The main upside of a reverse mortgage is that it allows you to stay in your current home, pretty much until you and your spouse pass away (or move into long-term care). This is, of course, dependent on how much of the loan you spend while you’re alive, and your other sources of financing. However, since you will remain the title-owner of the home, you can sell at any time, in order to repay the loan (and its prepayment penalty), if you need to. On another positive note, if you do stay in your home, the loan you take out from a reverse mortgage will be tax-free, with no requirement to make monthly repayments. This loan will also not affect Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) payments from the Government of Canada. As you can see, this is a loan that is suitable for those with long-term financial stability and responsibility. The other options for old-age housing loans include: Obtaining a Home Equity Line of Credit (HELOC) Obtaining a personal loan Downsizing by selling and moving into a smaller home The final way to access cash in your home’s equity is by selling it. This would involve downsizing by buying a smaller-sized home, to obtain a less-costly mortgage. Or, you could sell your home and move into a rental, co-op, care home or otherwise, if you feel those are secure, long-term options for you. With a reverse mortgage, you don’t have to move. You can use the equity in your home to pay off your current mortgage and lines of credit. This would essentially leave you mortgage-free. You would then have the financial freedom to live off the equity you’ve built in your home, and your other sources of income (such as investments and government support payments). You should obtain professional advice before committing to any of the above financial options.