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A reverse mortgage is a type of loan available to Canadian homeowners age 55 and older. By taking out a reverse mortgage, a borrower can turn their home equity into tax-free cash, which they receive either as a lump sum or in installments. Many then use this cash to supplement retirement income, pay off debts, or cover healthcare expenses.

One of the biggest benefits of a reverse mortgage is that it doesn’t come with monthly payments. Instead, the interest is added to the overall balance, and the loan is repaid when the property is sold or the owner passes away. The proceeds from reverse mortgages are also tax-free and don’t affect other government benefits like Old Age Security (OAS) or Guaranteed Income Supplement (GIS).