Finance

Financial Literacy Resource Website

Borrowing Money - Seniors

Reverse Mortgages

A reverse mortgage is a loan that is designed for homeowners 55 years of age and older. It is secured by the equity in the home, which is a portion of the home’s value that is debt-free. A reverse mortgage allows homeowners to obtain money without having to sell their home.

To learn more, call your local financial institution or consult the Financial Consumer Agency of Canada’s website Understanding Reverse Mortgages.