A Canadian reverse mortgage is a loan secured by your home. You generally do not make regular loan payments while you meet the contract’s conditions, but interest and eligible fees add to the balance. The loan usually has to be repaid when the home is sold, you move out, the last borrower dies, or a contractual default occurs. The lender’s agreement sets the exact terms, deadlines, costs, and protections.
What happens to the money and the home?
A reverse mortgage lets an eligible homeowner borrow against home equity. The lender advances money and secures the loan against the property. You continue to own the home; the lender does not take ownership simply because you borrow. In exchange, the debt grows as interest and any eligible charges are added to the amount owed.
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The Financial Consumer Agency of Canada (FCAC) says a borrower may be able to borrow up to 55% of the home’s current value. That is a general maximum, not a promise of approval or a guaranteed loan amount. Eligibility and the amount available depend on factors including the borrower’s age, the property, and the lender’s terms.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsThe key cash-flow difference from many conventional loans is that regular repayments are ordinarily deferred. FCAC’s consumer guidance, dated October 15, 2025, says: “You don’t need to make any regular payments on a reverse mortgage.” That describes scheduled loan payments, not every obligation connected to the home or the loan. The debt remains outstanding and grows until repayment is due under the agreement.
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How can a reverse mortgage be paid out?
The advance schedule determines when borrowed money becomes part of the outstanding balance. If you take the full approved amount at once, interest starts accruing on the full advance, including any portion you have not yet spent. Taking funds in stages can change the timing of interest, but the lender’s rules and fees for later advances matter.
| Payout method | How it works | What to check |
|---|---|---|
| One lump sum | The lender advances the full amount at the outset. | Interest accrues on the full amount from the time it is advanced. |
| Initial lump sum plus later advances | You receive part of the amount first and draw the remainder over time. | Ask whether there is a minimum initial draw, a fee for each additional advance, or a rate change when you draw more. |
| Regular payments | The lender advances money to you on a schedule. | Confirm the schedule, minimum initial amount, and how each advance affects the balance. |
| Combination | You receive some money immediately and the rest in scheduled or later advances. | Get the timing, charges, and rate treatment for every part in writing. |
FCAC gives typical examples of about $25,000 as a minimum initial amount for a partial-lump-sum arrangement and around $20,000 for a regular-payment option. These are illustrative figures, not universal lender requirements. HomeEquity Bank says its CHIP funds can be provided as a lump sum, scheduled payments, or a combination. A lender’s available payout methods and conditions may differ, so use the written offer rather than another lender’s example to plan your cash flow.
Does interest keep adding up if you do not pay monthly?
Yes. Interest is added to the reverse mortgage balance, so the amount owed can grow even when you make no regular loan payments. Because interest may be calculated on an increasing balance, the longer the loan remains outstanding, the more important it is to understand the rate and how the lender applies it. FCAC says reverse mortgage rates are usually higher than rates for a mortgage or home equity line of credit (HELOC).
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A lender may offer a fixed or variable rate. The distinction affects how the interest rate can change; it does not by itself determine when the loan becomes due. For example, HomeEquity Bank describes CHIP variable rates as tied to its prime rate and offers fixed rates for selected terms. Ask what happens at the end of a fixed-rate term or if a variable rate changes, and distinguish any rate renewal from the repayment triggers in the agreement.
A published HomeEquity Bank example illustrates how rate and fees affect cost, but it is not an offer to an individual borrower. On a rate page dated August 31, 2026, the bank showed a $150,000 loan at 6.34%, a $1,795 closing fee, $54,939 in accumulated interest over five years, and a 6.63% annual percentage rate (APR). The page’s APR calculation included interest over a five-year example period plus the closing fee. The figures describe that lender’s example and assumptions, not a current applicant’s quote or a universal Canadian rate. Ask for the APR calculation and the assumptions behind it for the specific offer you are considering.
When does a reverse mortgage have to be repaid?
FCAC identifies four common repayment triggers: selling the home, moving out, the last borrower’s death, or default. The agreement determines how the trigger applies in your circumstances and how long you or your estate have to repay. A rate term ending or a lender changing a rate should not be confused with an automatic repayment trigger; check the contract for both sets of conditions.
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If the home is sold, repayment normally comes from the sale proceeds. If a borrower moves out, ask the lender what counts as moving out under the contract, including any temporary absence or change in occupancy. Where more than one borrower is named, confirm what happens if one borrower dies or leaves while another remains in the home; the general trigger refers to the last borrower’s death, but the agreement controls the details.
If the borrower dies
When the last borrower dies, the estate usually has a limited period to repay the balance, but the precise period and any extension process are lender-specific. Estate settlement can take longer than that period. Family members or an executor should contact the lender promptly, ask for the deadline and payoff amount in writing, and find out what notice, sale, or extension steps are available. Do not assume that the estate can wait until every part of the settlement is complete before communicating with the lender.
