A reverse mortgage is a mortgage designed specifically for the changing financial needs of seniors. You must be 60 or older and own a home or condo to qualify for a reverse mortgage in Canada.

Unlike a traditional mortgage, a reverse mortgage does not require a set payment schedule. You can make monthly interest payments if you want to, but most people choose to pay back the mortgage when they sell their home.

The flexibility of never having to make monthly payments is why reverse mortgages are such an attractive option for thousands of Canadian homeowners.