Mortgage Solutions for Seniors
Your Home Has Built Wealth. Now Let It Work for You.
A reverse mortgage lets you access your home equity tax-free , with no monthly payments,
so you can live the retirement you deserve, in the home you love.
55+
Minimum age to
qualify in Canada
55%
Maximum you can borrow of your home's value
$0
Monthly mortgage payments required
Tax-Free
All funds received are 100% tax-free
What Is a Reverse Mortgage?
Stay in Your Home. Access Your Equity. Live Comfortably.
A reverse mortgage is a loan secured against the equity in your home, available exclusively to Canadians aged 55 and older. Unlike a traditional mortgage, you make no monthly payments. The loan is only repaid when you sell your home, move out permanently, or pass away.
The funds are completely tax-free and do not affect your Old Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits. You retain full ownership and title of your home throughout.
- No monthly mortgage payments — ever
- Access up to 55% of your home's appraised value
- Funds are 100% tax-free
- You keep full ownership and title of your home
- Does not affect OAS or GIS benefits
- Receive funds as a lump sum, monthly income, or both
The Process
How a Reverse Mortgage Works
in 4 Simple Steps
Getting a reverse mortgage is simpler than most people expect.
Here is what the process looks like from start to finish.
Free Consultation
We review your situation, your home's value, and your goals to determine how much equity you can access and what structure works best for you.
Home Appraisal
A professional appraisal is arranged to confirm your home's current market value. This determines the maximum amount you can borrow.
Independent Legal Advice
You meet with your own independent lawyer to review the terms and ensure you fully understand the agreement before signing anything.
Receive Your Funds
Once approved, your tax-free funds are advanced — as a lump sum, in regular monthly deposits, or a combination of both. No payments required.
Setting the Record Straight
Reverse Mortgage Myths — Busted
There is a lot of misinformation about reverse mortgages. Here are the most common myths we hear — and the truth behind each one.
MYTH: The bank will own my home.
FACT: You retain full ownership and title of your home. The lender places a mortgage on the property — just like any other mortgage — but you remain the owner. You can sell, renovate, or leave it to your family at any time.
MYTH: I could end up owing more than my home is worth.
FACT: You retain full ownership and title of your home. The lender places a mortgage on the property — just like any other mortgage — but you remain the owner. You can sell, renovate, or leave it to your family at any time.
MYTH: My children will inherit nothing.
FACT: You retain full ownership and title of your home. The lender places a mortgage on the property — just like any other mortgage — but you remain the owner. You can sell, renovate, or leave it to your family at any time.
MYTH: I will be forced to leave my home.
FACT: You retain full ownership and title of your home. The lender places a mortgage on the property — just like any other mortgage — but you remain the owner. You can sell, renovate, or leave it to your family at any time.
MYTH: The money I receive is taxable income.
FACT: You retain full ownership and title of your home. The lender places a mortgage on the property — just like any other mortgage — but you remain the owner. You can sell, renovate, or leave it to your family at any time.
MYTH: A reverse mortgage is a last resort for desperate seniors.
FACT: Many financial planners and advisors actively recommend reverse mortgages as a smart retirement planning tool. It can supplement monthly income, fund an early inheritance for children, eliminate an existing mortgage payment, or cover the cost of in-home care.
Your Questions, Answered
Frequently Asked Questions
Everything you need to know about reverse mortgages in Canada
— straight answers, no jargon
Who qualifies for a reverse mortgage in Canada?
To qualify, all homeowners on title must be 55 years of age or older, and the property must be your primary residence. The amount you can borrow depends on your age, the appraised value of your home, and its location. The older you are, the more you can typically access.
Do I still own my home with a reverse mortgage?
Yes — absolutely. You retain full ownership and title of your home. The lender does not take ownership. You can continue to live in your home for as long as you choose, and the mortgage only becomes due when you sell, move out permanently, or pass away.
What happens to my home when I pass away?
When you pass away, your estate has the option to repay the reverse mortgage and keep the home, or sell the home and use the proceeds to repay the loan. The CHIP Reverse Mortgage guarantees that you will never owe more than the fair market value of your home at the time of repayment.
What if I already have a mortgage on my home?
If you have an existing mortgage, the first step is to use the reverse mortgage funds to pay it off — along with any other secured debt. Many clients find that eliminating their existing mortgage payment dramatically improves their monthly cash flow, even before accessing any additional equity.
How much can I borrow with a reverse mortgage?
You can borrow up to 55% of your home's appraised value, depending on your age and location. The older you are, the more you can typically access. A free, no-obligation consultation with the Ingram Mortgage Team will give you a clear picture of exactly what you qualify for.
What fees are associated with a reverse mortgage?
There are one-time fees to arrange a reverse mortgage, including an appraisal fee, a fee for independent legal advice, and a bank administration fee covering title insurance and registration. With the exception of the appraisal fee, these costs are typically paid from the funding dollars — meaning little to no out-of-pocket expense.
What is the difference between a Canadian and US reverse mortgage?
In Canada, ALL applicants must be 55 or older. In the US, only one applicant must be at least 62. Canadian borrowers also have significantly stronger legal protections. US-specific terms like HUD, HECM, AARP, and FHA do not apply to Canadian reverse mortgages.
Real People. Real Stories.
How a Reverse Mortgage Changed These Families' Lives
These are real situations faced by real Canadians
— and how a reverse mortgage gave them the freedom and security they deserved.
DIVORCE
Jack & Diane — Keeping the Family Home After 45 Years
After deciding to separate, Jack wanted to keep the family home but his pension income failed the bank's stress test. A reverse mortgage allowed him to buy out Diane — and a second reverse mortgage allowed Diane to buy a new home near their daughter. No payments. Tax-free cash.
Jack (68) & Diane (67)
Early Inheritance
Jim & Christine — Helping Their Kids Buy in Vancouver
Retired and comfortable, Jim and Christine were frustrated that their children couldn't afford to buy in the neighbourhood where they grew up. Using a reverse mortgage, they gave their kids an early inheritance as a down payment — without the uncomfortable payments of a HELOC.
Jim (71) & Christine (70)
Retirement Freedom
Richard & Laura — Keeping the Family Home for the Grandkids
After their first grandchild arrived, Laura had second thoughts about selling and downsizing. A reverse mortgage let them keep the family home and gave them enough to buy a truck and travel trailer — spending winters in Arizona and summers camping with the grandchildren.
Richard (65) & Laura (65)
Financial Security
Ron & Phyllis — Making Their Savings Last
After 15 years of retirement, Ron worried their savings wouldn't last as long as they thought. A reverse mortgage paid in tax-free monthly installments allowed them to draw less from their RRIF and feel confident their funds would last — giving them peace of mind for the years ahead.
Ron (73) & Phyllis (71)
In-Home Care
Peter's Mom — Staying in Her Home of 55 Years
Peter's 88-year-old mother needed 24-hour care but refused to leave the home she had lived in for 55 years. Because Peter was on title and over 55, they qualified for a reverse mortgage. Quarterly tax-free deposits now cover her full-time care — and she will stay in her home for the rest of her life.
Peter (64) & his mother (88)
Ready to Start?
Your Story Could Be Next
Every family's situation is unique. Whether you want to supplement your income, help your children, eliminate your mortgage payment, or simply enjoy retirement on your own terms — we are here to help you explore what is possible.
Find Out How Much Equity You Can Access — For Free
Book a no-obligation consultation with the Ingram Mortgage Team. We will walk you through your options, answer every question, and give you a clear picture of what a reverse mortgage could mean for your retirement.
