A reverse mortgage lets a homeowner aged 55 or over borrow against their home without making monthly payments. Interest accrues onto the balance, and the loan is repaid when the home is sold, when the last borrower moves out permanently, or from the estate.
The brokers listed here arrange reverse mortgages across Canada. It is a product with a narrow but real use case, and a set of trade-offs that deserve to be understood before anyone signs.
The brokers below have told us they take on reverse mortgage files. Narrow by city to see who works in your market, most lending decisions still turn on where the property sits.
7 of these brokers have a mapped office. Tap a pin to open that profile.
I’m a mortgage broker and co-founder of Miracle Financial, helping homeowners and buyers across Ontario find practical mortgage solutions. A large part of my work involves refinancing, debt…
I'm Sadiq Boodoo, B.B.A., Principal Broker and CEO of Approved Financial Services. I have what it takes to make a difference in your next mortgage transaction. With access to 80+ of Canada's…
Whether you are a first-time buyer or an experienced buyer with excellent credit, Dominion Lending Centres has access to the very best products and rates available across Canada. Give us a…
Purchasing a home is an important decision and you should be confident about your investment. I will work with you personally to offer you valuable insight throughout the process, save you t…
I am an experienced mortgage broker who has been helping clients for 23 years. I proudly serves clients, providing honest advice, practical solutions, and personal support from the first con…
As a Level 2 Mortgage Broker serving clients across Ontario, I help individuals, self-employed professionals, investors, and business owners secure financing tailored to their needs. My serv…
I’m Baneet Grover, a Mortgage Agent Level 2 with Mortgage Intelligence, serving homeowners, buyers and investors across Ontario. I take a strategy-first approach to mortgage financing. Rath…
Rachel Rogerson is a trusted mortgage broker with 16 years of experience helping Canadians find the right mortgage solutions. Based in Burnaby, BC, Rachel specializes in home purchases, refi…
Rita Cousins is an experienced mortgage broker with mortgage architects, bringing over 45 years of experience in the mortgage industry. Based in Nanaimo, BC, Rita helps clients with home pur…
Let's get you a better mortgage that is customized for your financial needs. We specialize in using mortgage for more purchasing power and to build your future wealth for retirement. There a…
In favour: no monthly payment, so it does not strain a fixed retirement income. The money is borrowed, so it is not taxable and does not affect income-tested benefits. You keep title and continue living in the home. Canadian reverse mortgages carry a no-negative-equity guarantee, meaning the amount repayable will not exceed the fair market value of the home when it is sold, provided you have kept up taxes, insurance and maintenance.
Against: the rate is higher than a conventional mortgage or a HELOC, and because nothing is being repaid, the balance compounds. Over a long enough horizon it consumes a meaningful share of the equity, which is the part your heirs would otherwise receive. Set-up costs, appraisal, legal, administration, apply at the start.
The honest summary is that a reverse mortgage buys cash flow at the cost of equity. Whether that is a good trade depends almost entirely on how long you intend to stay in the home, and on whether the alternatives have been ruled out.
A HELOC is cheaper if you can service the interest payments, that is the real dividing line. Downsizing releases far more equity than any borrowing against it, if moving is acceptable. Some provinces and municipalities offer property tax deferral for older homeowners, which addresses a common cash-flow squeeze at almost no cost.
A broker who moves straight to the reverse mortgage without walking through those first is not doing the job. Ask what else was considered and why it was ruled out.
The amount available is a percentage of the home value, and it rises with age, the older the youngest borrower, the more is available, because the expected term is shorter. Property type and location matter too, since lenders are more conservative outside major markets.
Where there are two owners, both are borrowers and the calculation follows the younger of them. That surprises couples with a wide age gap and is worth checking early.
55. Where a home has two owners, both must be on the reverse mortgage and both must meet the age requirement, with the amount available calculated from the age of the younger borrower.
Not through the accruing balance itself, Canadian reverse mortgages carry a no-negative-equity guarantee, so the amount repayable does not exceed fair market value at sale. You can still default by failing to pay property taxes, keep the home insured, or maintain it, since those are conditions of the loan.
The loan becomes repayable, usually within a set period after the last borrower dies or moves out permanently. The estate normally sells the home and repays from the proceeds; anything left over goes to the heirs. Heirs who want to keep the property can repay the balance by other means.
Yes, meaningfully. The lender receives no payments and cannot predict when it will be repaid, and it carries the no-negative-equity guarantee. That risk is priced into the rate, which is why ruling out a HELOC first matters when you can service interest payments.
No. It is borrowed money, not income, so it is not taxable and does not reduce income-tested benefits such as Old Age Security or the Guaranteed Income Supplement. That is one of the main reasons it is used in retirement rather than drawing down a registered account.
