Reverse Mortgage Myths — Busted!
- You own your home for life. The bank has the same type of lien on your home as with any other mortgage.
- You are never required to make any payments to the mortgage (optional ones allowed!)
- You cannot owe more than your home is worth, no matter what the market does or how long you live (and keep the reverse mortgage in place).
- Funds are tax-free and don’t affect OAS/GIS. They can be taken as a lump sum or an income stream.
- You can stay in your home as long as you want. There is no time limit on how long you can keep this.
- You can sell your home whenever you want. This mortgage gets paid off like any other upon closing.
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