Reverse Mortgages: Canada vs US Differences

Canadians: There are a few key differences between reverse mortgages: Canada vs US that are important to understand. If you’ve spent any time researching reverse mortgages, there’s a good chance you’ve come across a mix of Canadian and American information and it can get confusing fast.

As Canadians, we have constant access to U.S. information sources, so it’s easy to assume that what you’re reading about reverse mortgages applies here in Canada. Terms like “HECM” (Home Equity Conversion Mortgage) or rules like needing to be 62+ get thrown around a lot, but those are specific to the U.S. system and don’t reflect how things actually work north of the border.

Reverse mortgages are also known as equity release products, which means they allow homeowners, typically aged 55 or older, to access a portion of their home equity as tax-free cash without having to sell their property.

Quick overview of Canadian Reverse Mortgages vs US

This article is designed for Canadian homeowners (especially those 55+) who want a clear, no-nonsense understanding of how reverse mortgages in Canada compare to those in the United States. Many financial institutions in both countries offer reverse mortgages, but the number and type of financial institutions involved can differ between the two countries. We’ll break down the key differences in eligibility, borrowing limits, costs, and overall structure—so you can quickly separate fact from fiction.

We’ll also use the CHIP Reverse Mortgage (Canada’s most well-known reverse mortgage product) as a real-world example to help illustrate how things work in practice and how reverse mortgages work to let seniors access their home equity.

By the end, you’ll have a much clearer picture of what applies in Canada, and, just as importantly, what doesn’t, as we clarify how these products work in the two countries.

Canada Versus US Reverse Mortgage Differences: Side-by-side summary

To make things easy to scan, here’s a quick comparison of how reverse mortgages differ between Canada and the United States:

A major difference between the two countries is that in the U.S., reverse mortgages are often regulated and capped by the Federal Housing Authority (FHA), while in Canada, they are offered by a smaller number of federally regulated banks and financial institutions.

Feature	Canada	United States
Minimum Age	55+ (all homeowners on title)	62+ (typically only one borrower required)
Who Qualifies	All owners must meet age requirement	Only one spouse needs to qualify
Borrowing Limit	Up to 55% of home value	Varies by age & rates (often ~50–60%, can be higher)
Lending Standards	More conservative, fewer lenders	More flexible, larger and more complex market
Regulation	Federally regulated banks and many financial institutions	Mix of private lenders + government-backed programs (including Federal Housing Authority-backed reverse mortgages)
Fees & Costs	Lower, simpler fee structure	Higher upfront and ongoing servicing fees
Legal Advice	Required before approval	Not always required
Monthly Payments	Not required	Not required (in most cases)
Spousal Protection	Built-in (both must qualify)	Historically weaker (improved after 2014 reforms)
Product Example	CHIP Reverse Mortgage	HECM (Home Equity Conversion Mortgage)

Differences Between Reverse Mortgages: Eligibility Requirements

One of the biggest differences between Canadian and U.S. reverse mortgages is who qualifies and when. Both require the home to be a primary residence, but eligibility varies.

In Canada, all homeowners on title must be at least 55 years old, while in the U.S., the minimum age is usually 62 and only one borrower needs to qualify. Canadian mortgage brokers can help access products from lenders like HomeEquity Bank and Equitable Bank, each with their own protections and conditions.

Reverse Mortgage Age Requirements

• Canada: You can qualify as early as age 55
• United States: Minimum age is 62

This means Canadian homeowners can access their home equity earlier in retirement, which can be helpful for bridging income gaps or paying off existing debt.

Spouse and Co-Borrower Rules

This is where things really start to diverge:

Canada:

• All homeowners on title must be 55 or older
• Both spouses (or co-owners) must qualify
• United States:
• Typically, only one borrower needs to be 62+
• A younger spouse can be listed but may not fully qualify

Historically, this caused serious problems in the U.S. If the older qualifying spouse died, the surviving spouse—if younger than the required age—might have to repay the loan, risking loss of the home. Although 2014 rule changes improved protections, the U.S. system remains less cautious than Canada’s approach.

In Canada, this situation is avoided entirely because both borrowers must meet the age requirement from the start.

