🏡 Key Features in Ontario:
Eligibility: Must be 55 years or older (if there are two homeowners, both must be 55+).
Home ownership: You must own your home and live in it as your primary residence.
Loan amount: You can usually borrow up to 55% of your home’s appraised value.
No monthly payments: Interest is added to the loan balance.
Stay in your home: You keep ownership and can live there as long as you want.
đź’° How You Get the Money:
You can choose to receive the funds:
As a lump sum
In regular payments
Or a combination of both
⚠️ Things to Keep in Mind:
The interest compounds, so the loan grows over time.
It reduces the equity in your home, which could affect inheritance for your heirs.
When the home is sold, the loan and interest must be repaid.
You’re still responsible for property taxes, home insurance, and maintenance.