Apply For a MortgageHow a Reverse Mortgage Can Help You Access Home Equity and Defer Mortgage Payments
Every Canadian deserves a financially secure and comfortable retirement. If you’re 55 or older and own your home, a reverse mortgage could help you unlock your home’s equity, without selling, moving, or making monthly mortgage payments.
A reverse mortgage is a loan secured against your home that lets you access a portion of its value in tax-free cash. You stay in your home, maintain ownership, and use the funds however you need, whether that’s supplementing retirement income, paying off debt, covering healthcare expenses, or simply having more financial flexibility.
It’s your equity, now you can put it to work for the lifestyle you want.
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How does a reverse mortgage work?
A reverse mortgage allows you to unlock the equity in your home without selling or making monthly payments, while continuing to live in and own your home.
- Get an estimate of how much equity you can access: This depends on your age; the older you are, the higher the percentage available.
- Review your estimate with your mortgage agent: We’ll walk you through your options and answer any questions you have.
- Choose a payment plan that fits your needs: A one-time lump sum, monthly payments, or a combination of both.
- No regular payments are required until your mortgage comes due: Typically when you sell, move out, or pass away.
- The funds you receive are tax-free: They can be used for any purpose, whether it’s covering expenses, supporting family, or planning ahead.
- You must continue to meet certain obligations: This includes keeping property taxes up to date, maintaining home insurance, and ensuring the home stays in good condition.
- Interest accrues on the amount you borrow, increasing the balance over time: However, thanks to the “No Negative Equity Guarantee”, neither you nor your heirs will ever owe more than the home’s fair market value at the time of repayment.
Reverse mortgages are a flexible solution designed to help you enjoy life on your terms with the financial freedom and peace of mind you deserve.
HomeEquity Bank – Chip Reverse Mortgage
CHIP is Canada’s most established reverse mortgage, available nationwide to homeowners aged 55+. With over 35 years of experience, it’s the only provider offering full national coverage, including rural and smaller communities. Approval is simple and does not require a health check.
It offers flexible options like CHIP Max (for younger borrowers) and CHIP Open (for short-term needs). Backed by CARP and the Royal Canadian Legion, it’s ideal for those seeking reliability, product variety, and long-term peace of mind.
Equitable Bank Reverse Mortgage Flex Suite
Equitable Bank offers reverse mortgage options for homeowners aged 55+, and up to 59% access for those 70 and older with Flex PLUS.
Available in ON, BC, AB, and QC. Borrowers can choose lump sum, scheduled, or ad-hoc advances to match their cash flow needs.
With a minimum home value of $250K, it requires legal advice and an appraisal, this option suits homeowners seeking structure and flexibility, and a digital-forward experience from one of Canada’s top chartered banks.
Bloom Financial Reverse Mortgage
Bloom brings a fully online, fintech approach to reverse mortgages, serving homeowners aged 55+ in ON, BC, and AB. Borrowers can access equity gradually through a prepaid Mastercard and only pay interest on what they use.
As Canada’s only non-bank reverse mortgage provider, Bloom offers a transparent, streamlined process with optional interest payments and appraisal included. Ideal for tech-comfortable clients who want modern convenience and flexibility.
What can you use a reverse mortgage for?
A reverse mortgage isn’t just a financial tool—it’s a way to unlock the value in your home so you can live more comfortably, support your family, or plan for the future on your own terms. Common uses include:
- Paying off an existing mortgage to eliminate monthly payments for good.
- Helping your family now with a living inheritance or financial gift.
- Consolidating debt and reducing financial stress.
- Buying a new home, vacation property, or rental investment.
- Funding renovations or upgrades to age in place more comfortably.
- Covering care costs, such as in-home nursing or long-term support.
- Launching a business or investment opportunity with less financial strain.
A reverse mortgage gives you more freedom, flexibility, and peace of mind, especially if you’re living on a fixed or limited income. It’s about staying in the home you love, with the financial breathing room to enjoy it.
Reverse Mortgage Blog Series
We’ve launched a dedicated blog series to provide clear, reliable information about reverse mortgages.
Whether you’re considering one for yourself or helping a loved one explore their options, these articles break down the key topics you need to know, how reverse mortgages work, who qualifies, repayment details, and common myths.
Our goal is to help you navigate your choices with confidence, so you can make well-informed decisions about your home, your equity, and your future. New articles are added regularly.
Are Reverse Mortgages a Good Idea in Canada?
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