M
Margaret K.
★★★★★
We were one renewal away from being house poor at 68. Lighthouse walked us through the reverse mortgage option twice without rushing. We paid off the $180K mortgage. We sleep again.
Unlock up to 55% of your home's value as tax-free cash. No monthly payments. Stay in your home. Keep the title in your name. The retirement income you've already earned, just not collected yet.
4.9/5 · 192+ reviews
Read this part carefully.
Property taxes climb. Groceries climb. Hydro climbs. CPP and OAS held steady. The kids could use help. The roof needs doing. Instead of selling the home you raised the family in, when a refinance won't do, access your hard-earned equity without paying crazy rates or fees.
A reverse mortgage qualifies on your age and your home's equity. Nothing else.
Watch how home appreciation works in your favour even with the loan growing. Built on the same compound-interest math the major Canadian reverse mortgage lenders use.
*Compound interest accrued semi-annually (Canadian convention). Home value growth applied annually. The 8.49% default is approximate; actual rates vary. This is an illustration, not a binding offer.
| Today | In 10 years | |
|---|---|---|
| Home value | $850,000 | $1,142,243 |
| Reverse mortgage | $255,000 | $580,433 |
| Your home equity | $595,000 | $561,810 |
No income docs. No employment proof. No medical exam. Just your age and your home.
Two sliders — your age and your home's value. Your potential range appears instantly from every provider in Canada
A Lighthouse advisor walks you through the lenders, the rates, and the fine print. Zero pressure. Zero obligation.
Your agent will handle all the paperwork for a stress-free closing - Funds hit your account 24 hours after completion.
Same homeowner: 68 years old, $850,000 home, fully paid off, fixed-income retirement.
| Feature | Sell & downsize | Bank refinance | HELOC | Reverse mortgage |
|---|---|---|---|---|
| No income or credit qualifying | ✓ | ✕ | ✕ | ✓ |
| $0 monthly payments required | ✓ | ✕ | ✕ | ✓ |
| You keep your home | ✕ | ✓ | ✓ | ✓ |
| Tax-free funds | ✕ | ✓ | ✓ | ✓ |
| Lender can't call funds back | ✓ | ✓ | ✕ | ✓ |
| Built for homeowners 55+ | ✕ | ✕ | ✕ | ✓ |
*Illustrative comparison. Real terms vary by file. Reverse mortgage interest accrues to the principal but is repaid only when the home is sold, you move out permanently, or the last surviving borrower passes away. All disclosures provided in writing 2 business days before signing per FSRA rules.
No sale, no move, no downsizing. You stay on title, you keep the keys, and you live there as long as you wish.
Most clients choose to pay nothing — ever. The loan and accrued interest are repaid only when the home is sold or you move out permanently.
Funds are a loan, not income. They don't trigger OAS clawback, CPP reduction, or affect any income-tested benefit.
Pension, OAS, retired with no T4? Doesn't matter. You qualify on age and home equity. No stress test, no debt-service ratios.
You and your estate will never owe more than the fair market value of the home at the time of sale. Required by every regulated Canadian lender.
Take it all at once, take a monthly stipend to top up your pension, or split. Lighthouse helps you structure what fits your retirement.
A $400K mortgage at 6.49% renewal becomes a $0 monthly payment. Same home, same title. The interest accrues to the loan instead of leaving your bank account every month.
A monthly draw of what your need to enjoy your retirement without going back to part-time work. Tax-free with no effect on income.
Down payment for the kids. Tuition for the grandkids. Give the inheritance while you're still around to see it used — without depleting RRSPs or selling investments.
Walk-in shower, stair lift, main-floor bedroom, ramp, accessible bathroom. The renovations that turn a home into one you can live in for the next 20 years.
Long-term care for a spouse. Dental work OHIP doesn't cover. A private specialist. Getting it done now without raiding savings or selling investments at the wrong time.
Use tax-free home equity now so your registered investments stay invested longer. A favourite move of fee-only retirement planners we work with.
4.9/5 · 192+ reviews
We were one renewal away from being house poor at 68. Lighthouse walked us through the reverse mortgage option twice without rushing. We paid off the $180K mortgage. We sleep again.
