Reverse mortgages · Alberta · Saskatchewan · Manitoba · Ontario
Reverse Mortgage Options for Homeowners 55+ Across Canada
A reverse mortgage lets Canadian homeowners aged 55 and older borrow against the value of their home without selling it and without making regular mortgage payments. I help homeowners in Alberta, Saskatchewan, Manitoba and Ontario compare the lenders that offer one, and compare it honestly against the alternatives.
- Minimum age
- 55for everyone on title
- Typical maximum
- Up to 55%of your home's value, per the Financial Consumer Agency of Canada
- Regular payments
- None requiredinterest is added to the balance
- Ownership
- You keep ityour name stays on title
How does a reverse mortgage work?
You borrow against part of your home's value and receive the money tax-free, as a lump sum, in stages, or as regular deposits. Instead of you making payments, interest is added to the balance. The loan is repaid when you sell, move out, or after the last borrower dies.
It works in the opposite direction to a regular mortgage. With a regular mortgage the balance shrinks over time. With a reverse mortgage it grows.
- Check that you qualifyWe talk about your age, your home, any mortgage on it, and what you want the money for.
- Get an estimateI compare what each lender would offer, next to alternatives such as a line of credit.
- Home appraisalIf you want to go ahead, the lender orders an appraisal to confirm the home's value.
- Independent legal adviceYou meet with your own lawyer to review the terms before you sign.
- Receive your moneyThe mortgage is registered, any existing loan on the home is paid off, and the rest is advanced to you.
From the first call to funding usually takes a few weeks. Most of that time is scheduling the appraisal and the legal appointment.
Who qualifies for a reverse mortgage?
According to the Financial Consumer Agency of Canada, you must be a homeowner aged 55 or older, and the home must be your primary residence. In practice you need to:
- Be at least 55, along with everyone else on title, including your spouse
- Live in the home for at least six months of the year
- Own a home in an area the lender serves
- Have enough equity that the reverse mortgage can pay off any loan already on the home
Income and credit matter much less than they do for a regular mortgage, because you are not making payments. Many retirees assume a modest income rules them out. It usually does not.
How much can I borrow?
Usually up to 55% of your home's appraised value. The amount you are offered depends on the age of everyone on title, the home's value, type, condition and location, and the lender. Older borrowers qualify for more, and each lender uses its own formula, which is why estimates differ.
The final amount is confirmed after the appraisal. I can give you an estimate and a projection of how the balance could grow before you apply.
What are the costs and risks?
A reverse mortgage is not the right answer for everyone, and you should see the trade-offs before anything else.
- Higher interest rates. Rates are usually higher than on a regular mortgage or a home equity line of credit.
- A balance that grows. Interest is added to what you owe, and then interest is charged on that larger amount. Over ten or twenty years the balance can grow substantially.
- Fees. Expect a home appraisal, a lender set-up fee and the cost of independent legal advice. Paying the loan off early can also trigger a charge.
- Less equity left for your estate. The loan is repaid from the home, so there is usually less to leave to your family.
- Ongoing obligations. You still pay property taxes and home insurance, and you must keep the home in good repair.
I do not publish rates here because they change often. Ask me for current numbers, and for a written projection of what the balance could be in 10 years.
Which lenders offer reverse mortgages in my province?
The big banks do not offer their own reverse mortgage. A small number of specialist lenders do, and not every lender is active in every province. I place reverse mortgages with HomeEquity Bank, Equitable Bank and Home Trust. As of November 2026, based on each lender's website:
| Province | Lenders I compare for you | Good to know |
|---|---|---|
| Alberta | HomeEquity Bank, Equitable Bank, Home Trust | Alberta also runs a Seniors Property Tax Deferral Program, which is worth comparing if property tax is the main pressure. |
| Saskatchewan | HomeEquity Bank, Home Trust | Fewer lenders are active here, so comparing the two matters. |
| Manitoba | HomeEquity Bank, Home Trust | Fewer lenders are active here, so comparing the two matters. |
| Ontario | HomeEquity Bank, Equitable Bank, Home Trust | Ontario's rules require your lawyer to sign a statement confirming you received independent legal advice. |
HomeEquity Bank offers the CHIP Reverse Mortgage in all ten provinces. Equitable Bank lends in cities and larger towns in Ontario, Alberta, British Columbia and Quebec. Home Trust offers its reverse mortgage only through mortgage brokers, with eligibility confirmed by postal code.
Every lender limits lending to areas it considers eligible, and coverage changes. I confirm what is available for your address before we go further.
