Tax-free cash with no monthly payment — how it works in Kitchener
A reverse mortgage lets Kitchener homeowners aged 55+ convert up to 55% of their home's value into tax-free cash, with no monthly payments — interest accrues and is repaid when you sell or pass on. Qualification is on age and equity, not income, so a retiree with a paid-off Waterloo Region home but modest pension income still qualifies. Take it as a lump sum, monthly income, or a mix. The proceeds are loan funds, not income, so they don't affect Old Age Security or the Guaranteed Income Supplement.