
Reverse Mortgage
Achieve Financial Freedom by Unlocking Equity in Your Home in Canada
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Learn Everything About Reverse Mortgages in Canada.
Discover all the facts about a reverse mortgage allowing you to make an informed and educated decision.
What Is a Reverse Mortgage?
A reverse mortgage is a 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 reverse mortgage proceeds any way you like.

Manage Debt After Retirement

Stop Working and Retire Comfortably

Maintain Your Standard of Living

Take Retirement to the Next Level
SPEAK TO A REVERSE MORTGAGE ADVISOR
1 (877) 400-0848Reverse Mortgage Interest Rates
Get better rates and fees using RetireBetter for your reverse mortgage. Available across Canada!
Lender
Mortgage Terms
Rate
Setup Fee

1 Year Fixed
8.24%
$995.00

1 Year Fixed
8.49%
$1,795.00

2 Year Fixed
8.34%
$995.00

Not Available

3 Year Fixed
8.09%
$995.00

3 Year Fixed
8.49%
$1,795.00

5 Year Fixed
7.74%
$995.00

5 Year Fixed
8.24%
$1,795.00

5 Year Variable
9.89%
$995.00

5 Year Variable
9.90%
$1,795.00
Disclosure: Prime Rate (P) is 7.2%. Equitable Flex Lite and CHIP Reverse 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
Why Choose RetireBetter to get a Reverse Mortgage?
With our access to special low reverse mortgage interest rates, we can save you thousands of dollars in interest.
We can get larger reverse mortgage approvals than you could get on your own.
We can reduce your initial setup costs by up to $500.
As a reverse mortgage broker, we have the experience and knowledge to make the process stress-free for you.
Our Reverse Mortgage Educational Videos
Trustpilot Reviews
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Our Reverse Mortgage Process
Get a reverse mortgage easily in just a few steps
Speak to a Reverse Mortgage Specialist
Explore your options with no obligations
Decide How You Want to Receive the Funds
Funds can be received in a lump sum or over time.
Sign Your Documents
We get all the paperwork ready for you to sign.
Enjoy Your Retirement
Enjoy your tax-free, payment-free reverse mortgage for life.
SPEAK TO A REVERSE MORTGAGE ADVISOR
1 (877) 400-0848How Does a Reverse Mortgage Work?
A reverse mortgage loan amount is determined by your age and your home's value—you can get a reverse mortgage with low income and bad credit!
When you can get a reverse mortgage, you can collect your money lump-sum, in regular installments or just when you need it—just like a HELOC.
With a reverse mortgage, you can spend your money however you want.
Once you get a reverse mortgage, you stay the owner of your home and can live in it for as long you want.
Every month, instead of taking a payment from you and paying down your loan balance, the lender just adds the interest to the loan balance.
With CHIP reverse mortgages and Flex reverse mortgages, you (or your family) will never owe more than the value of your home.
You have the option of making repayments on your loan if you wish to keep your reverse mortgage interest costs low.
Overall, reverse mortgages are the perfect loan solution for retired homeowners who do not want to worry about making monthly payments.

Reverse Mortgage Learning Center
In-depth articles that help you understand everything you need to know about a reverse mortgage.
How to Get a Reverse Mortgage
To get a reverse mortgage, you could contact a reverse mortgage lender, and do the work yourself.
Alternatively, you can use the services of a reverse mortgage broker, such as RetireBetter, who takes care of everything on your behalf
Which Lenders Offer Reverse Mortgages?
HomeEquity Bank offers the CHIP Reverse Mortgage and Equitable Bank offers the Flex Reverse Mortgage. They are the largest reverse mortgage lenders in Canada.
RetireBetter is a leading reverse mortgage broker partner with HomeEquity Bank and Equitable Bank.
By working with a reverse mortgage broker such as RetireBetter, you can take advantage of our volume discount pricing to get the cheapest reverse mortgage without any stress.
RetireBetter can get you the same reverse mortgage for less—why pay more?

Is a Reverse Mortgage a Good Idea for You?
If you are a senior over the age of 55, try our SUITABILITY QUIZ to see if a reverse mortgage is right for you.
Thank you for completing our suitability quiz.
You need to be a homeowner to be eligible for a reverse mortgage.
However, you do have alternative options.
Thank you for completing our suitability quiz.
We have concluded that a Reverse Mortgage is not a suitable product for you.
However a HELOC may work better.
Thank you for completing our suitability quiz.
We have concluded that a Reverse Mortgage is a suitable product for you.
Find out how to alleviate debt on a lower income.
Thank you for answering these essential questions. We have concluded that a Reverse Mortgage is a suitable product for you. Find out how to stop working and retire comfortably.
Thank you for answering these essential questions. We have concluded that a Reverse Mortgage is a suitable product for you. Find out how to maintain a standard of living on a lower income.
Thank you for answering these essential questions. We have concluded that a Reverse Mortgage is a suitable product for you. Find out how to improve your lifestyle with a higher income.
Thank you for answering these essential questions. We have concluded that a Reverse Mortgage is a suitable product for you. Find out how to help family members with financial assistance.
Thank you for answering these essential questions. We have concluded that a Reverse Mortgage is not a suitable product for you. However, there are alternative options.

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 reverse mortgage 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 a reverse mortgage.
Reverse Mortgage vs. Mortgages for Seniors
The difference between a Reverse Mortgage, Home Equity Lines of Credit (HELOC) and a Conventional Mortgage
Reverse Mortgage Pros & Cons
A reverse mortgage is a great option for many seniors but it's not always the right choice for everyone. Here are some advantages and disadvantages of reverse mortgages.
What are Reverse Mortgage Advantages?
- Cash received is tax-free and will not affect your CPP/OAS
- No monthly payments
- Stay as the owner of your home
- Use the proceeds any way you like
- Flexible ways to receive cash
- Low income or bad credit is ok
- No changes if a spouse dies
What are Reverse Mortgage Disadvantages?
- All homeowner must be 55 years or older
- Must be your primary residence
- Minimum $250,000 home value
- Higher interest rate than HELOC's and traditional mortgages
- May reduce home equity in the long term
The Complete Guide to a Reverse Mortgage in Canada
Get instant access to our book that explains in detail everything you need to know about a Reverse Mortgage in Canada. Get expert insights on reverse mortgages that you won't find anywhere else.
Frequently Asked Questions
Find answers to common questions we receive about reverse mortgages
Yes, your existing mortgage will be paid off with the reverse mortgage proceeds. You will receive all of the money left over, either in installments or lump-sum.
You can use a reverse mortgage 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.
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.
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.
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