Each province also has its own rules. Read more about reverse mortgages in Ontario and reverse mortgages in Alberta.
What are the alternatives to a reverse mortgage?
The Financial Consumer Agency of Canada suggests comparing a reverse mortgage with other ways of using or freeing up home equity. I look at these with you first.
| Option | Monthly payments | Often suits |
|---|---|---|
| Reverse mortgage | None required | Homeowners 55+ who want to stay in their home and cannot, or would rather not, make payments |
| Home equity line of credit | Yes | People with the income to qualify and make payments, usually at a lower rate |
| Refinancing your mortgage | Yes | People with steady income who want a lower rate and a set payment |
| Downsizing | None | People who are ready to move to a smaller or less costly home |
| Property tax deferral | None until the home is sold | Seniors whose main pressure is the annual tax bill, where a provincial or municipal program exists |
I cover the other borrowing options in more detail on mortgages at 55+ and in retirement.
Why work with me on a reverse mortgage?
- I compare the lenders. That includes Home Trust, which you can only reach through a broker.
- I work where you live. I am licensed in Alberta, Saskatchewan, Manitoba and Ontario, and I know which lenders and rules apply in each.
- I look at your whole plan. A reverse mortgage affects your income, your taxes and your estate, so I work alongside your financial advisor and accountant.
- Your family is welcome. Bring your children to the meeting if you want them there.
- No pressure. A first conversation is free, and you do not have to go ahead.
Reverse mortgage questions I hear most
Do I still own my home with a reverse mortgage?
Yes. You stay on title and keep ownership of your home. The lender registers a mortgage against the property, the same way a bank does with a regular mortgage.
Will the lender take my house?
Not as long as you meet the terms of the mortgage. That means living in the home as your primary residence, keeping it in good repair, and staying current on property taxes and home insurance. The loan does not come due because you reach a certain age or because the balance has grown.
Will my children inherit the debt?
No. Your heirs are not personally responsible for the loan. It is repaid from the home, usually when it is sold. The major lenders commit that the amount owing will not be more than the home's fair market value, as long as you have met the terms of the mortgage.
Is the money taxable, and will it affect my OAS or GIS?
The money is a loan, so it is not taxable income. The Financial Consumer Agency of Canada says it does not affect Old Age Security or Guaranteed Income Supplement benefits. If you invest the money, what you earn on it may be taxable, so check your plans with your accountant.
Can I get a reverse mortgage if I still have a mortgage?
Often, yes. A reverse mortgage has to be the only loan on the home, so your existing mortgage or line of credit is paid off first, usually from the proceeds. If the amount is large enough, you go from monthly payments to no required payments.
What happens when I pass away or move into care?
The loan comes due when the last borrower dies, sells or moves out for good. The estate then has a set period, which varies by lender, to repay the loan, usually by selling the home. Anything left after the loan is repaid belongs to you or your estate. If one spouse dies or moves into care and the other still lives in the home, nothing has to be repaid yet.
Do I need a lawyer?
Yes, in practice. The major lenders require you to get independent legal advice from a lawyer you choose before you sign. That meeting is there to make sure you understand the terms and that the decision is yours.
Can I get a reverse mortgage in a small town or a rural area?
Often, yes, but fewer lenders may lend there. Reverse mortgages are available in all ten provinces, and each lender limits lending to areas it considers eligible. Homes in cities and larger towns usually qualify. For a smaller town or a rural property, I confirm what is available for your address before we go further.
What should I have ready before we talk?
It helps to know your home's approximate value, the balance of any mortgage or line of credit on it, the birth dates of everyone on title, and roughly how much you need and what it is for.
Sources
- Financial Consumer Agency of Canada, Reverse mortgages.
- Financial Services Regulatory Authority of Ontario, reverse mortgage brokering and independent legal advice (O. Reg. 188/08, s. 29).
- Government of Alberta, Seniors Property Tax Deferral Program.
- Lender websites, checked November 2026: HomeEquity Bank, Home Trust, Equitable Bank.
This page is general information and is not financial, legal, tax or investment advice. Reverse mortgage products, lender availability, rates, fees and eligibility rules change and vary by lender and province. All mortgages are subject to lender approval. Speak with a licensed mortgage professional, and get independent legal and tax advice, before you decide.
Get in touch
Wondering whether a reverse mortgage could be right for you?
A first conversation is free and there is no obligation to go ahead. Bring your spouse, your children or your financial advisor if you would like them there.
- Phone204-891-1118
647-905-6501 - Emailtheok@onelinkmortgage.com
- WhereAlberta, Saskatchewan, Manitoba and Ontario, by phone or video
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