Our daughter needed a down payment in this market. We didn't want to sell investments. The reverse mortgage gave her the keys to her first home and didn't change our retirement plan one dollar.
I was 73 and back at a part-time job I didn't want. A monthly draw from my home replaced that income. I spend my mornings in the garden now, not in retail.
After Joan's hip replacement we knew we needed to renovate or move. Walk-in shower, stair lift, ramp at the side door. The reverse mortgage paid for all of it. Aging in place is real now.
My wife's care costs were eating our savings. The bank wanted income proof we don't have. Lighthouse just looked at the home and the math. Funded in 4 weeks. Stopped the bleed.
I thought I'd have to sell. The Lighthouse advisor showed me three lenders, three rates, three structures, and said “take a week.” That week was the difference. We didn't sell.
Outcomes vary. Names abbreviated for privacy. Quotes paraphrased from Google reviews and case files. Your own quote, rate, and savings depend on your situation.
It is law that your mortgage can never exceed the value of the home and strict underwriting ensures you can't borrow too much.
Required by law. You'll meet with a lawyer of your choosing before signing. Your security and safety is our top priority.
Zero obligation, zero cost. We make sure we explore all lender options, eliminating the stress of picking the right lender for your goal.
A reverse mortgage is a meaningful financial decision. We encourage you to invite an adult child, spouse, or financial advisor to the conversation. We answer their questions too.
Ontario home values have grown roughly 75-80% since 2015. Reverse mortgage lenders unlock a percentage of today's appraised value. The longer you wait, the more those qualifying tables tighten and the more the market resets.
A 10-minute call now locks in your number, your rate, and your options while the equity is at peak. No pressure, no obligation, no credit hit.
Licensed FSRA broker · Speak with a real person, not a chatbot.
No. You stay on title. A reverse mortgage is a loan secured by your home, the same way a regular mortgage is. The lender does not own your home, never will, and cannot force you out as long as the home remains your primary residence and you keep up property tax and insurance.
The home is sold by your estate (or you, if you've moved out). The reverse mortgage and accrued interest are repaid from the sale. Anything left over goes to your estate or your heirs. Heirs also have the option to keep the home and pay out the loan from other funds. Most reverse mortgages give heirs 6-12 months to settle.
No. Every regulated Canadian reverse mortgage carries a No-Negative-Equity Guarantee. If the loan ever exceeds the home's fair market value at the time of sale, the lender absorbs the difference. You and your estate are protected.
Between about 16% and 55% of your home's value, depending mostly on age. Older borrowers qualify for a higher percentage. The calculator at the top of this page uses Canada's industry-standard qualifying ratios — the same ones the major reverse mortgage lenders use to issue real quotes. Final number depends on property type, location, and lender.
No to both. The funds are a loan, not income, so there's no tax. They don't show up on your tax return and they don't trigger OAS recovery (clawback) or affect GIS, the Age Amount, or any other income-tested benefit.
Rate: typically about 1-3% above prime, fixed for terms from 6 months to 5 years. Higher than a regular mortgage because there's no income qualification and no monthly payment requirement. Setup costs: appraisal ($300-$700), independent legal advice (covered by us), and a one-time setup/closing fee (about $1,500-$2,500 depending on lender). Every fee is disclosed in writing 2 business days before signing per FSRA rules. No surprises.
Yes, you can pay off the loan in full at any time. Some lenders charge a prepayment penalty if you pay it off in the first few years (similar to a regular mortgage); others waive it after a set period. You can also pay just the interest (or any portion you'd like) any time, with no obligation. We compare prepayment terms across lenders before you choose.
Maybe. Sometimes downsizing is the right answer. But run the math: a $1M home selling, with realtor fees, land transfer tax, lawyer fees, moving costs, and a $700K replacement, can leave you with surprisingly little once everything settles. You also lose the home, the neighbourhood, and the equity growth on the original property going forward. We'll honestly tell you when downsizing makes more sense than borrowing.
The three main players are HomeEquity Bank (CHIP), Equitable Bank, and Bloom Finance. They all offer slightly different LTV ratios, rates, and fee structures. Lighthouse is independent — we shop all of them on your behalf and recommend the one that fits your situation, not the one that pays the highest commission.