Canada’s reverse mortgage market has quietly grown to almost $11-billion (opens original article in a new tab)

Canada's reverse mortgage market has grown to nearly $11 billion, with increasing adoption among seniors seeking to access home equity without selling or downsizing, despite concerns over high interest rates and limited provider options.

• Total reverse mortgage balances in Canada reached $10.9 billion, growing at an average of 20.9% annually over the past decade.
• Reverse mortgages allow seniors to borrow against home equity without monthly payments, with interest accruing until the home is sold, moved from, or the borrower passes away.
• HomeEquity Bank holds about 75% of the market, with Equitable Bank at 23%, while newer providers like Bloom Financial and Home Trust have less than 2.5% combined share.
• The product faces criticism due to high interest rates, concerns about inheritance, and past aggressive sales practices in the U.S.