How Does a Reverse Mortgage Work in Canada
Access up to 55% of the value of Your Home – the Process is Easy!
Get your FREE
estimate
Get your FREE no-obligation estimate
Speak with a
specialist
Speak with a CHIP Reverse Mortgage Specialist to find out how much tax-free cash you qualify for
Determine when you will receive your f
You can decide if you want to receive your funds in one lump sum or advances over time
Enjoy your
tax-free cash
Enjoy your tax-free cash without making any payments until you move out or sell your home
What Is the Smith Maneuver?
The Smith ManoeuvreTM is a legal tax strategy that allows your mortgage interest payments to become tax deductible. This simultaneously allows Canadian’s to: eliminate expensive, non-deductible mortgage debt faster than the banks would have you, generate valuable tax deductions every year, and invest for your future – starting now.
Is your mortgage tax-deductible? Not in Canada…unless you implement The Smith ManoeuvreTM. Since the strategy’s development in the 1980’s, Canadians have been using The Smith Manoeuvre to keep more of their hard-earned dollars in order to reduce the cost of home ownership and improve their financial security. It’s not easy out there…but it can be easier.
Put your home’s wealth to work for you
Why work for life when your house can work for you? Leverage your home equity for financial peace of mind, whether you’re working or retired.
Brighter retirement, lower rates
Feel confident about your choice. We’ll beat any posted rates for comparable reverse mortgages.*
Your home, your terms
Life happens—that’s why our prepayment options are designed to help you adapt as your needs change.
The Complete Guide to a Reverse Mortgage in Canada
Get instant access to our book that explains in detail everything you need to know about a Reverse Mortgage in Canada. Get expert insights on reverse mortgages that you won’t find anywhere else.
Frequently Asked Questions
Can I get a reverse mortgage if I already have a mortgage?
Yes, your existing mortgage will be paid off with the new loan proceeds.
You will receive all of the remaining money, either in installments or lump-sum.
Can I use a reverse mortgage to buy a home?
You can use this no payment loan for any purpose, including buying a home.
Remember, you will only get 59% of the home value if you deal directly with HomeEquity Bank for a CHIP Reverse Mortgage.
RetireBetter can you get a reverse mortgage for up to 65% of the new home value.
Can you be too old to get a reverse mortgage in Canada?
There is no upper age limit to qualify for a reverse mortgage in Canada. In fact, the older you are, the more you will qualify for.
Can I get a reverse mortgage if my children live with me?
You can get a reverse mortgage if your children live with you for any reason so long as they are not owners of the home and registered on title.
CHIP Reverse Mortgages and Flex Reverse Mortgages require all owners on title to be over the age of 55.
We do have reverse mortgage lenders available if any of the owners are less than 55 years old.
When and how do you pay back a reverse mortgage?
You have the option of paying a reverse mortgage back at any time you want.
You must pay a reverse mortgage back when you sell, move or pass away.
You or your estate can pay back a reverse mortgage from the proceeds of the home sale.