Your questions, answered honestly

No — not for reasons of the loan itself. You stay on title as the owner, and the loan cannot be called while you meet three ongoing obligations: live in the home as your principal residence, keep property taxes and home insurance paid, and keep the home reasonably maintained. Those are the same responsibilities you already have as a homeowner today.

No. The lender registers a mortgage against the property, exactly like the mortgage you may have had when you bought the home. Your name stays on title, you own the home, and any growth in its value belongs to you.

Your estate repays the loan, almost always by selling the home, and everything left after repayment goes to your beneficiaries as usual. Lenders give families time to settle the estate properly — typically around six months, with flexibility in practice. Your executor deals with one payout figure, not an ongoing bill.

Whatever the home sells for, minus the loan balance. Because Canadian lenders cap borrowing conservatively (roughly 55% of value at most, and much less at younger ages), most families still have meaningful equity left when the loan is repaid — though the longer the loan runs, the more interest compounds and the smaller that remainder gets. If leaving the maximum inheritance is your top priority, a reverse mortgage may be the wrong tool, and I'll tell you so.

If one spouse moves into care and the other stays home, nothing changes. If everyone on title moves out permanently, the home is sold or refinanced and the loan is repaid. Many families actually use a reverse mortgage the other way around: to pay for in-home care or to bridge retirement-home costs while keeping or selling the house on their own schedule.

Yes, at any time. Prepayment charges may apply in the first few years and typically shrink the longer you've had the loan; most lenders reduce or waive them on death or a move into long-term care. You can also choose to pay just the interest as you go, which stops the balance from growing entirely.

A HELOC has a lower interest rate but requires monthly interest payments and income qualification, and the bank can reduce or freeze it. A reverse mortgage costs more in rate but requires no payments and no income qualification, and it can't be called while you meet your obligations. Rule of thumb: if you can comfortably qualify for and service a HELOC, start there. The free guide has a full side-by-side table.

The product itself is offered by federally regulated Canadian banks — but scammers do imitate legitimate offers, so keep your guard up. Three checks: verify the person is licensed on FSRA's public registry (my brokerage is BRX Mortgage Inc., FSRA #13549); confirm the lender is HomeEquity Bank, Equitable Bank, or Bloom; and walk away from anyone who pressures you to sign quickly or asks for fees up front. A legitimate professional will encourage you to involve family and a lawyer.

Roughly 20% to 55% of your home's appraised value, depending mostly on your age (older qualifies for more), your property type, and its location. The exact amount comes only from a lender assessment — it is never guaranteed in advance, and you should be skeptical of anyone who promises a number without one.

Typical one-time costs: an appraisal ($300–$600), a lender set-up/legal fee ($1,500–$2,500, deducted from your funds), and your own independent lawyer ($300–$700). The ongoing cost is interest, at rates usually one to two percentage points above regular mortgages, compounding because you're not making payments. There's nothing to pay out of pocket up front.

No. It's borrowed money, not income, so it isn't taxed and doesn't by itself affect income-tested benefits like Old Age Security or the Guaranteed Income Supplement. If you invest the funds, any earnings on them are taxable as usual — worth reviewing with an independent advisor.

Anything you choose. Common uses I see: ending an existing monthly mortgage payment, paying for in-home care, home renovations for aging in place, topping up monthly income, helping children or grandchildren with a home purchase, and clearing high-interest debt.

Yes. Property taxes, home insurance, utilities, and upkeep remain yours, just as they are now. Keeping taxes and insurance current is one of the loan's ongoing conditions.

If you're both on the loan, the surviving spouse stays in the home under exactly the same terms — same rate, same rules, no new qualification. This is one reason it matters to set the loan up with both spouses on it, which I always recommend.

Canada's reverse mortgage lenders provide a no-negative-equity guarantee: as long as you've met the loan's obligations, the amount you owe at repayment can't exceed the fair market value of the home when it's sold. Note this is a lender guarantee built into the contract — an important protection, and one worth confirming in writing with any lender.

Usually yes — condos are eligible with all three Canadian lenders, though lending percentages can be slightly lower and the building itself is part of the assessment. Seasonal cottages and investment properties generally aren't eligible; the home must be your principal residence.

Yes, and that's a feature, not a hurdle. Ontario reverse mortgage lenders require you to get independent legal advice from your own lawyer before signing — someone who works only for you, confirms you understand the terms, and confirms no one is pressuring you. It typically costs $300–$700.

That's one of the most common situations. The reverse mortgage first pays off your existing mortgage (ending those monthly payments), and anything left within your approved amount comes to you. You need enough equity for the numbers to work — that's part of the free assessment.

Typically three to six weeks from application to funding: appraisal, lender review, your independent legal advice appointment, then funding. Nothing about the process should ever feel rushed — and if it does, slow it down. The money is only worth having on terms you fully understand.

Openly, and ideally early. I encourage every client to involve their adult children or a trusted person before deciding — secrecy helps no one, and good decisions survive scrutiny. The free guide includes a family conversation section, and family members are always welcome on our calls. See also the page written for adult children.