Tax-free equity for homeowners 55+, without a monthly payment.
A reverse mortgage lets you access up to 55% of your home's value in cash. You keep title, stay in your home, and repay only when you sell or move out.
How it works in Canada
- Available to homeowners 55 and older on their principal residence.
- Funds can be taken as a lump sum, monthly income, or a line of credit.
- Interest accrues on the balance — no monthly payments required.
- Repaid when the home is sold, you move out permanently, or from your estate.
- Independent legal advice is required before signing.
The honest catch
Reverse mortgages carry higher interest rates than a traditional mortgage or HELOC, and because interest compounds without payments, the balance grows meaningfully over time. It's the right tool for some households and the wrong tool for others — which is why we always run the numbers against downsizing and a HELOC before recommending anything.
- ·You (or your spouse) are 55 or older
- ·You own your home outright or have significant equity
- ·You want to stay in the home long-term
- ·You'd rather not carry a monthly payment
- ·You've discussed the estate impact with your family
Documents required
Reverse mortgage underwriting focuses on the home and your ability to keep it, not on income qualification. Here's the standard package.
- Two pieces of government-issued ID for every borrower on title
- Proof of age (55+) for each borrower — passport, BC driver's licence, or birth certificate
- SIN (for credit consent — not written on documents)
- 3-year address history
- Power of Attorney documents, if applicable
- Current mortgage statement (balance, rate, maturity date, penalty)
- Most recent property tax notice — paid up to date
- Home insurance policy declaration page
- For strata: current Form B and monthly fee confirmation
- Recent BC Assessment or appraisal (if available)
- Title search / State of Title Certificate
- Existing mortgage payout statement (if any balance remains)
- Contact for your independent legal counsel (required by every reverse mortgage lender)
- Contact for your accountant or financial advisor (recommended)
- Discussion with named beneficiaries / adult children (strongly recommended)
- Void cheque for deposit of funds
- Written funding schedule if choosing monthly advances
- Estate/will documentation if requested by counsel
Send documents as PDFs or clear photos. Everything is transmitted through the secure DLC portal — nothing sensitive over email.
Start with a conversation.
No credit pull, no pressure. Applications never trigger a credit check without your explicit consent.