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Reverse Mortgage as an Income Stream
Exclusively for Canadian homeowners 55+

Find out how you can get tax-free income from your home.

Complete our Reverse Mortgage estimate and in as little as 5 minutes you can find out how much tax-free income you may qualify for and get your FREE guide!

Get started now!

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What is Income Advantage?

Income Advantage is a lifetime loan secured against the value of your home. It is a type of loan that is commonly referred to as a Reverse Mortgage. It lets you convert up to 55% of the value of your home into tax-free monthly income. The best part is that no monthly mortgage payments are required. The loan is only repaid when you, the homeowner(s), are no longer living in the home.

Think of Income Advantage like a home pension. You have contributed to your home pension all these years by making regular mortgage payments. Now let your home pay you by depositing money right into your bank account each and every month!

You maintain ownership and control of your home, and the monthly income you receive is tax-free. Read below to learn more.

Resources to help you make the right decision

  • What is a Reverse Mortgage?
  • Process - how to apply?
  • Myths of a Reverse Mortgage
  • Reverse Mortgage vs. HELOC

Ready to explore Income Advantage?

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Frequently Asked Questions

Find the answers to the most commonly asked Reverse Mortgage questions.

  • Who can qualify?

    Income Advantage requires no health checks. You can qualify if you own your home, you and your spouse are over 55, and you use it as your primary residence.

  • How much of my home’s equity can be accessed through Income Advantage?

    Income Advantage lets you access up to 55% of your home’s appraised value.

  • How will I receive the money?

    You will receive the money in monthly or quarterly scheduled advances. Income Advantage gives you the convenience of regular deposits right to your bank account. There is an initial minimum advance of $20,000 when you start with Income Advantage.

  • What if I have an existing mortgage?

    Any secured debt, including a mortgage or home equity line of credit, must first be paid out from the Income Advantage funds. Many of our clients use Income Advantage to pay off existing debts.

  • Will I have to pay tax on the Income Advantage money?

    No. It’s tax-free income because you are accessing equity from your primary residence.

  • When it’s time to repay the loan, could my other assets be affected?

    Your other assets are completely protected. We guarantee that the amount to be repaid will never exceed the fair market value of your home, provided you have paid your property taxes and home insurance, and kept your property well maintained.

  • Can I repay my balance early, before the sale of my home?

    Yes. You or your spouse can repay the principal or interest at any time — in full or on an annual or monthly basis. A prepayment charge may apply.

  • Who offers this product?

    Income Advantage is a product of HomEquity Bank, a Schedule 1 Canadian bank. It is available through all of Canada’s major banks, and through many credit unions, mortgage brokers, and financial advisors.

  • Will the bank own the home?

    No. The homeowner remains on title and maintains ownership of the home. It’s a requirement for the homeowner to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.

  Reverse Mortgage HELOC (Home Equity Line of Credit)
Payments No monthly mortgage payments required Minimum monthly payments required
Loan Type If you maintain the condition of your home and keep property taxes and insurance up to date then you will not have to make payments until you move, sell or pass away Demand Loan (Lender can call the loan at any time, requiring the full amount)
Rates Rates are typically higher because no monthly mortgage payments are required Lower interest rates
Qualification
  • Both homeowners must be 55+
  • Must live in the home as principal residence
  • Proof of income
  • An acceptable level of debt compared to income
Home Value Access up to 55% of the home value Access up to 65% of the home value*
  * If combined with a regular mortgage, a home equity line of credit can have a maximum of 80% of the home’s appraised value.