Can you pay it off early?
Early full repayment may be allowed, but a fee can apply. Some lenders also permit payments up to a maximum without treating them as full repayment. The amount you can prepay, timing restrictions, notice requirements, and any charge depend on the agreement. Before signing, ask for the rules in writing and how the lender will calculate a payoff on a particular date. This matters if you may sell, refinance, make voluntary payments, or use other funds to reduce the debt.
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What obligations continue while payments are deferred?
Not making scheduled loan payments does not remove the homeowner’s other responsibilities. Property taxes, insurance, maintenance, and other contract conditions remain relevant. Falling behind on an obligation can put a borrower at risk even if no monthly loan payment is due. Read the agreement for what must be maintained, how the lender can verify compliance, and what notice or opportunity to correct a problem applies.
Default conditions are lender- and contract-defined. FCAC lists examples that may include failing to follow contract conditions, allowing the home to fall into disrepair, providing dishonest information in the application, or using proceeds illegally. The examples are not a complete universal list. Foreclosure may be a consequence of default, so ask which events count as default under the specific offer and what process follows if the lender says a condition has been breached.
What costs and protections should you check?
Potential costs include appraisal, setup, legal, closing, and early repayment charges. Some may be added to the loan balance; others may have to be paid upfront. A cost added to the balance can itself contribute to the total amount owed over time. Request a written breakdown that identifies each charge, when it is payable, whether it is financed, and whether it is included in the APR calculation.
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Negative equity protection is not a universal feature with identical terms across Canadian reverse mortgages. HomeEquity Bank says its CHIP Negative Equity Guarantee protects borrowers who meet mortgage obligations such as paying property taxes and insurance and maintaining the home. Its rate page says the guarantee excludes administrative expenses and interest accumulated after the due date. Read the actual guarantee and its exclusions: this lender-specific contractual feature should not be treated as an unconditional promise that no amount can ever exceed the sale proceeds.
How does a reverse mortgage compare with other ways to access money?
FCAC identifies selling and downsizing or renting, as well as using a HELOC, mortgage, or personal loan, as possible alternatives. They work differently, and the right comparison depends on how much money you need, whether you can make ongoing payments, and whether staying in the home is a priority.
| Option | Cash-flow distinction | Questions to weigh |
|---|---|---|
| Reverse mortgage | Regular loan payments are ordinarily deferred while interest accrues. | How will the growing balance affect the home equity left for later use or the estate? What events make repayment due? |
| HELOC | Typically requires regular repayment and has a variable rate. | Can you meet the payment requirements, and how would rate changes affect the cost? |
| Mortgage or personal loan | Terms and payment requirements depend on the lender and loan. | Can you qualify and manage the scheduled payments and total borrowing cost? |
| Sell, downsize, or rent | Instead of borrowing against the current home, you change your housing arrangement. | How do moving costs, housing needs, and the value of staying in the home affect the choice? |
FCAC says reverse mortgage proceeds are not taxed as borrowed funds and do not affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits. Individual tax and benefit circumstances can still matter, so check your situation where relevant. This is general information, not personal financial advice.
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How to compare an offer before signing
Request the full agreement and a written explanation of the cash flow, costs, repayment triggers, and protections. Comparing only the advertised rate can miss fees, draw timing, prepayment charges, or restrictions that affect the total cost and your options later.
- Map the advance schedule. Record how much you receive at the start, when later advances arrive, and what minimums or additional-advance fees apply.
- Understand the rate. Identify whether it is fixed or variable, any rate term or renewal rules, and how a change affects the outstanding balance.
- Compare total borrowing costs. Ask for the APR and its assumptions, a breakdown of fees, and an illustration of the balance over a time period relevant to you. Confirm which charges are paid upfront and which are added to the loan.
- Read the repayment and prepayment clauses. Confirm what events make the balance due, notice requirements, deadlines, extension options, permitted partial payments, and any early repayment fees.
- Check ongoing obligations and protections. Identify the borrower’s duties for taxes, insurance, maintenance, and use of proceeds. Read any negative equity guarantee and its exclusions rather than relying on a summary.
- Consider the equity and estate impact. Ask how much equity could remain under the lender’s examples and how repayment might affect the estate. Treat projections as estimates based on stated assumptions, not guarantees about future home value or borrowing costs.
- Compare realistic alternatives. Weigh borrowing against selling, downsizing, renting, a HELOC, mortgage, or personal loan, including the cash payments and housing changes each option requires.
Because the loan is secured by the home and can affect future choices and the estate, discuss the decision with family, an adviser, and an independent lawyer where appropriate. Get answers to uncertain terms in writing before agreeing; current rates, fees, repayment timelines, and guarantees depend on the lender and contract.
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