unlock equity in your home with a reverse mortgage

Reverse Mortgages

Home Equity Loans for Seniors

Achieve Financial Freedom by Unlocking Equity in Your Home in Canada

Talk to an Expert

Get a free no-obiligation consultation. Enter your details below and we'll get back to you as soon as we can.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Free Consultation

Get a free no-obiligation consultation. Enter your details below and we'll get back to you as soon as we can.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

What Is a Reverse Mortgage?

A reverse mortgage is a home equity loan that allows Canadian homeowners aged 55 and older to access up to 59% of the value of their home.

You make no monthly payments with a reverse mortgage and the loan does not need to be repaid until you sell your home, move or pass away.

You can use the money from a reverse mortgage for any purpose and can receive the money lump-sum or in installments.

How a Reverse Mortgage Can Help Seniors

You can use your tax-free proceeds any way you like.

pay off debt with a reverse mortgage

Manage Debt After Retirement

retire comfortably

Stop Working and Retire Comfortably

how a reverse mortgage can help seniors

Maintain Your Standard of Living

increase income after retirement

Take Retirement to the Next Level

How RetireBetter Got Michael
More Equity From His Home

how much can I get from a reverse mortgage

How Much Can I Get From a Reverse Mortgage?

The amount of money available for borrowing depends on your age, your home's value and its location.

Your loan approval will NOT be reduced if you have low income or bad credit!

You can use our reverse mortgage calculator with no personal information to find out how much you can potentially access from your home equity..

SPEAK TO A CERTIFIED ADVISOR

1 (855) 999-3244

Our Client Testimonials

"My wife and I both get pensions but we were struggling to make ends meet with everything getting so expensive! Plus we were shocked to see how much my wife’s PSW was going to cost every month. After researching our options, we decided to work with RetireBetter.ca to obtain a HELOC for seniors. The staff was incredibly patient and helpful, guiding us through the process step-by-step. Life is so much better now! We highly recommend RetireBetter.ca to anyone facing similar challenges"

William, Vancouver

"I wanted to help my daughter and her family purchase a home but I was worried about my own financial stability. After speaking with Sunita at RetireBetter.ca, I realized that a no payment HELOC was the perfect solution for my needs. She explained everything to me and even spoke with daughter to answer her questions. It was a great overall experience!”

John, Ottawa

"After my husband passed away, I was concerned about my ability to manage everything on my pension. After speaking with Stephanie at RetireBetter.ca, I learned about the benefits of a reverse mortgage. She helped me with everything and now I have all the financial stability I need. Stephanie really made the process stress-free for me. I highly recommend RetireBetter.ca to anyone looking for a way to live peacefully at home."

Susan, Toronto

"I wanted to buy a summer home in Florida but really didn’t want to sell my investments yet. Syed at RetireBetter.ca showed me how I could use a Home Equity Loan for Seniors to get what I wanted. It really was the best thing for me. They are terrific people doing terrific work---thank you, guys!”

Michael, Oakville

“I wanted to renovate my home and live there as long as I could. The people at RetireBetter.ca showed me how I could do that with a reverse mortgage. My home is perfect for my needs now and I am so comfortable and happy now!”

Elizabeth, Calgary

"Nobody tells you how expensive and stressful downsizing is and I thought that was the best way to save on costs. But I didn’t want to leave my home and lose all those memories or lose my independence. I am so happy now after getting a HELOC for Seniors and working with everyone at RetireBetter.ca! I still keep in touch with them and consider them my friends.”

Michelle, Mississauga

Watch Our Educational Videos

Reverse Mortgage Interest Rates

Get better rates and fees using RetireBetter for your reverse mortgage. Available across Canada!

Lender

Mortgage Terms

Rate

Setup Fee

equitable reverse mortgage rate

1 Year Fixed

7.99%

$995.00

chip reverse mortgage rate

1 Year Fixed

8.19%

$1,795.00

equitable reverse mortgage rate

2 Year Fixed

7.49%

$995.00

chip reverse mortgage rate

Not Available

equitable reverse mortgage rate

3 Year Fixed

6.89%

$995.00

chip reverse mortgage rate

3 Year Fixed

7.29%

$1,795.00

equitable reverse mortgage rate

5 Year Fixed

6.49%

$995.00

chip reverse mortgage rate

5 Year Fixed

6.69%

$1,795.00

equitable reverse mortgage rate

5 Year Variable

9.35%

$995.00

chip reverse mortgage rate

5 Year Variable

9.36%

$1,795.00

Disclosure: Prime Rate (P) is 6.7%. Equitable Flex Lite and CHIP Mortgage rates shown. Rates/fees for other EQ and HEB products may differ. Rates shown are posted rates, actual rates may vary. APR rates available upon request. Rates may change without notice. Subject to lender approval. E&OE.

