Skip to content
Independent and free · not a lender or broker · lender terms and FCAC guidance checked Nov 1, 2026 · Who runs this site
ReverseMortgaged.caCanadian reverse mortgages, followed to the endAsk Mitey
Guides

Reverse mortgage guides for Canadian homeowners

Short answer

Plain-language Canadian reverse-mortgage guides for people 55 and over: how it works, who qualifies, the four lenders and their rates, every cost, estate and heirs, spouses, taxes, and how it compares with a HELOC and downsizing. Each guide has its own worked example from our engine.

Figures as of November 1, 2026.

Plain-language guides for homeowners 55+ and their families: how reverse mortgages work, who qualifies, what they cost, what happens to your estate, how they compare with a HELOC or downsizing, and what to ask your lawyer. Each one is sourced and dated.

Facts checked How we check facts
What is a reverse mortgage, and how does it work in Canada?A reverse mortgage lets Canadians 55+ borrow up to 55% of their home's value with no payments. How it works, what it costs, and what you'd owe in 10 or 20 years.Read →Reverse mortgage eligibility, and how much you can get by ageWho qualifies for a reverse mortgage in Canada: every owner 55+, a principal residence worth at least $250,000. How much by age: about 36% at 65 to 55% for the oldest.Read →Canadian reverse mortgage lenders and products, comparedCanadian reverse mortgage lenders compared from their own pages: HomeEquity Bank, EQ Bank and Bloom. Products, rates, fees, maximums and prepayment charges.Read →Reverse mortgage rates in Canada todayReverse mortgage rates in Canada from each lender's own page: CHIP 5-year 6.49% (as of Oct 29, 2026), EQ Flex Lite 6.23%, Bloom 6.33%, with posted renewal rates and APRs.Read →What a reverse mortgage really costs in CanadaEvery cost of a Canadian reverse mortgage: the $1,795 closing fee, appraisal, legal advice, servicing fees, prepayment charges and interest.Read →Reverse mortgage vs HELOC vs downsizing vs selling: a worked comparisonReverse mortgage vs HELOC vs downsizing vs selling, with worked Canadian numbers: costs, monthly payments, and what's left at 80, 85 and 90.Read →Reverse mortgage vs HELOC: which costs less, and which is safer?Reverse mortgage vs HELOC for Canadians 55+: a HELOC near 5.20% costs less but needs monthly interest and income to qualify. Worked numbers.Read →Reverse mortgage vs downsizing: which leaves you more?Downsizing vs a reverse mortgage in Canada: commission, legal fees, land transfer tax and moving, against compounding interest. Worked numbers by province.Read →Reverse mortgage pros and cons, with the numbersReverse mortgage pros and cons in Canada: no payments or income test, against rates near 6.49%, a balance that doubles in 10.9 years, and fees.Read →Is a reverse mortgage a good idea? Four Canadian householdsWhen a reverse mortgage is a good idea in Canada, and when it isn't: four households run through our engine, with what each route leaves at 85 or 90.Read →What a reverse mortgage means for your estate and heirsWhat a Canadian reverse mortgage means for heirs: due when the last borrower dies (HomeEquity Bank: 180 days); heirs keep what's left.Read →Questions to ask your lawyer before a reverse mortgageA printable list of 24 questions for the independent legal advice meeting reverse-mortgage lenders require: costs, prepayment, spouses, estate, guarantee.Read →What the Financial Consumer Agency of Canada says about reverse mortgagesA plain summary of the FCAC's reverse-mortgage guidance: who qualifies, up to 55% of value, costs, risks, repayment, and the questions it says to ask.Read →Reverse mortgages and spouses: what each of you needs to knowHow Canadian reverse mortgages treat spouses: every owner must be 55+ and a borrower, the loan continues after the first death, and why a spouse off title is at risk.Read →Repaying a reverse mortgage: when it's due and how it worksWhen a Canadian reverse mortgage must be repaid (sale, move, death, default), how the payout works, the 180-day estate window, early repayment.Read →The no-negative-equity guarantee: what it covers and what voids itWhat reverse-mortgage no-negative-equity guarantees cover in Canada: you won't owe more than fair market value if you keep the terms. What voids them.Read →Is a reverse mortgage taxable, and does it affect OAS or GIS?Reverse mortgage money isn't taxable and doesn't affect OAS or GIS, says the FCAC. What can affect your taxes: investing it, interest and selling.Read →Using a reverse mortgage to pay off your mortgagePaying off a $220,000 mortgage with a reverse mortgage removes a $1,678 monthly payment but the debt keeps growing. The trade-off by age, with the numbers.Read →Reverse mortgages by province: who lends whereWho offers reverse mortgages in each province: HomeEquity Bank in all ten, EQ Bank in ON, AB, BC and QC, Bloom in ON, BC and AB, plus downsizing costs.Read →

New to this? Start with what a reverse mortgage is, then what it costs and what it means for your estate.

Mitey the yeti reads a small book and points at a line.
Mitey shelves the guides from first questions to estate planning.
How fast a balance grows at each lender's 5-year rate
How fast a balance grows at each lender's 5-year rate: inputs, steps and result
Borrowed$100,000
At 6.23%doubles in 11.3 yearsowed after 10 years $184,687
At 6.49%doubles in 10.9 yearsowed after 10 years $189,400
At 7.43%doubles in 9.5 yearsowed after 10 years $207,411
Rule of thumbabout a decade to double

Open this example in the calculator →Computed by our engine with the lender terms and rules on the methodology page.Computed November 1, 2026.