Do I still own my home with a reverse mortgage?

Yes, absolutely. A reverse mortgage is a loan secured against your home, not a sale. You remain on title, maintain ownership, and continue living there. You're responsible for property taxes, insurance, and maintenance.

How much can I borrow?

Generally 10% to 55% of your home's value, depending primarily on your age (older homeowners qualify for more) and property location. The exact amount is determined through the application process.

What happens to the debt when I pass away?

Your estate repays the loan, typically by selling the home. Any remaining equity after repaying the reverse mortgage goes to your heirs. If the home sells for less than the debt (rare with the no-negative-equity guarantee), the shortfall is absorbed by the lender, not your estate.

Are reverse mortgage interest rates high?

Reverse mortgage rates are typically higher than traditional mortgage rates — currently in the 6% to 8% range. This premium reflects the risk lenders assume with deferred repayment and the no-negative-equity guarantee.

Can I pay off a reverse mortgage early?

Yes, you can repay at any time. However, early repayment may incur prepayment charges, especially in the first years. The terms vary by lender and product.

What if I want to sell and move?

You can sell at any time. The reverse mortgage is repaid from sale proceeds, and any remaining equity is yours. Some products allow porting the reverse mortgage to a new home under certain conditions.

SERVICE

Reverse mortgages for Ontario homeowners.

For homeowners 55 and older, a reverse mortgage unlocks home equity without monthly payments or the need to move. Your home continues to be yours.

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You spent decades building equity — a reverse mortgage allows that equity to support you.

OVERVIEW

What is a reverse mortgage and how does it work?

A reverse mortgage allows homeowners aged 55 and older to convert a portion of their home equity into tax-free cash without selling their home or making monthly mortgage payments. Instead of you paying the lender, the lender pays you — hence "reverse." Interest accrues on the borrowed amount, and the loan is repaid when you sell the home, move out, or pass away. For Ontario seniors in Toronto, Richmond Hill, and throughout the province, reverse mortgages provide financial flexibility in retirement.

The CHIP Reverse Mortgage from HomeEquity Bank is Canada's primary reverse mortgage product, though Equitable Bank's PATH Home Plan offers an alternative. You can receive funds as a lump sum, regular advances, or a combination. The amount available depends on your age, home value, and location — generally 10% to 55% of your home's value, with older homeowners qualifying for higher percentages.

Understanding reverse mortgages requires setting aside preconceptions. These products serve legitimate purposes: supplementing retirement income, funding home modifications for aging in place, covering healthcare costs, or simply enjoying retirement more fully. The key is ensuring a reverse mortgage genuinely suits your circumstances — not every senior homeowner benefits from one, and alternatives may serve some situations better.

CONSIDER THIS PATH IF

Is this right for you?

Retirement income supplementers

Your pension and savings don't fully cover your desired retirement lifestyle.

Age-in-place planners

You need funds for home modifications — accessibility features, maintenance, or repairs.

Healthcare expense managers

You're facing medical costs not covered by provincial health insurance or private plans.

Debt freedom seekers

You want to pay off existing debts and eliminate monthly payment obligations.

Early inheritance facilitators

You prefer giving to family now, while you can witness their benefit, rather than through estate.

Fixed income households

Your income is stable but insufficient for major expenses or quality of life improvements.

ADVANTAGES

Why this solution

No monthly payments

Unlike traditional mortgages, reverse mortgages require no monthly payments. Interest accrues and is settled when the loan ends.

Maintain home ownership

You remain on title, retain full ownership, and continue living in your home as long as you wish.

Tax-free proceeds

Money received from a reverse mortgage is not considered income and is therefore not taxable.

No negative equity guarantee

Provided you meet your obligations, you'll never owe more than your home is worth when the loan is repaid.

HOW IT UNFOLDS

Your path forward

Suitability assessment

We discuss your circumstances to ensure a reverse mortgage genuinely serves your interests, considering alternatives where appropriate.

Application and appraisal

We submit your application and arrange a home appraisal to determine the maximum funds available.

III

Independent legal advice

You'll meet with a lawyer (not connected to the lender) who ensures you understand the obligations and implications.

Funding and ongoing support

Once closed, funds are advanced as agreed. We remain available for questions or adjustments over time.

Homeowners 55+ can access up to 55% of home value

DOCUMENTATION

What to gather

Government-issued photo ID
Proof of age (birth certificate or passport)
Property deed or title documents
Current mortgage statement (if applicable)
Property tax statement

Home insurance policy
Proof of address
Information about your home (age, type, condition)
Bank account information for fund deposit
Spouse/partner information if applicable

View complete documentation guide →

QUESTIONS

Frequently asked

ALSO CONSIDER

Ready to explore reverse mortgages?

Every situation is unique. Let's discuss your circumstances and find the right path forward together.

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