A reverse mortgage is a unique option specifically designed to serve the needs of Canadian homeowners who are at least 55 years old and wish to remain in their homes.
What makes this solution unique is that it enables seniors to access some of their home equity without having to make regular payments. All other lending products that assist homeowners in tapping into their home’s equity – such as a home equity line of credit (HELOC) or a mortgage refinance – require regular payments. Borrowers must also qualify based on their income and credit score.With a reverse mortgage, you can access up to 55% of the value of your home and your credit is rarely a factor.
Reverse mortgage eligibility depends on four key factors:

The funds can be used for anything, but among the most popular are:
- Supplementing retirement income and savings
- Paying off debt
- Updating or renovating your home to make it more accessible
- Taking a dream vacation
- Helping your children or grandchildren