Reverse Mortgage · 55+
55 or older? Unlock home equity, tax-free, with no monthly payments.
Get up to 55% of your home's value as a lump sum or monthly income. Stay in your home. The money you receive doesn't affect Old Age Security or Guaranteed Income Supplement. We compare CHIP (HomeEquity Bank) and PATH (Equitable Bank) so you choose the right one.
Age 55+Up to 55% of home valueTax-free cashNo monthly paymentsNever owe more than home valueDoesn't affect OAS or GIS
5-star rated| FSRA #13737| 5-min pre-qualification
55 or older? Own your home?
Stay in your home. Get tax-free cash.
A reverse mortgage from CHIP or Equitable Bank lets you turn home equity into cash — with no monthly payments. You only pay it back when you sell or move.
Your age72
Tax-free cash available
$360,000
~40% of $900K home value
Min age
55
Income req
None
Payments
$0
Maya · AI · 24/7
How does a reverse mortgage actually work?
5-star rated| FSRA #13737| 50+ langs
We work with HomeEquity Bank's CHIP and Equitable Bank's PATH. Both are regulated, both have independent legal advice required, and both protect your home equity guarantee. We model both for your situation.
What you get
Why Canadians choose Mortgage Squad Advisors.
Tax-free cash from your home equity
No monthly payments required (interest accrues, repaid on sale)
Stay in your home — no obligation to sell
Take a lump sum, monthly income, or a combination
Up to 55% of appraised value (depending on age + property type)
Independent legal advice required (your protection)
No-Negative-Equity Guarantee in both major Canadian programs
Doesn't affect OAS or GIS
How it works
Three steps. No jargon. No pressure.
1
Eligibility Check
Both spouses must be 55+. Property must be a principal residence in good condition.
2
Choose The Program
CHIP (HomeEquity Bank) vs PATH (Equitable Bank). We model both — the right one depends on age, property, and how you'll use the funds.
3
Independent Legal + Funding
You meet your lawyer (mandatory). Funds disburse in 2-4 weeks.
How is a reverse mortgage different from a HELOC?
HELOC: monthly interest payments, can be reduced/revoked, qualification on income. Reverse: no payments, can't be revoked, qualification primarily on age + equity.
What's the rate?
5.99% to 8.99% depending on program and term. Higher than a regular mortgage, but no monthly payments — interest compounds onto the balance.
Will my heirs lose the home?
No. When you sell or pass on, the loan is repaid from the sale proceeds. The No-Negative-Equity Guarantee ensures heirs never owe more than the home is worth.
Does it affect my OAS or GIS?
No. Reverse mortgage proceeds are loan funds, not income — so they don't affect OAS, GIS, or your tax bracket.
Can I still leave the home to my kids?
Yes. Your kids inherit the home; they can pay off the reverse mortgage from the estate, refinance it into a regular mortgage, or sell.
Can I move?
Yes. The loan is repaid from sale proceeds when you do. Some programs are portable to a new principal residence.
What types of property qualify?
Detached, semi, townhouse, most condos. Rural and unique properties are case-by-case.
Do both spouses need to be 55+?
Yes — both names on title must be 55+. If only one spouse is, you typically wait until both qualify, or use a HELOC alternative.