Many Canadian homeowners want to stay in the home they love, but worry about cash flow in retirement. Reverse mortgages are often misunderstood — this guide explains who qualifies, what really matters, and what you don’t need to worry about.
Are You Eligible for a Reverse Mortgage?
Most Canadian homeowners are sitting on a “gold mine” of equity but aren’t sure if they qualify to use it. Unlike traditional mortgages that focus heavily on your salary or credit score, reverse mortgage eligibility is primarily based on who you are and what you own.
The Core Eligibility Criteria:
- Age Requirement (55+): You must be at least 55 years old. Crucially, every person listed on the home’s title must also meet this age threshold.
- Home Value: Your property should typically have a minimum value of $250,000.
- Property Type: Most homes qualify, including detached, semi-detached, townhouses, and many condos. The home must be in good repair and property taxes kept up to date.
What You Don’t Need to Worry About:
This is where homeowners often feel the most relief. Because there are no monthly mortgage payments required, the qualification process is much more flexible than a bank loan:
Income is not a factor: You do not need a high pension or a job to qualify.
Credit score isn’t the priority: While a basic check is performed, “less-than-perfect” credit usually won’t disqualify you.
Ready to Explore Your Options?
In my experience funding these CHIP Reverse Mortgages with HomeEquity Bank, I’ve seen how accessing 35% to 55% of your home’s value can change a life—whether it’s paying off debt to improve cash flow or renovating for “aging in place”.
If you would like to see how these numbers apply to your specific situation, I invite you to learn more about the process and view a personalized reverse mortgage assessment to see if this is the right move for your peaceful retirement.
Maurice Kwok, MBA CPA MA Licensed Ontario Mortgage Broker (FSRA Lic. #M13000496) with Sherwood Mortgage Group (FSRA Lic. #12176).
Serving Ontario homeowners and investors since 1995.
Call or Text / WhatsApp me at: (416) 618-9312
Email: maurice@sherwoodmortgagegroup.com
Get your free equity assessment at: mortgagemaurice.ca
Image License Disclosure
Image Credit: “Portrait of happy senior couple relaxing at home” is licensed from Envato Elements by Maurice Kwok (License Code: FWGXUNQ63D, License Date: January 12th, 2026).