The Reverse Mortgage: An Underused Retirement Solution in Quebec
A reverse mortgage allows homeowners aged 55 and over to access the equity accumulated in their property without having to sell or make monthly payments. The balance is simply repaid upon sale of the property or death.
In Canada, the CHIP product from HomeEquity Bank is the best-known solution. Our OACIQ brokers analyze whether a reverse mortgage is the best option for you, compared to a HELOC or refinancing.
Uses of a Reverse Mortgage
Reverse Mortgage vs Home Equity Line of Credit
Reverse Mortgage in Your City
Frequently Asked Questions
Who qualifies for a reverse mortgage in Quebec?+
Reverse mortgages are available to homeowners aged 55 and older in Canada. The property must be your primary residence and you must have sufficient equity. Both spouses must be 55+ if the property is jointly owned.
Do you have to make monthly payments on a reverse mortgage?+
No. This is the key feature of a reverse mortgage: there are no mandatory monthly payments. Interest accumulates and the balance is only repaid when you sell the property, move to a residence, or pass away.
How much can you borrow with a reverse mortgage?+
In Canada, you can borrow up to 55% of your property's value with a reverse mortgage. The exact amount depends on your age, location, and property value. The older you are, the higher the accessible percentage.
Can you lose your home with a reverse mortgage?+
No, as long as you meet basic obligations: live in the property as your primary residence, maintain up-to-date home insurance, and pay property taxes. Canada's CHIP product legally guarantees you'll never owe more than the property's value.
What are the rates on a reverse mortgage?+
Reverse mortgage rates are generally 1.5% to 2% higher than a conventional mortgage. In 2026, rates range between 6.5% and 8% depending on the term chosen (6 months to 5 years). These rates reflect the risk assumed by the lender (no monthly repayment).
Are there alternatives to a reverse mortgage for retirees?+
Yes. Depending on your situation, a HELOC or refinancing may provide fund access at lower cost. Our OACIQ brokers compare all available options to recommend the most advantageous solution for your profile.