Legal Advice and Counselling Requirements

Canada:

• Borrowers must seek independent legal advice as a mandatory step before approval
• This ensures borrowers fully understand the terms and long-term implications
• United States:
• Borrowers are typically required to complete government-approved counselling (for federally insured reverse mortgages), but independent legal advice is not always required

What This Means for Canadians conssidering a Reverse Mortgage

Canada’s eligibility rules are more restrictive upfront—but that structure is designed to reduce risk and prevent surprises later on, especially for couples.

Canada Reverse Mortgages: Loan Size, Terms, Limits

Once you qualify, the next big question is how much you can access and under what terms. In Canada, the loan amount and maximum amount a homeowner can access through a reverse mortgage is up to 55% of the appraised value of their home. This means you can borrow money against your home equity without selling the property, and the funds you receive are tax-free.

Canadian seniors may access more money through a reverse mortgage compared to their American counterparts due to this higher borrowing limit. Reverse mortgages in Canada are designed to be conservative, predictable, and flexible over time. If you make additional payments or prepayments, you may be able to access more money in the future.

Loan Size and Typical Loan-to-Value (LTV)

In Canada, you can borrow up to 55% of your home’s appraised value.

That said, most homeowners will not receive the full 55%. The exact amount depends on:

• Your age (older borrowers qualify for more)
• Your home’s location and value
• Current interest rates

In practice, many borrowers fall somewhere in the 20% to 55% range, with the percentage increasing as you get older.

Terms and Renewal Options

Canadian reverse mortgages do not work like traditional mortgages with fixed monthly payments, but they still have terms.

• Typical terms are 5-year fixed terms
• At the end of each term, the mortgage is renewed at current rates
• You can stay in your home as long as you:
  • Live there as your primary residence
  • Keep up with property taxes, insurance, and maintenance

There is no requirement to repay the loan during the term unless you choose to.

Portability and Prepayment Flexibility

Canadian reverse mortgages are designed to adapt to real-life changes.

Portability: You may be able to transfer (port) your reverse mortgage to a new home, subject to lender approval and eligibility.

Prepayment options:

• You can choose to pay down some or all of the reverse mortgage early
• Prepayment charges may apply, especially within the term, and if you want to fully pay off your reverse mortgage during its term, a prepayment penalty may apply, similar to traditional mortgages
• Some plans allow partial repayments without penalty, and making additional payments may allow you to access more money in the future

Full repayment is typically required when:

• You sell your home
• You move out permanently
• The last borrower passes away

What This Means for You

Canadian reverse mortgages prioritize flexibility and long-term stability, giving you access to equity while allowing you to stay in your home and adjust your plan if your situation changes.

US Reverse Mortgage Features to Contrast

To fully understand how Canadian reverse mortgages differ, it helps to look at how the U.S. system is structured. The American market is significantly larger and more competitive than in Canada, which means borrowers in the US have access to more options. US lenders offer a wider variety of reverse mortgage products, and the market is more complex and more standardized through government-backed programs.

HECM Loan Caps and Funding Rules

The most common reverse mortgage in the United States is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA). The Federal Housing Authority sets loan caps and standards for HECM loans, including the maximum amount you can borrow.

• There is a maximum claim amount, which limits how much of your home value can be used to calculate your loan amount
• The loan amount and maximum amount you can borrow are determined by the Federal Housing Authority (FHA) and depend on:
  • Age of the youngest borrower
  • Current interest rates
  • Home value up to the program cap

In general, older borrowers qualify for higher loan amounts. While some sources suggest borrowing up to around 80%, most borrowers access closer to 50% to 60% of their home’s value.

Common Payout Options

U.S. reverse mortgages offer more structured payout options compared to Canada. Borrowers can typically choose from:

• Lump sum
• Monthly payments for a fixed period or for as long as you live in the home
• Line of credit
• Combination of the above

These flexible payout structures are one of the defining features of the U.S. system.

Counselling and FHA Involvement

Because HECMs are government-backed, there are additional requirements:

• Borrowers must complete HUD-approved counselling before being approved
• The loan is insured by the FHA, which provides protections such as:
  • Ensuring you continue to receive payments
  • Limiting the loan balance so it does not exceed the home’s value

Unlike Canada, independent legal advice is not always required, but the counselling process is intended to help borrowers understand the product.

What This Means for You

The U.S. reverse mortgage system offers more options and flexibility in how funds are received, but it also comes with more complexity, higher fees, and greater reliance on government-backed structures.

