Reverse Mortgages — Winnipeg & Manitoba
For homeowners 55 and older: access part of your home’s equity as tax-free cash, with no regular mortgage payments, while you keep ownership of your home.
Arranged by Poupe Vongkhamchanh, Mortgage Agent with CENTUM Financial Services LP (AFC), serving Winnipeg and Manitoba homeowners. View full profile on CENTUM →
How reverse mortgages work in Canada.
Age 55 and up
Everyone on title must be at least 55. The older you are, the more you can usually access.
Up to 55% of home value
Depending on age, location and property type, you can access up to about 55% of your home’s appraised value.
No required monthly payments
You repay the loan and interest when you sell, move out permanently, or after the last borrower passes away.
You keep ownership
You stay on title and keep paying property taxes, insurance and upkeep.
Costs to understand
Rates are higher than regular mortgages and interest compounds over time, so the balance grows. Independent legal advice is required.
Who a reverse mortgage can help
Retirees who want to stay in their Winnipeg home but need more monthly cash flow, want to pay off an existing mortgage or debts, fund renovations or in-home care, or help family with a down payment.
A reverse mortgage isn’t the only option. Poupe will also compare a home equity line of credit, a refinance or downsizing, and we encourage you to include your family and your financial advisor in the conversation.
Signs a reverse mortgage might fit
You want to stay in your home
And you don’t want to downsize or move.
Your income doesn’t qualify for a regular loan
Reverse mortgages don’t require income to qualify.
You’d like to eliminate monthly payments
Paying off an existing mortgage frees up cash every month.
You want to help family now
Some homeowners use funds to help children or grandchildren.
You’re planning for care costs
Funds can help pay for in-home care or accessibility renovations.
Not sure which one is you?
A quick, no-pressure call clears it up fastest — and it costs you nothing.
Our reverse mortgage process
Conversation
Your goals, your home and your family’s questions.
Compare options
Reverse mortgage vs HELOC, refinance or downsizing.
Estimate
How much you could access and what the balance could grow to over time.
Appraisal and legal advice
A home appraisal and independent legal advice are required.
Funding
Take a lump sum, scheduled advances, or a mix.
Frequently asked questions about reverse mortgages.
Still wondering about something? A quick, no-pressure call clears it up fastest.
Homeowners aged 55 or older, where everyone on title meets the age requirement and the home is their primary residence. You don’t need to show employment income to qualify.
You can typically access up to about 55% of your home’s appraised value. The exact amount depends on your age, your home’s location and type, and any existing mortgage that must be paid off.
No regular payments are required. The loan and accumulated interest are repaid when you sell, move out permanently, or after the last borrower passes away. You can usually choose to make payments if you want to limit how much the balance grows.
You keep ownership of your home, but you must continue to pay property taxes and home insurance and keep the home in good repair. Falling behind on those obligations can put the loan in default.
Interest rates are higher than regular mortgages, interest compounds so the balance grows over time, and there can be prepayment penalties if you repay early. It also reduces the equity left for your estate, which is why comparing alternatives and getting independent legal advice matters.
Let’s talk through your options.
Free consultation with a licensed Manitoba mortgage professional — no pressure, no cost.