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Reverse Mortgages

Lakeside House

What is a reverse mortgage 

A reverse mortgage is a financial product that enables Canadian homeowners aged 55+ to access the equity in their homes without having to sell their property. Instead of making regular mortgage payments, the loan is repaid when the property is sold or upon the homeowner's passing.

Who is eligible ?


To be eligible for a reverse mortgage in Canada, you must be at least 55 years old and own your home. The amount you can borrow is based on your age, home value, and location.

 

How does a reverse
mortgage work?

With a reverse mortgage in Canada, you can access up to 55% of the value of your home tax-free. You are not required to make any mortgage payments, and the loan is only repaid when the property is sold or upon your passing. Interest on the loan accrues over time and is added to the principal amount of the loan.

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