06/06/2026
A reverse mortgage is available exclusively to homeowners aged 55 and older; all applicants must meet that minimum age. You can access anywhere between 15-55% of the value of your home, with your age and the location playing the biggest roles in the amount.
With a reverse mortgage, you can take out money in four different ways:
1. Use it like a line of credit
2. Take out a lump sum of cash at any time
3. Arrange regular ongoing monthly payments
4. Use a combination of options 2 and 3 above
A reverse mortgage doesn’t depend on your credit score or your income for qualification. In fact, you don’t need to have any income at all! You also maintain complete ownership of your home and continue to live in it and build equity.
Another set of benefits are that the funds aren’t considered income, so they’re not taxed and don’t impact any pension or benefits you qualify for. You can even use this as part of your tax strategy (do consult a financial planner about this though).
These funds are extremely flexible, so you can use them for nearly anything. A few common ways Canadians use them are:
• Home renovations or upgrades
• Helping family (like a gifted down payment, a living inheritance, or a paying for a wedding)
• Buying another property
• Paying off higher interest debts
• Funding your lifestyle, a vacation, or other expenses
We’d love to help you explore your options. There are several Canadian financial companies that offer reverse mortgages in 2026, each with different fees, requirements and features. We would be happy to compare them and help you pick the best choice for your unique situation.
Follow the link to get in touch…
Lic #13349
https://www.cammortgages.ca/