Interest Rates And Fees: Canada reverse mortgages vs US interest rates

Interest rates and fees significantly impact how much equity you use over time. Canadian reverse mortgage rates are generally higher (typically 7% to 10%) than U.S. rates due to a smaller, less competitive market. U.S. reverse mortgages often have higher ongoing fees, including servicing charges and lender costs, which may be added to the loan or paid upfront.

Canadian fees tend to be lower and simpler. It’s important to review all fees with your lender to understand the full cost when comparing reverse mortgages in Canada vs the U.S.

Fixed vs Variable Rate Options

Canada:

• Most reverse mortgages are offered with fixed rates tied to a term, commonly 5 years
• Rates reset at renewal based on current market conditions
• Variable rate options are less common

United States:

• Both fixed and variable rate options are widely available
• Fixed rates are typically used for lump sum payouts
• Variable rates are more common when choosing a line of credit or monthly payments

This gives U.S. borrowers more flexibility, but also introduces more complexity when choosing a structure.

Typical Interest Rate Ranges

Canada:

• Rates are typically higher than traditional mortgages
• Generally fall in a moderate range above standard mortgage rates, depending on term length and market conditions

United States:

• Rates can vary more widely due to:
  • Loan structure
  • Fixed vs variable choice
  • Government insurance costs
• Variable rates may start lower but can increase over time

In both countries, age and home value do not directly set the rate, but they do influence how much you can borrow and how the loan grows.

Upfront Fees For A Reverse Mortgage in Canada:

• Administrative or setup fee
• Home appraisal
• Independent legal advice
• Closing costs

Upfront Fees For A Reverse Mortgage in United States:

• Origination fee
• Mortgage insurance premium through FHA
• Appraisal and closing costs
• Ongoing servicing fees in some cases
• Other fees (such as document preparation or counseling fees) may also apply and can vary by lender; these may be added to the loan balance or require upfront payment.

U.S. reverse mortgages often come with higher total upfront and ongoing costs, especially due to insurance premiums and ongoing fees that can add to the total cost over time.

What This Means for You

Canadian reverse mortgages tend to offer simpler, more predictable rate structures, while U.S. options provide more flexibility but often come with higher and more complex costs. Understanding the full fee structure is just as important as comparing interest rates.

Lending Standards And Consumer Protections

Beyond rates and eligibility, one of the most important differences between Canada and the U.S. comes down to how these loans are underwritten and what protections are in place for borrowers.

Notably, there are significantly more banks involved in reverse mortgage lending in the US compared to Canada, which impacts lending practices and borrower experiences.

Underwriting and Lending Standards

Canada:

• Lending standards are generally more conservative
• Fewer lenders operate in this space, with stricter internal guidelines
• Loans are less likely to be approved if there is concern about long term recoverability
• Greater focus on property value stability and risk management

United States:

• Larger and more competitive lending market, with many financial institutions participating
• More flexibility in loan structures and qualification
• Government backed programs increase access, but also add complexity
• Historically, looser lending practices contributed to higher risk in certain periods

Overall, Canada takes a more cautious approach, which can limit access but reduces the likelihood of problematic loans.

Borrower Protections and Guarantees

Canada:

• No negative equity guarantee, meaning you will never owe more than your home’s fair market value
• Mandatory independent legal advice before signing
• Built-in safeguards through stricter eligibility rules, especially for couples

United States:

• Non-recourse protection on federally insured loans, which also ensures the loan does not exceed the home’s value
• Mandatory counselling through approved agencies
• Government insurance through FHA provides additional backing

Both countries offer strong protections, but they are delivered in different ways. Canada leans on stricter qualification and legal safeguards, while the U.S. relies more on insurance and standardized programs.

Foreclosure Risk and Historical Differences

Canada:

• Structure is designed to avoid borrower displacement risk
• Because all borrowers must qualify, there is less risk of one spouse being left in a vulnerable position
• Foreclosure related to reverse mortgages is extremely rare when obligations are met

United States:

• Prior to 2014, some borrowers faced issues when a non-qualifying spouse remained in the home after the primary borrower passed away
• Rule changes have improved protections, but the structure still differs from Canada
• Foreclosure can still occur if loan obligations such as taxes, insurance, or occupancy are not maintained

What This Means for You

Canada’s system emphasizes prevention through stricter rules upfront, while the U.S. system emphasizes protection through insurance and program design. Both aim to protect borrowers, but Canada’s approach is generally simpler and more conservative.

