Explore Your Options
Reverse Mortgages
If you're 55 or older and own your home, a reverse mortgage lets you access your home equity as tax-free cash — with no monthly payments required. Stay in your home. Live on your terms.
Book a ConsultationWhat Is a Reverse Mortgage?
A reverse mortgage is a loan secured against your home that allows Canadian homeowners aged 55 and older to convert a portion of their home equity into tax-free cash. Unlike a traditional mortgage, you are not required to make monthly payments. The loan — plus accumulated interest — is repaid when you sell the home, move out, or pass away. You retain full ownership of your home throughout.
How Canadians Use Reverse Mortgages
A reverse mortgage can serve many purposes in retirement planning.
Supplement Retirement Income
Convert home equity into tax-free cash to cover living expenses, travel, or lifestyle costs in retirement.
Cover Healthcare Costs
Fund home care, medical expenses, or renovations that allow you to age in place comfortably.
Home Renovations
Make improvements to your home — accessibility upgrades, kitchen updates, or general maintenance.
Help Family Members
Provide a gift or loan to children or grandchildren — for a down payment, education, or other needs.
Pay Off Existing Debt
Eliminate an existing mortgage, line of credit, or other debts to reduce monthly financial obligations.
Financial Security
Create a financial cushion for unexpected expenses without selling your home or downsizing.
How It Works
A reverse mortgage is simpler than many people expect.
Eligibility Check
You must be 55 or older and own your home as your primary residence. The amount available depends on your age, home value, and location.
Choose Your Payout
Receive funds as a lump sum, regular monthly payments, or a combination — whichever suits your needs.
No Monthly Payments
You are not required to make any mortgage payments. Interest accrues and is added to the loan balance over time.
Repayment at Sale or Estate
The loan is repaid when you sell the home, move out, or pass away. You always retain ownership of your home.
Pros & Considerations
A reverse mortgage is a powerful tool — but it's important to understand both sides.
Advantages
Considerations
How My Home Benefits Helps
Frequently Asked Questions
Is a Reverse Mortgage Right for You?
Book a confidential consultation with a My Home Benefits mortgage ambassador and we'll help you explore all your options.