Reverse Mortgages in Ontario

A reverse mortgage is a powerful financial tool designed specifically for Canadian homeowners aged 55 and older. Unlike a traditional mortgage, a reverse mortgage allows you to access up to 55% of your home's appraised value as tax-free cash — without making any monthly mortgage payments.

The mortgage becomes repayable upon specific trigger events — which vary by lender but typically include the home being sold, the borrower passing away, or the borrower permanently moving out. Some lenders include additional triggers such as ownership transfer or default. Interest accrues over the life of the loan, meaning your outstanding balance grows over time and remaining home equity may decrease. This is an important consideration when planning for your estate. Always confirm the exact repayment conditions with your broker before committing.

In Ontario, qualifying homeowners can choose from multiple reverse mortgage providers:

• **HomeEquity Bank** — CHIP Reverse Mortgage (multiple product options including CHIP Max)
• **Equitable Bank** — Equitable Bank Reverse Mortgage
• **Bloom Finance** — Bloom Reverse Mortgage
• **Home Trust** — EquityAccess, EquityAccess+, and EquityAccess Boost (70+, up to 59% LTV)

Each provider has distinct eligibility criteria, age requirements, maximum loan-to-value ratios, and product terms. We compare all options side-by-side and explain the differences clearly before making any recommendation.