Reverse Mortgage
Unlock Your Home’s Equity — Tax-Free Cash for 55+ Homeowners
- Access up to 55% of your home’s value
- Keep full ownership of your home
- No monthly mortgage payments ever
- Get tax-free cash in weeks
Apply Now
What Is a Reverse Mortgage?
A reverse mortgage is a special type of home loan designed for Canadian homeowners aged 55 and older. It allows you to access a portion of your home’s equity as tax-free cash, without selling your home or making monthly mortgage payments.
Instead of you paying the lender every month, the lender pays you — either as a lump sum, regular income, or a line of credit. You continue to own and live in your home, and the loan (plus accumulated interest) is repaid only when you sell the property, move out permanently, or pass away.
How It Works
Eligibility
- Access up to 55% of your home’s value
- The home must be your primary residence.
- The property must be located in Canada and have sufficient equity.
- If there are two owners, both must be 55+.
How Much You Can Borrow
Up to 55% of your home’s appraised value, depending on:
- Your age (the older you are, the more you can access)
- Home’s location, type, and condition
- Current property value
You can receive the funds as:
- A lump sum
- Regular monthly payments
- A combination of both
Repayment
No monthly payments required while you live in the home.
The full amount (loan + interest) is due only when:
- You sell your home,
- Move into long-term care, or
- Pass away.
The home’s remaining value (after repayment) belongs to you or your estate.
How You Can Use the Money
You can use reverse mortgage funds any way you wish, including:
- Supplementing retirement income
- Paying off existing debts or mortgages
- Covering home renovations or accessibility upgrades
- Funding healthcare or in-home care
- Helping children or grandchildren financially
All proceeds are tax-free, since it’s not considered income.
Why Work With AKAL Mortgages
At AKAL Mortgages, licensed mortgage experts help you:
- Compare lenders like CHIP and Equitable Bank
- Calculate how much equity you can access
- Understand all costs and terms
- Get personalized advice to make the best choice for your situation
You’ll receive transparent, no-obligation guidance, ensuring your reverse mortgage fits your long-term goals.
OUR VALUABLE
Awards and Recognitions
AKAL Mortgages Inc. is honoured to showcase recent national awards, reaffirming our commitment to excellence in delivering innovative solutions for consumers and brokers.
TESTIMONIAL
We Serve Our Clients Best Of Capacity
Contact Detail
- 416 - 621 - 1300
- info@AKALmortgages.com
- Mississauga, Ontario: 238 Britannia Rd E Mississauga, ON L4Z 1S6
Map
© All Copyright 2025 by Akal Mortgages