regular deposit into your bank account over a set period, like a paycheque. Ideal when the goal is income supplement rather than a lump event.
04
A combination
A partial lump sum plus scheduled advances. Fits the majority of files — pay off an existing mortgage today, and layer on a monthly supplement for the next few years.
The Fees, Straight Up
What it actually costs to set up
A reverse mortgage has one-time set-up fees that cover the appraisal, independent legal advice, administration, title insurance, and registration. With the exception of the appraisal fee (typically $300–$600, paid up front), every other set-up fee is deducted from the funding proceeds — you don't write a cheque out of pocket.
Independent legal advice is not optional. A lawyer of your choosing (not the lender's) reviews the terms with you before you sign — this is a regulatory safeguard, not a formality. Take the time.
We explain every fee in writing before you commit. If any figure isn't clear, that's our job to fix — not yours to research.
Questions you probably have
What are the exact eligibility requirements?+
You (and your spouse, if you have one) must both be at least 55 years old. The home must be your primary residence, located in Canada (most provinces). Property type: detached, semi-detached, townhouse, condo — most standard residential properties qualify. Some rural, small, or unique properties may not.
How much can I actually access?+
Up to 55% of your home's appraised value. The exact amount depends on your age (older = higher %), your spouse's age, your location, home type, and appraised value. A 75-year-old with an $850k detached Toronto home might access ~$380k. A 60-year-old with a $700k condo might access ~$230k. We give you a real estimate on the call.
Will this affect my OAS or GIS?+
No. Reverse mortgage funds are tax-free — you receive them as a loan advance, not as income. They are not reported to the CRA as taxable income and do not count against Old Age Security clawback thresholds or Guaranteed Income Supplement eligibility.
What happens when I pass away?+
The loan becomes due upon the passing of the last surviving borrower on title. Your estate has typically 6–12 months to settle — either by selling the home or by your heirs refinancing/paying out the balance to keep the property. Whatever equity remains after repayment goes to your estate.
Can I lose my home?+
The lender cannot force a sale as long as you're alive, living in the home, keeping it in good condition, and paying property taxes and insurance. Meet those obligations and you have the same security of tenure you have today.
What if my spouse is under 55?+
Both borrowers on title must be 55+ to qualify. Options: (a) wait until the younger spouse turns 55; (b) remove the younger spouse from title (has legal + estate implications — get advice); (c) explore alternative products like a HELOC or standard refinance that don't have the same age gate.
Can I sell my home whenever I want?+
Yes. You retain full ownership and can sell at any time. The reverse mortgage balance is paid out of the sale proceeds; whatever equity is left over is yours. No prepayment penalty on sale in most cases.
Can I pay it back early?+
Yes. Voluntary prepayments are allowed at any time — you can pay down interest, principal, or the full balance. Fixed-rate reverse mortgages may have a prepayment charge if you pay out the full balance before the term ends (similar to a regular fixed mortgage), disclosed up front.
Does the lender own my home?+
No. You retain full title and ownership. The lender registers a mortgage against title (a lien) — exactly like a regular mortgage — but the home is legally yours, and you have full authority to make decisions about it.
Should this be considered a "loan of last resort"?+
No. Many financial planners recommend a reverse mortgage as a proactive retirement tool — protecting an investment portfolio from being drawn down in a down market, funding aging-in-place instead of selling and moving, or unlocking equity for family without touching invested capital. It's a legitimate cash-flow product, not an emergency lever.
What if I have an existing mortgage?+
Common scenario. Any outstanding mortgage or line of credit secured against the home must be paid out from the reverse mortgage proceeds — so the reverse mortgage becomes the only debt on your home. Often the biggest immediate win: eliminating a monthly mortgage payment on day one.
How long does the process take?+
Typically 4–6 weeks from application to funding. Steps: initial estimate (day 1) → application + document collection (week 1) → appraisal (week 2) → lender approval (week 3) → independent legal advice + signing (week 4) → funds released (week 5–6).
Related situations
Might also fit your file
Renewal at 55+
If you're approaching renewal with a fixed income, compare the payment against a reverse mortgage exit.
Open playbook →
HELOC alternative
HELOC is often cheaper if you can service the payments — the RM/HELOC decision is a cash-flow call.
Open playbook →
Helping family buy a home
Many 55+ homeowners use RM proceeds as an early inheritance to gift adult kids their first down payment.
Open playbook →
Retire on your terms — in your home.
Get a real estimate of how much you could access, with no obligation and no credit pull. A licensed advisor walks you through it in under 20 minutes.
Get My Reverse Mortgage Estimate →FSRA-licensed · Free consultation · Response in < 1 business day
* No-negative-equity guarantee: Applies as long as you meet your obligations, which include keeping your property in good maintenance, paying your property taxes and insurance, and the property is not in default. The guarantee excludes administrative expenses and interest that has accumulated after the due date. Guarantee terms are set by the funding lender; specific product terms are disclosed in writing before you commit.
IndiBrick is a FSRA-licensed Ontario mortgage brokerage. A reverse mortgage is a significant financial decision — you should obtain independent legal advice before entering into one, and we strongly encourage you to include your family, executor, or financial planner in the conversation. Rates, LTV limits, and product features are subject to change and depend on lender underwriting and property/borrower qualification.