Canada Reverse Mortgages: Who Lends And Market Size

The reverse mortgage landscape in Canada is much smaller and more concentrated than in the United States. The original reverse mortgage product in Canada was the Canadian Home Income Plan (CHIP), which remains the most recognized option for Canadian seniors today.

In Canada, reverse mortgages are also commonly referred to as equity release products, as they allow homeowners to access a portion of their home equity without selling their property.

Major Canadian Lenders

In Canada, there are only a small number of lenders offering reverse mortgages:

• HomeEquity Bank, which is the largest provider in Canada, and lenders offer the CHIP Reverse Mortgage product to Canadian homeowners
• Equitable Bank, which offers reverse mortgage products in select urban markets, and these lenders offer options tailored to homeowners in those areas

Because the market is so concentrated, most Canadians will encounter similar product structures, terms, and qualification standards regardless of where they apply.

U.S. Market Size and Competition

The United States has a much larger and more diverse reverse mortgage market:

• A wide range of financial institutions operate across the country as reverse mortgage lenders
• The majority of loans are issued through the government-backed HECM program
• There are also proprietary or jumbo reverse mortgage products available for higher-value homes

This larger market creates more competition and more options, but also leads to greater variation in rates, fees, and loan structures.

Geographic Availability in Canada

In Canada, availability can vary depending on location:

• HomeEquity Bank offers products nationwide, often working through mortgage brokers to reach Canadians across the country
• Equitable Bank focuses primarily on major urban centers, also partnering with mortgage brokers to distribute their reverse mortgage products

What This Means for You

Canada’s smaller market leads to a more standardized and predictable experience, while the U.S. offers more choice but also more variability.

Repayment, Heirs, And Estate Impacts

Understanding how and when a reverse mortgage is repaid is key, especially when it comes to planning for your estate and what happens to the home.

Many seniors use reverse mortgages to supplement their retirement income, allowing them to access funds without impacting their regular income streams and helping maintain financial stability during retirement.

When the Loan Becomes Due

Canada:

• The loan becomes due when:
  • The home is sold
  • The homeowner moves out permanently
  • The last borrower passes away

United States:

• The same general triggers apply:
  • Sale of the home
  • Permanent move out
  • Death of the last borrower
• The loan may also become due if obligations are not met, such as:
  • Property taxes
  • Home insurance
  • Maintaining the home as a primary residence

In both countries, reverse mortgages are designed so repayment is tied to a major life event, not a fixed payment schedule.

Heirs’ Repayment Options

When the loan becomes due, heirs typically have a few options:

• Sell the home
  • The reverse mortgage is repaid from the sale proceeds
  • Any remaining equity goes to the estate
• Keep the home
  • Heirs can repay the loan using savings or by refinancing with a traditional mortgage

Canada & US:

• Protected by a no negative equity guarantee, so the loan will not exceed the home’s fair market value. In the US, non-recourse loans offer similar protection, meaning heirs do not owe more than the home is worth

This ensures that heirs are not personally responsible for any shortfall if the loan balance exceeds the property value.

Example Estate Scenarios

Scenario 1:
A homeowner passes away with a reverse mortgage balance of $250,000 and a home value of $400,000

• • The home is sold
  • The loan is repaid
  • The remaining $150,000 goes to the estate

Scenario 2:
The loan balance is $300,000 but the home value is $280,000

• The home is sold
• The lender recovers the full value of the home
• The remaining balance is not owed by the estate or heirs

 

What This Means for You

Reverse mortgages in both Canada and the U.S. are designed to protect both borrowers and their heirs, with repayment tied to the home and not personal liability. Understanding these outcomes can help families plan with confidence.Interest Rates, Fees, And Cost Comparison Table

Sample Cost Comparison: Canada vs U.S. Reverse Mortgages

To make the differences more tangible, here are simplified examples showing how costs and loan balances can grow over time. These are illustrative only, but they help highlight how interest and fees impact long term equity.

