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Alternatives to a reverse mortgage

Alternatives to a reverse mortgage include downsizing, a home equity line of credit, refinancing, renting out part of your home, and provincial property tax deferral programs. Each has trade-offs in cost, monthly payments and whether you stay in your home.

Downsizing

Selling and buying or renting something smaller; costs of moving.

Home equity line of credit (HELOC)

Lower rate, monthly payments, income needed.

Refinancing

A new regular mortgage with payments.

Property tax deferral programs

Provincial programs such as BC's Property Tax Deferment Program. [List by province]

Renting part of your home

Income from a suite or room.

Comparison table

Cost, payments, stay in home, qualifying.

See what you qualify for