Reverse mortgages in Ontario
Reverse mortgages: the cash, the cost and the trade‑offs.
See what is left after paying out your mortgage, how the balance can grow, and what happens when you move, sell or die.
Guides
How a reverse mortgage actually works
The numbersThe cost is more than the interest rate
The numbersAlready have a mortgage? Work out the cash left over.
Home and familyWhat happens when you move, sell or die?
Home and familyKeeping your home comes with responsibilities
Making a decisionCompare the alternatives before choosing a reverse mortgage
Home and familyA better family conversation about home equity
Making a decisionUsing home equity for retirement, care or renovations
Common questions
Do I still own my home?
Yes. A reverse mortgage is a loan secured against your home. You remain the owner, with ongoing responsibilities under the mortgage. Default can put the home at risk.
Do I need to make monthly mortgage payments?
Regular principal-and-interest payments are generally not required. Interest is added to what you owe. Property taxes, insurance, maintenance and any applicable condominium fees still need a budget.
Can I have an existing mortgage?
Possibly. Existing secured borrowing may need to be repaid and closed at funding. The useful number is the cash left after that payout and the costs of arranging the new loan.
How much could I borrow?
The amount depends on the product, borrower ages, property and appraisal. A percentage shown online is not an approval. Our calculator models a loan amount you choose; it does not determine eligibility.
When does the mortgage have to be repaid?
Common repayment events include selling, moving out permanently, the death of the last borrower and default. Ask for the exact deadlines, treatment of a surviving borrower and early repayment charges in writing.
Will borrowing affect OAS or GIS?
The loan proceeds themselves do not reduce OAS or GIS. Income earned by investing the proceeds may have different tax and benefit consequences. Have a tax adviser check your intended use and other income-tested programmes.
Can I request the guide for my parents?
Yes. Use your own name and email. You do not need to enter a parent’s age, address or financial details. A family member can join a later conversation if the homeowner wants that.
Does requesting the guide start an application?
No. It requests the guide and allows us to respond about that request. It does not authorise lender referrals or enrol you in a marketing campaign.
Want to talk it through?
Canadian product information, with service for Ontario homeowners. Educational scenarios are not a lending offer. Source: Financial Consumer Agency of Canada.