Assumptions Used

• Home value: $600,000
• Borrower age: 65
• Initial loan: $240,000 (40% loan-to-value)
• No voluntary repayments made
• Interest compounds over time

Country	Starting Loan	Est. Interest Rate	Upfront Fees	Loan After 5 Years	Loan After 10 Years	Loan After 15 Years
Canada	$240,000	6.5% fixed	~$2,500	~$328k	~$449k	~$614k
U.S.	$240,000	6.0% variable avg	~$8,000	~$321k	~$430k	~$575k

What This Table Shows

• Interest accumulation is significant over time
  Even small differences in rates can lead to large changes in total loan balance over 10 to 15 years
• Upfront fees matter more than most people expect
  U.S. loans often start with higher costs due to origination fees and mortgage insurance
• Compounding works the same in both countries
  Since no monthly payments are required, interest is added to the loan balance over time

Comparing Loan Growth vs Home Value Growth

One of the most important things to understand about reverse mortgages is that while the loan balance grows over time, your home value may also increase. This can help offset some of the impact of accumulated interest.

Below is a simple example using the same assumptions as before, with different home appreciation scenarios over 15 years.

Assumptions Used

• Starting home value: $600,000
• Time horizon: 15 years
• Loan balance after 15 years:
  • Canada: ~$614,000
  • U.S.: ~$575,000

Scenario	Home Value (15 yrs)	Loan Balance (Canada)	Remaining Equity
2% growth	$807,000	$614,000	~$193,000
3% growth	$935,000	$614,000	~$321,000
5% growth	$1,247,000	$614,000	~$633,000

What This Shows: Home Appreciation vs Reverse Mortgage

• Home appreciation can offset loan growth. Even at modest growth rates, homeowners may retain a meaningful portion of their equity
• Time matters more than rate differences. The longer you hold the home, the more both the loan and property value grow
• Market conditions play a big role. Strong housing markets can significantly reduce the relative cost of a reverse mortgage

What This Means for You

A reverse mortgage does not exist in a vacuum. While the loan balance increases over time, your home is also likely to grow in value. In many cases, this means you are still preserving equity, just at a reduced level compared to not borrowing at all.

This is why it is helpful to look at both sides of the equation. Not just the cost of borrowing, but also the potential long term value of the asset.

Pros, Cons, And Alternatives For Canadian Families

Reverse mortgages can be a helpful tool, but they are not the right fit for everyone. Understanding how reverse mortgages work is essetial to understanding how they allow seniors to access home equity during retirement, providing additional financial flexibility.

This section breaks down the main reverse mortgage pros, potential drawbacks, and a few alternatives worth considering. It’s important to weigh all these factors carefully and seek professional guidance from a broker at the Canada Reverse Mortgage Centre to make an informed decision about whether a reverse mortgage is right for your situation.

Top Pros of Canadian Reverse Mortgages

• No required monthly payments
  You can access cash without adding a monthly financial burden
• Access to tax-free funds
  Money received is not considered taxable income
• Stay in your home
  You retain ownership and can continue living in your home
• Flexible use of funds
  Can be used for income support, debt repayment, travel, renovations, or helping family
• No negative equity guarantee
  You will never owe more than your home’s value
• Earlier access at age 55+
  Compared to 62+ in the U.S.
• Seniors access home equity
  Reverse mortgages allow seniors to access their home equity during retirement, providing financial flexibility and support.
• Structured for stability
  Conservative lending reduces risk of unexpected outcomes

Top Cons to Consider

• Interest compounds over time
  Loan balance can grow significantly, reducing estate value
• Higher interest rates than traditional mortgages
  This increases the long term cost of borrowing
• Upfront fees and closing costs
  While lower than the U.S., they still need to be considered
• Reduced inheritance
  Less equity may be available for heirs
• Impact on future flexibility
  Moving or repaying early may involve penalties
• Eligibility restrictions for couples
  Both homeowners must be 55+, which can delay access

Alternatives to Consider

Before choosing a reverse mortgage, it is worth comparing other options:

Home Equity Line of Credit (HELOC)

• Lower interest rates
• Requires monthly payments
• Qualification based on income and credit

Learn more about the difference between reverse mortgages and HELOCs

Refinancing or Second Mortgage

• Can provide access to equity at lower rates
• Requires regular payments
• May not be ideal for retirees with fixed income

Downsizing

• Sell your home and move to a less expensive property
• Frees up equity without taking on debt
• May involve lifestyle changes and moving costs

Using Savings or Investments

• Avoids borrowing costs entirely
• May impact long term financial security depending on withdrawal rate

What This Means for You

A reverse mortgage can be a strong option for homeowners who want to access equity without monthly payments, but it works best when compared alongside other strategies. The right choice depends on your cash flow needs, long term plans, and comfort with reducing home equity over time.Practical Steps: How To Evaluate A Canadian Reverse Mortgage

How to Evaluate a Reverse Mortgage in Canada

Before getting a reverse mortgage, it is important to understand the lender, the costs, and how the loan will work over time. Making an informed decision is crucial—reviewing all your options and seeking proper guidance ensures you fully understand the differences and potential impacts before proceeding. A bit of review upfront can help you avoid surprises later.

