With so many fabulous places in the world to visit, or grandchildren on the horizon, more Okanagan seniors are turning to reverse mortgages to help with the cash flow without selling their home. But is it the right choice for you or your loved ones? Here’s what you need to know in 2025.
What Is a Reverse Mortgage?
A reverse mortgage helps homeowners aged 55+ to borrow up to 55% of their home’s value. Unlike traditional loans, you don’t make monthly payments. The loan is repaid only when you move, sell, or pass away.
What’s New in 2025?
In 2025, reverse mortgages in Canada have new, updated lending guidelines and more flexible repayment options. Lenders are offering better rates and more transparent fees, making this financial tool more accessible—and less risky—for retirees.
Pros of a Reverse Mortgage
Access tax-free cash while staying in the home and neighbourhood you love
Maintain home ownership and independence
Use funds for anything, from home renovations, travel, assisting children with their own mortgages, to health care expenses
No monthly mortgage payments required
Things to Consider
Interest accrues over time, reducing your home equity
The loan must be repaid when you move or pass away
Heirs may inherit less, depending on the home’s future value
Is It Right for You?
A reverse mortgage isn’t one-size-fits-all. It may be a great solution if you want to age in place, supplement your income, or reduce financial stress. But it’s important to weigh the pros and cons carefully.
Talk to Our Mortgage Experts Who Put You First
At Rampone-Marsh Mortgages, we are here to help you explore all your options, with clear, honest advice tailored to your future goals. Contact us today for a no-pressure consultation and see if a reverse mortgage is the right fit.
