Can a reverse mortgage supplement my CPP and OAS in Ontario?

Yes. Reverse mortgage proceeds are tax-free loan advances, not income. They do not count as income for tax purposes and do not affect your Canada Pension Plan (CPP), Old Age Security (OAS), or Guaranteed Income Supplement (GIS) payments. This makes a reverse mortgage one of the most efficient ways to supplement your government retirement benefits.

How does a reverse mortgage eliminate my monthly mortgage payment?

If you still have an existing mortgage when you take out a reverse mortgage, the proceeds are first used to pay off that balance in full. Since a reverse mortgage has no required monthly payments, you immediately free up that cash every month — giving you significant relief in your monthly budget.

Can I receive my reverse mortgage funds as monthly payments?

Yes. Instead of a lump sum, you can choose to receive your reverse mortgage proceeds as scheduled monthly or quarterly deposits. This creates a predictable, tax-free stream of income similar to a pension, which many Ontario retirees find ideal for covering recurring expenses.

What happens if I outlive my reverse mortgage funds?

A reverse mortgage provides access to a set amount based on your home's equity — not a lifetime annuity. Once drawn, additional funds can sometimes be accessed as your home appreciates or through a revolving credit option with some lenders. It's important to plan carefully with a licensed advisor to ensure the funds meet your long-term needs.

Is a reverse mortgage better than drawing down my RRSP/RRIF early?

For many Ontario retirees, yes. Drawing down an RRSP or RRIF triggers taxable income, which can affect your OAS clawback threshold and push you into a higher tax bracket. A reverse mortgage provides tax-free cash that has no impact on your income-tested benefits — making it tax-efficient compared to early registered account withdrawals.

💰 Retirement Cash Flow

Stop Worrying About Money in Retirement. Start Living.

CPP and OAS were designed to survive on — not to actually live on. You're not asking for luxury. Just enough room to breathe. Your home equity already provides it.

Ontario homeowners 55+ can unlock their home equity to supplement CPP and OAS, eliminate mortgage payments, and create a reliable, tax-free income stream — without selling their home. No income proof. No credit check.

✓Eliminate your existing mortgage payment — instantly

✓Supplement CPP, OAS, and pension income tax-free

✓No monthly payments — ever

✓No effect on government benefits (OAS, GIS, CPP)

30 Second Quiz

See What You Qualify For

Answer a few quick questions to get your personalized quote

Step 1 of 520% complete

What's your first name?

What's the best phone number to reach you?

What's your email address?

Your information is secure and will never be shared with third parties.

The Retirement Cash Flow Problem in Ontario

Millions of Ontario seniors own their homes outright or with significant equity — yet struggle month to month. This doesn't have to be your reality.

📉

Fixed Income, Rising Costs

CPP and OAS average only $1,000–$1,400/month per person — well below what most Ontario retirees need to maintain their standard of living as inflation rises.

💳

Depleting Savings

Drawing down RRSPs and RRIFs triggers taxable income, can trigger OAS clawbacks, and risks running out of money in later years when healthcare costs rise.

🏘️

Equity Trapped in Your Home

For most Ontario seniors, 70–90% of their net worth is sitting in their home. A reverse mortgage unlocks that equity without requiring you to sell or downsize.

How a Reverse Mortgage Improves Your Cash Flow

A reverse mortgage is the most direct way for Ontario homeowners to bridge the gap between fixed income and real retirement expenses.

Eliminate Your Existing Mortgage Payment

If you still carry a mortgage, the reverse mortgage first pays it off completely. The average Ontario homeowner saves $1,200–$2,500/month by eliminating this single payment. That's money back in your pocket immediately — with no new payment required.

Also learn about using a reverse mortgage for debt relief →

Monthly Income Stream

Instead of a lump sum, elect to receive your reverse mortgage funds as monthly deposits. Many Ontario retirees use this to top up their CPP and OAS to a comfortable living amount — tax-free, with no impact on government benefits.

Cover Healthcare and Emergency Costs

Healthcare costs are the #1 unexpected expense in retirement. Having tax-free funds available as a lump sum or a line of credit provides peace of mind for dental, vision, hearing aids, prescription drugs, and home care costs.

See how seniors use it for home care and aging in place →

Tax-Efficient Retirement Planning

Reverse mortgage proceeds are not taxable income. Drawing from home equity instead of RRSPs or RRIFs keeps your taxable income lower — helping you avoid OAS clawbacks and potentially saving thousands per year in income tax.

Read: Tax implications of reverse mortgages in Canada →

What Could a Reverse Mortgage Mean for You?

Here's what a typical Ontario couple might access based on their home value and age.

Couple, both 62

$700,000 home

~$245,000

available as lump sum, or

~$980/mo for 25 years

Single homeowner, 70

$850,000 home

~$382,500

available as lump sum, or

~$1,276/mo for 25 years

Couple, both 75

$1,100,000 home

~$550,000

available as lump sum, or

~$1,833/mo for 25 years

*Illustrative estimates only. Actual amounts vary by lender, property type, and individual circumstances. Consult a licensed advisor.

Estimate Your Tax-Free Cash Flow

Adjust the sliders to see how much you could unlock based on your home and age.

Estimated Home Value$750K

$500K$2.5M

Your Age (youngest homeowner)65 yrs

5590

Existing Mortgage Balance (optional)

If you have an existing mortgage, it's paid off first from the proceeds.

Estimated Gross Proceeds

$165K – $225K

tax-free from your home equity

Illustrative estimates only. Actual amounts depend on age, property type, location, lender, and appraisal. Contact Rick for your exact qualification.

Get My Exact Number — FreeCall Rick — 416-473-9598

Need access to more equity?

In certain circumstances, access to up to 80% of your home's value may be available through other financing options. Call Rick to understand all your options.

Call Rick — 416-473-9598