Independent mortgage advice that puts your interests first -
Meet Rick Bettencourt
30-second overview
.png)
Independent guidance for Ontario homeowners — explained clearly, without pressure or sales tactics.
Prefer to talk first? Speak with an expert →
10-Minute Reverse Mortgage ConversationNo obligation • Ontario Homeowners
• 24–48 hr review
Reverse mortgages are often discussed in broad terms, but rarely explained clearly. This page is designed to walk through how reverse mortgages actually work in Canada — including the rules, trade-offs, and situations where they may or may not make sense. The goal isn’t to recommend a product. It’s to provide enough clarity for homeowners and their families to decide whether this option even belongs in the conversation.
Reverse mortgages are often discussed in headlines or soundbites, but rarely explained in full. Before deciding whether a conversation makes sense, many homeowners prefer to understand how these loans actually work — including the rules, trade-offs, and situations where they may or may not be appropriate.
Written for homeowners and their families • No forms • No obligation
A reverse mortgage allows eligible homeowners to access a portion of their home equity without selling the home and without making required monthly mortgage payments. Unlike a traditional mortgage or line of credit, repayment is typically deferred until the home is sold, the homeowner moves out permanently, or the estate settles the loan.
You remain the owner of your home throughout the life of the reverse mortgage. The lender does not take ownership, and you stay in control of when the home is sold.
In practical terms, a reverse mortgage is often used to:
• Eliminate existing mortgage payments
• Improve monthly cash flow in retirement
• Access equity without selling the home
• Create flexibility around when to downsize or sell
A reverse mortgage is one option among several, and whether it makes sense depends entirely on the homeowner’s situation.
A reverse mortgage is a loan that allows homeowners aged 55 and older to access a portion of their home’s equity without selling the home and without making regular mortgage payments. It’s often misunderstood because it works very differently from a traditional mortgage — and because many explanations focus on extremes rather than how these loans are used in real life.
You borrow money
You make monthly payments
Over time, your mortgage balance usually goes down
Missed payments can put the home at risk
You borrow money using your home as security
You do not make required monthly mortgage payments
Interest is added to the balance over time
You remain the homeowner at all times
With a reverse mortgage, the lender does not take ownership of your home.
Your name stays on title, and you remain in control of the property. The loan is typically repaid later — when the home is sold, the homeowner moves out permanently, or the estate settles the loan.
As long as you continue to:
Live in the home as your primary residence
Pay property taxes
Maintain home insurance
Keep the property in reasonable condition
you are not required to repay the loan, and you are not forced to move.
Reverse mortgages in Canada also include a built-in safeguard:
the amount owed can never exceed the fair market value of the home at the time it’s sold. This means neither the homeowner nor the estate can be left owing more than the home is worth
Now that the structure is clear, the next step is understanding how a reverse mortgage would work in real life — using actual numbers and realistic scenarios.
30-second overview
★★★★★ Rated 5 Stars on Google
“Amazing service. Helped me get approved when the banks said no. Very professional, fast, and honest.”
-Shane S.
“Excellent communication. Helped with a second mortgage and debt consolidation — couldn’t be happier.”
Lynda B.
“Very knowledgeable and helpful from start to finish. Made the entire mortgage process much easier.”
Domenic V.
At Chartered Finance, we help Ontario homeowners understand mortgage options — including reverse mortgages — with a straightforward review of pros, cons, and alternatives. If it’s not a fit, we’ll tell you.
Rick Bettencourt, Mortgage Broker Level 2,
FSRA License #M11002425
licensed with Chartered Finance, Brokerage #12791
#302 – 7300 Warden Ave, Markham, Ontario.
Helping Ontario homeowners access practical mortgage solutions with clarity and confidence.
© 2025 Pure Mortgage Advisory Services. All rights reserved.