A reverse mortgage allows Canadian homeowners aged 55+ to borrow against the equity in their home without having to sell or make monthly payments. The loan is repaid only when you move out, sell the home, or pass away.

Yes. You remain the full owner of your home, just like with a traditional mortgage. The lender only has a claim on the loan amount, not ownership of the property..

The amount depends on your age, your home’s value, and its location. In general, the older you are and the more equity you have, the more you may be eligible to access—typically up to 55% of your home’s value.

No. With a reverse mortgage, there are no required monthly mortgage payments. Interest accrues over time and is paid when the loan becomes due—usually when you move, sell, or pass away.

Reverse mortgage proceeds are tax-free and typically don’t affect income-tested government benefits like Old Age Security (OAS) or the Guaranteed Income Supplement (GIS). However, it's wise to speak with an advisor.

Yes. You can pay it off at any time, though some lenders may charge early repayment penalties depending on the timing.

Your estate can choose to repay the loan and keep the home, or sell the property and use the proceeds to pay off the reverse mortgage. Any remaining equity belongs to your heirs.

It depends on your goals. A reverse mortgage can be a great solution if you want to stay in your home, access tax-free funds, and don’t want to make monthly payments. At lendsimpl, we help you explore all options with transparency and care.