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A reverse mortgage is a loan available to Canadian homeowners aged 55 and older that lets you access up to 55% of your home's appraised value as tax-free cash. You don't make monthly payments. You retain full ownership of your home. The loan is repaid when the home is sold, you move out, or you pass away. The most widely used product in Canada is the CHIP Reverse Mortgage through Home Equity Bank.

To qualify, you must be at least 55 years old and the home must be your primary residence. If you have a spouse or co-owner, both must meet the age requirement. The amount you can access depends on your age, your home's appraised value, the property type, and its location. Unlike a traditional mortgage, there is no income or credit qualifying test — your home equity is the primary factor.

Yes, absolutely. You remain the registered owner of your home for the life of the loan. The lender places a mortgage charge on the title — just as with a regular mortgage — but you retain full ownership. You can stay in your home as long as you choose, benefit from any increase in your property's value, and pass any remaining equity to your estate when the time comes.

No monthly mortgage payments are required — that is one of the defining features of a reverse mortgage. Interest accumulates on the outstanding balance and is settled when the home is eventually sold or the loan otherwise comes due. You can choose to make voluntary interest payments if you want to manage the balance, but you are never required to. This makes it particularly well-suited for homeowners on fixed or reduced incomes.

You can typically access between 15% and 55% of your home's appraised value. The exact amount depends on your age, your spouse's age if applicable, the type and location of the property, and current interest rates. Generally, the older you are, the more you can access. The best way to find your specific number is to have a conversation — I can give you a realistic estimate based on your situation quickly and with no obligation.

No. Funds from a reverse mortgage are considered loan proceeds, not income, so they are not subject to income tax. They also do not affect your eligibility for income-tested government benefits such as Old Age Security (OAS) or the Guaranteed Income Supplement (GIS). As always, I recommend speaking with your accountant or financial advisor about your specific situation.

Both let you access your home equity, but they work very differently. A Home Equity Line of Credit (HELOC) requires monthly interest payments and can be reduced or cancelled by the lender at any time. A reverse mortgage requires no monthly payments, cannot be called by the lender as long as you meet the basic terms, and is specifically designed for homeowners 55 and older. For retirees on fixed incomes, a reverse mortgage is often more stable and predictable than a HELOC.

A mortgage broker works for you — not the bank. Where a bank can only offer its own products, a broker has access to dozens of lenders and hundreds of mortgage products, including rates and terms not available at the branch. I compare the market on your behalf, explain your options clearly, and find the mortgage that genuinely fits your situation. In most cases, the lender pays my fee, so the service costs you nothing.

Your mortgage term is the length of time your interest rate and contract conditions are in effect — commonly 1 to 5 years in Canada. At the end of the term, you renew or refinance. Your amortization period is the total time it would take to pay the mortgage off in full — typically 25 years, though 30-year amortizations are available for eligible buyers. A shorter amortization means higher payments but significantly less interest paid over time.

The right choice depends on your financial situation, risk tolerance, and how long you plan to stay in the home. A fixed rate gives you predictable payments and protection against rate increases — often a good fit if you prefer stability or are on a set budget. A variable rate fluctuates with the Bank of Canada's policy rate and can save money when rates are falling, but your payments may increase if rates rise. I'll walk through both options with you based on what's happening in the market and what makes sense for your life.

Yes — self-employed Canadians can absolutely qualify for a mortgage. The process can be more complex than for salaried employees, and lenders assess your income differently. Some lenders are far better suited for self-employed borrowers than others, and that's exactly where working with a broker pays off. I have significant experience with self-employed and alternative lending and know which lenders will work best for your income structure.

A mortgage pre-approval is a conditional commitment from a lender confirming how much they're willing to lend you, at what rate, based on a review of your income, credit, and financial situation. It gives you a clear budget before you start shopping, strengthens your position when making an offer, and locks in a rate for a set period — typically 90 to 120 days — protecting you if rates rise while you search. It's one of the first steps I recommend for any home buyer.

Yes — and for many homeowners, it is one of the most financially effective moves available. By refinancing your mortgage or accessing a home equity product, you can roll high-interest debt (credit cards, car loans, lines of credit) into your mortgage at a significantly lower interest rate. This reduces your monthly payments and total interest costs, and simplifies your finances into a single payment. I can run the numbers with you to show exactly what the savings would look like.

When your mortgage term ends, your lender will send a renewal offer — but you are not obligated to accept it. Renewal is one of the best opportunities to renegotiate your rate, adjust your term, change your payment schedule, or switch lenders entirely. Many Canadians sign the renewal letter without shopping around and leave money on the table. Working with a mortgage broker at renewal costs you nothing and can result in significantly better terms.