Is a reverse mortgage right for you? An honest look

Anita Groves • May 1, 2026

Reverse mortgages get talked about a lot, and not always accurately. Some people treat them as a miracle, others as something to fear. The truth sits in the middle. For the right person a reverse mortgage is a genuinely useful tool, and for someone else there is a better option. Here is the straight version.

What a reverse mortgage actually is

If you are 55 or older, a reverse mortgage lets you borrow against the equity in your home and receive the money tax free, without making any monthly payments. You keep owning your home and living in it. The loan and the interest are paid back later, usually when the home is sold or the owners move or pass away. That is the whole idea in plain terms.

What people get wrong

The two biggest myths I hear are that the bank takes your house, and that your family gets stuck with the bill. Neither is true. You keep the title to your home. And these loans are set up so the amount owed does not pass on to your family beyond the value of the home. What is true, and worth understanding, is that because you make no payments, the balance grows over time as interest adds up.

The honest tradeoff

That growing balance is the real tradeoff. Because it is not being paid down, there is less equity left in the home later, which can mean less to pass on. For some people that is completely fine, they would rather use the money now and enjoy it or help their family while they can see it. For others it matters a great deal. There is no right answer, only what fits you.

It is not your only option

A reverse mortgage is not the only way to use your home's equity. A regular refinance or a line of credit can cost less if you are able to make payments. Sometimes downsizing serves you better. Any broker worth their salt will show you all of these, not just the one.

Get the full picture

If you are curious what your equity could do for you, I am happy to lay out the choices honestly, with no pressure and no sales pitch, so you can decide what is right.

Wondering if a reverse mortgage fits your plans? Let's look at all your options together.

Reverse Mortgages & Equity Lending

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Anita Groves

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Deposit vs. Down Payment: Key Differences for Homebuyers

By Anita Groves • August 26, 2026

When you’re buying a home, two terms often cause confusion: deposit and down payment . While they’re related, they serve very different purposes in the homebuying process. Here’s what you need to know. What Is a Deposit? A deposit is the money you provide when you make an offer on a property. Think of it as a show of good faith that proves you’re serious about purchasing. How it works : Typically, you provide a certified cheque or bank draft that your real estate brokerage holds in trust. If your offer is accepted, the deposit remains in trust until the deal moves forward. If negotiations fall through, the deposit is refunded. Connection to your down payment : Once the sale is finalized, your deposit becomes part of your total down payment. Why it matters : The amount is negotiable, but a larger deposit can make your offer more attractive in a competitive market. Keep in mind, however, that if you back out after conditions are removed, you risk losing your deposit. What Is a Down Payment? Your down payment is the amount you contribute toward the purchase price of your home when securing a mortgage. Minimum requirement : In Canada, the minimum down payment is 5% of the home’s purchase price. Anything less than 20% requires mortgage default insurance. Sources : Down payments can come from your savings, the sale of another property, RRSP withdrawals (through the Home Buyers’ Plan), a gift from family, or even borrowed funds. Example: How They Work Together Imagine you’re buying a $400,000 home with a 10% down payment ($40,000). When you make your offer, you provide a $10,000 deposit . Once conditions are met, that deposit is transferred to your lawyer’s trust account. At closing, you add the remaining $30,000 to complete your full down payment. The lender provides the rest—$360,000—through your mortgage. The Bottom Line Your deposit shows commitment and secures your offer, while your down payment is what makes the mortgage possible. Together, they work hand in hand to get you into your new home. 📞 If you’d like clarity on deposits, down payments, or any other part of the mortgage process, let’s connect. I’d be happy to walk you through it step by step.

RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Anita Groves • August 19, 2026

Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.