Save Money with RetireBetter, Canada's Top Reverse Mortgage Broker

Speak to an Agent

Why Seniors Work With  RetireBetter

1

With our access to special low interest rates, we can save you thousands of dollars in interest.

2

We can get you larger loan approvals than you could get on your own.

3

We can reduce your initial setup costs by up to $500.

4

As a broker, we have the experience and knowledge to make the process stress-free for you.

Our Reverse Mortgage Process

Get a no payment loan easily in just a few steps

1

Speak to a Reverse Mortgage Expert

Explore your options with no obligations

2

Decide How You Want to Receive the Funds

Funds can be received in a lump sum or over time.

3

Sign Your Documents

We get all the paperwork ready for you to sign.

4

Enjoy Your Retirement

Enjoy your tax-free, payment-free loan for life.

SPEAK TO A CERTIFIED ADVISOR

1 (855) 999-3244

How Does a Reverse Mortgage Work?

A reverse mortgage loan amount is determined by your age and your home's value—you can get this loan even with low income and bad credit!

When you get this special no payment loan for seniors, you can collect your money lump-sum, in regular instalments or just when you need it—just like a HELOC. and you can spend your money however you like.

If you wish, you may make payments towards your loan, but it it's not necessary.

The lender simply adds the interest to the loan balance so you no longer need to make payments.

Getting this loan specially designed for homeowners over the age of 55 is easy.

By working with an experienced broker like RetireBetter, you'll complete the process easily.

how a reverse mortgage works

Reverse Mortgage vs. Mortgages for Seniors

The difference between a Reverse Mortgage, Home Equity Lines of Credit (HELOC) and a Conventional Mortgage

Green RetireBetter logo
Home Equity Line Of Credit
Includes:
Variable rate
Monthly payments required
Full Income requirements
Max loan 65% of home value
White RetireBetter logo
REVERSE MORTGAGE
Includes:
Variable rate or Fixed rate
No regular payments
Light income requirements
Max loan 59% of home value
Never owe more than value of home
Green RetireBetter logo
CONVENTIONAL MORTGAGE
Includes:
Variable rate or Fixed rate
Monthly payments required
Full income requirements
Max loan 80% of home value
Could owe more than value of home

The Complete Guide to a Reverse Mortgage in Canada

Get instant access to our book that explains everything you need to know about a Reverse Mortgage in Canada.

Get expert insights on reverse mortgages that you won't find anywhere else.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Frequently Asked Questions

Find answers to common questions we receive about reverse mortgages

Can I get a reverse mortgage if I already have a mortgage?

Yes, your existing mortgage will be paid off with the new loan proceeds.  

You will receive all of the remaining money, either in installments or lump-sum.

Can I use a reverse mortgage to buy a home?

You can use this no payment loan for any purpose, including buying a home.

Remember, you will only get 59% of the home value if you deal directly with HomeEquity Bank for a CHIP Reverse Mortgage.

RetireBetter can you get a reverse mortgage for up to 65% of the new home value.

Can you be too old to get a reverse mortgage in Canada?

There is no upper age limit to qualify for a reverse mortgage in Canada. In fact, the older you are, the more you will qualify for.

Can I get a reverse mortgage if my children live with me?

You can get a reverse mortgage if your children live with you for any reason so long as they are not owners of the home and registered on title.

CHIP Reverse Mortgages and Flex Reverse Mortgages require all owners on title to be over the age of 55.

We do have reverse mortgage lenders available if any of the owners are less than 55 years old.

When and how do you pay back a reverse mortgage?

You have the option of paying a reverse mortgage back at any time you want.

You must pay a reverse mortgage back when you sell, move or pass away.

You or your estate can pay back a reverse mortgage from the proceeds of the home sale.

Reverse Mortgage Articles

Discover the latest insights and information from our Reverse Mortgage Specialists

Our Reverse Mortgage Lenders

partners

partners

partners

partners

partners

partners