2 answers from licensed, verified mortgage brokers.
A reverse mortgage is provided by only a few lenders. It is right for seniors above the age of 55 who have low income but lots of equity in their home. A reverse mortgage allows a borrower to take a lump sum amount or monthly allowance from their home. The loan is repaid when and if the home is sold. The owner always retains ownership of their home. It is a great solution for short or long-term retirement planning.
Answered October 2026
A reverse mortgage lets homeowners 55 and older turn part of their home equity into tax-free cash without selling or making monthly payments. You keep ownership and live there as long as you like; the loan is repaid when you sell, move out, or pass away. It suits retirees who are house-rich but cash-tight and want to stay put. Interest accumulates over time, which reduces the equity left for your estate, so it's worth discussing with your family first.
Answered October 2026
✓ Answers reviewed by VerifiedAdvisors.ca. General information only, not personal financial advice. Speak with a licensed broker about your situation.