Using a Canadian reverse mortgage broker can help you weigh your options and compare lenders. Contact our office to book an appointment.

Checklist for Vetting Lenders

• Ask for a full breakdown of interest rates, fees, and penalties
• Understand prepayment rules and any early repayment costs
• Check how rates change at renewal
• Review protections such as the no negative equity guarantee
• Ask whether the loan is portable if you move
• Understand how interest is calculated and added over time

Independent Legal Advice

In Canada, independent legal advice is required before final approval. A lawyer will review the agreement, explain your obligations, and make sure you understand the long term impact on your home and estate.

Work with a broker to use a Reverse Mortgage Calculator

A broker from Canada Reverse Mortgage Centre will use a reverse mortgage calculator to help:

• Estimate how much you may qualify for
• See how the loan balance could grow over time
• Compare different scenarios based on age, home value, and interest rates
• Help you shop various lenders for the best arrangment for your goals
• Help you understand if a lump sum or monthly income is best for your scenario

What This Means for You

Comparing lenders carefully, reviewing the fine print, and running real scenarios will help you make a more informed and confident decision. Speak with a broker at the Canada Reverse Mortgage Centre who can help you evaluate all of your options (not just the ones provided by a single lender)

FAQ: Canada vs U.S. Reverse Mortgages

Can I use a U.S. reverse mortgage if I live in Canada, or vice versa?

No. Reverse mortgages are country specific and tied to the property location. A U.S. reverse mortgage must be on a U.S. property, and a Canadian reverse mortgage must be on a Canadian property. You cannot cross apply between systems.

Are reverse mortgage funds taxed in Canada or the U.S.?

In both countries, reverse mortgage proceeds are generally not considered taxable income because they are loan advances, not earnings. In Canada, you do not pay tax on reverse mortgage proceeds. However, they may still affect financial planning in indirect ways, so it is always worth confirming your situation with a tax professional.

Do reverse mortgages affect government benefits?

Canada:

• Reverse mortgage funds typically do not count as taxable income
• However, large cash holdings could potentially affect income tested benefits depending on how funds are used or held

United States:

• Reverse mortgage proceeds are also generally not taxable
• Impact on benefits depends on program rules and how funds are managed

Is CHIP the same as a reverse mortgage in the U.S.?

No. CHIP is a Canadian reverse mortgage product offered by HomeEquity Bank. Reverse mortgages, also known as equity release products, work on the same general principle in both Canada and the U.S.—they allow homeowners aged 55 or older to access their home equity without selling the property. However, CHIP is a separate product with different rules, eligibility requirements, and consumer protections compared to U.S. reverse mortgages.

Is it true that reverse mortgages are risky or that people lose their homes?

This is a common misconception.

In Canada:

• Borrowers cannot owe more than the home’s value
• Both spouses must qualify, which reduces risk of unexpected repayment issues
• Legal advice is required before approval

Unlike a regular mortgage, where missed payments can lead to foreclosure, reverse mortgages do not require monthly payments and repayment is typically only due when the home is sold or the owners move out.

In the U.S.:

• Similar protections exist through non-recourse loan rules and FHA insurance
• Some historical issues existed before 2014, but the rules have since improved

In both countries, the loan is designed so repayment comes from the home sale, not personal income or savings.

Are Canadian reverse mortgages harder to qualify for than U.S. ones?

Yes, generally speaking. Canada has stricter eligibility rules, including a higher emphasis on age requirements for all borrowers and more conservative lending standards. This can make approval more restrictive, but also more predictable.

Have more questions? Here are 91 of the most common questions about reverse mortgages in Canada.

Reverse mortgages come with a number of myths; some simply outdated information with recent rule changes, and some that have never been accurate. Here are the most common myths of Canadian reverse mortgages.