Reverse Mortgages in Canada (55+): How They Work in BC
How a Canadian reverse mortgage works for homeowners 55+ in BC — access tax-free home equity, no required monthly payments, keep your title, with a no-negative-equity guarantee.
Stay in the home you love. Access the cash you've earned.
A reverse mortgage lets you unlock tax-free equity — with no monthly payments, and you stay the owner. Let's talk it through, at your pace.
2 minutes · no credit impact · no obligation
For reverse mortgages closing by Oct 30, 2026 ·
A reverse mortgage lets Canadian homeowners 55+ borrow up to 55% of their home's value as tax-free cash — with no monthly mortgage payments required. The loan is repaid when the home is sold or the owner moves out. RateStreet arranges reverse mortgage financing for qualifying homeowners.
See our clear, side-by-side comparison of Canada's reverse mortgage products — and the differences that can change your outcome by tens of thousands of dollars.
If you own your home and you're 55 or older, you likely qualify.
No minimum income requirement — qualifying is based on your age, home, and equity.
Honest answers to the questions we hear most often.
No obligation. No credit check. Takes 2 minutes.
Pick from the list and we'll fill in your province and city below.
We'll send your personalised estimate and connect you with a RateStreet specialist if you'd like to explore further.
This is your estimate of what you may qualify for, varying with product selection. Your actual approved amount depends on a formal appraisal, existing mortgage balance, and lender approval.
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Speak with a licensed RateStreet advisor — no cost, no obligation, no pressure.
RateStreet Financial Ltd. is a Canadian mortgage company. Reverse mortgage products are provided by approved lenders. This page is for informational purposes only and does not constitute financial advice. All estimates are illustrative and subject to formal appraisal and lender approval.
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Access your home equity as tax-free cash with no monthly payments required. Canadian homeowners 55+ keep full ownership. Free estimate and licensed specialist available.
You must be 55 or older, own your home, and it must be your primary residence in Canada.
Your home is appraised to determine the maximum reverse mortgage amount, typically 10–55% of your home's value.
Receive funds as a lump sum or regular monthly payments — tax free and no monthly mortgage payments required.
Continue living in your home as long as you choose. The reverse mortgage is repaid when you sell or move out.
An active Canadian couple laughing over fresh smoothies on their sunny deck after a ride
Your home must have enough built-up equity — most homeowners with paid-down mortgages qualify comfortably.
Use our estimate tool below to see how much equity you could access. It takes 2 minutes — no credit impact and no obligation.
We'll connect you with a RateStreet advisor at your convenience — no pressure, no sales tactics, just honest answers on your timeline.
Once approved, funds are deposited directly to your account. No monthly payments, ever. The loan is repaid when you're ready to sell.
Yes, absolutely. You remain on title as the registered owner throughout the life of the loan. The lender holds a mortgage on the property — nothing more.
No. The reverse mortgage is repaid from the proceeds of the home sale. Your heirs are never personally responsible for the balance. Any equity remaining after repayment passes to your estate.
You can repay the reverse mortgage and move at any time. Early repayment fees may apply depending on the product, but there is no lock-in that prevents you from selling your home.
No. Reverse mortgage proceeds are not considered income under Canadian tax law. They are tax-free and will not affect your Old Age Security (OAS) or Guaranteed Income Supplement (GIS) payments.
We used our reverse mortgage to finally redo the kitchen and pay off the last of our line of credit. For the first time in years we don't have any monthly payments — it's been a complete relief.
My advisor was patient and never once pressured me. The funds let me help my daughter with her down payment while I stayed in the home I've lived in for 30 years. I wish I'd looked into it sooner.
Frequently asked questions
What is a reverse mortgage in Canada?
A reverse mortgage is a loan for Canadian homeowners aged 55 and older that lets you access your home's equity as tax-free cash without selling or moving. You keep ownership and title to your home, and no regular payments are required — the balance is repaid when you sell, move, or the home is settled from your estate. Educational information, not advice.
Who qualifies for a reverse mortgage in BC?
Qualification is based mainly on your age, your home, and its location — not your income or credit score. Generally, you and any co-owner on title must be at least 55, and the home must be your primary residence. A RateStreet Mortgage Advisor can explain what's possible for your situation. Educational information, not advice.
Do you make monthly payments on a reverse mortgage?
No regular payments are required. Interest is added to the balance over time, and the loan is repaid when you sell the home, move out, or it is settled from your estate. You can make voluntary payments if you wish. Educational information, not advice.
Can the bank take your home with a Canadian reverse mortgage?
No. You stay on title and remain the owner. Canadian reverse mortgages carry a no-negative-equity guarantee, so you can never owe more than the fair market value of your home when it is sold, as long as you keep up your obligations such as property taxes and upkeep. This is different from some of the U.S. stories you may have heard. Educational information, not advice.
How much can you borrow with a reverse mortgage in Canada?
The amount depends on your age, your home's value and type, and its location — typically up to around 55% of the appraised value. Older homeowners and higher-value homes generally qualify for more. Educational information, not advice.
Does reverse mortgage money affect OAS or GIS?
The funds from a reverse mortgage are tax-free and are not counted as income, so they generally do not affect income-tested benefits such as Old Age Security (OAS) or the Guaranteed Income Supplement (GIS). Educational information, not advice.
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