The reverse mortgage is growing in popularity in Quebec, driven by an aging population and rising property values.
What Is a Reverse Mortgage?
A reverse mortgage allows homeowners 55 and over to borrow up to 55% of their property value without making monthly payments. The loan is repaid only when the property is sold or the last borrower leaves the home.
Quebec Homeowner Testimonials
Several Quebec homeowners report using a reverse mortgage to:
Points of Caution
Interest accumulates on the loan without monthly payment, which can significantly reduce the inheritance left to heirs. It is essential to consult a financial advisor and a notary before committing.
Regulation in Quebec
Reverse mortgage products in Canada are primarily offered by Equitable Bank (formerly CHIP). OACIQ mortgage brokers can assist you in evaluating this option.
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