Your Questions, Answered.

You need to be at least 55. If you're applying with a spouse or partner, both of you must be 55 or older.

Nope. There's no income test and no minimum credit score. The loan is based on your home equity, your age, and the property itself — not your income or credit history. It's one of the things that makes reverse mortgages unique.

You absolutely can. Payments are optional, but you're free to make partial or full payments at any time to keep the balance down. Some clients pay the interest monthly, some make occasional lump sums, and others make no payments at all. It's up to you.

Yes — and this is actually one of the most common reasons people get one. The reverse mortgage pays off your existing mortgage, which means no more monthly mortgage payments. Whatever's left over is yours to use however you'd like.

No. The money you receive is a loan — not income. The Canada Revenue Agency doesn't tax it.

The funds won't affect your Old Age Security (OAS) since they're not considered income. For the Guaranteed Income Supplement (GIS), which is income-tested, we recommend having a quick chat with your financial advisor before proceeding — just to be safe.

You're protected. The No Negative Equity Guarantee means you'll never owe more than your home is worth at the time it's sold. If the market drops and your home sells for less than the loan balance, the lender takes the hit — not you or your family.

Unfortunately, no. A reverse mortgage is only available on your primary residence — the home where you live most of the year. Vacation homes, cottages, and investment properties don't qualify.

There are a few upfront costs: a home appraisal, independent legal advice (which all lenders require), and title insurance. The exact amounts depend on the lender and your situation. We go through all the costs with you upfront during our consultation so there are zero surprises.

Usually about 3 to 6 weeks from application to funding, depending on the lender and how quickly the appraisal gets done. We keep you in the loop at every step so you always know where things stand.

The Good Stuff

• Tax-free funds — it's a loan, not income

• No monthly payments required

• You stay in your home for as long as you want

• Flexible payout — lump sum, monthly, or a combination

• No Negative Equity Guarantee protects you and your family

• No income or credit score hoops to jump through

The Trade-Offs

• Rates tend to be higher than a traditional mortgage

• Not a great fit if you have very little equity

• Doesn't make sense if you're planning to move soon

• There are upfront costs — appraisal, legal advice, title insurance