Reverse Mortgages


We have partnered with Manulife Bank to offer flexible and effective ways to access the capital in your home.

Whether you want to renovate your home, finance an investment, buy a car or address some other financial need, Manulife One can help you unlock the equity you have in your home. And it also makes it easy to pay it back quickly.

Unlike traditional banking, Manulife One brings your mortgage, loans, savings and income together into one multi-purpose borrowing and chequing account. This account’s unique design gives you access to the equity you have in your home – up to the established borrowing limit – to cover your expenses, whether they’re regular monthly transactions or large purchases. And paying it back is as easy as making a deposit.

Why it’s better than a reverse mortgage

Reverse mortgages allow you to access your home’s equity but can have restrictions that may make it a difficult financial product to understand and use. If you are considering a reverse mortgage, be aware of high set-up fees, lower credit limits, mandatory withdrawals and a large interest charge when you sell your home.

When you set up a Manulife One account, you could have access to a credit limit based on up to 80% of the appraised value of your home. No minimum withdrawal is required at any time – you can borrow only when (and if) you need it and interest is charged monthly at a low variable rate. Manulife Bank will also cover the cost of one appraisal for existing homeowners or up to $300 to cover legal costs on new home purchases.

Key benefits of Manulife One for you

  • Approval for credit limits of 50% or less of your home’s appraised value (limited to top 59 Canadian communities) can be quick because there is limited underwriting involved.
  • Accountholders over the age of 65 enjoy 50% off the monthly administration fee (which covers the most common banking transactions).
  • When you have a positive balance in the account, you’ll earn high interest on every dollar your deposit, there is no minimum balance.