With a Reverse Mortgage

If you are 55 or older and own your home, a Reverse Mortgage allows you to access up to 55% of your home’s appraised value in tax-free cash, with no monthly mortgage payments required. The loan is only repaid when you move, sell, or your estate is settled.

1. Pay for a Personal Support Worker (PSW): PSWs are often the backbone of in-home care — helping with bathing, dressing, meal preparation, medication reminders, and light housekeeping. A Personal Support Worker typically charges between $30 and $45 per hour for this type of daily support.​

2. Cover Private Nursing Care: Some health conditions call for more than personal support. Private duty nurses — including Registered Practical Nurses, Licensed Practical Nurses, and Registered Nurses — can cost $45 to $75 or more per hour, providing services like wound care, injections, catheter care, and complex medical monitoring.​​ A reverse mortgage helps you access this level of clinical care without drawing down your savings.

3. Create a Steady Monthly Income for Ongoing Care: You do not have to receive your reverse mortgage funds all at once. You can opt for regular monthly or quarterly payments, creating a predictable income stream to cover caregiver fees on an ongoing basis. This works particularly well if your care needs are consistent and you want to budget around a set amount each month.

4. Fund Live-In or Around-the-Clock Care: For those who need continuous support, a live-in caregiver can be the most comfortable and practical arrangement. Around-the-clock home care can cost between $350 and $600 per daydepending on the province and level of care required.​​

5. Bridge the Wait for a Subsidized Long-Term Care Bed: Canada’s long-term care system is under real pressure. Over 50,000 Canadians are currently waiting for a long-term care bed, and in British Columbia, the average wait time has nearly doubled — from 146 days in 2018 to 290 days in 2024.​​ While you wait for a funded spot, private care costs can accumulate quickly. Reverse mortgage funds can cover that gap and keep you safely supported at home in the meantime.

Defining a Reverse Mortgage

A Reverse Mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property.

The loans typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes, property maintenance and homeowner’s insurance.

Reverse Mortgages allow “older” people (55+) registered on title to immediately access the home equity they have built up in their homes, and defer payment of the loan until they die, sell, or move out of the home.

To be eligible, the home you’re using to secure a Reverse Mortgage must be your primary residence. This typically means you live in the home for at least 6 months a year.