A YYZ Mortgage Guide · No. 04
The Family Money Talk
For adult kids whose parents are thinking about tapping their home equity
Who it's for: Your parents' house is worth a fortune, their pension isn't, and someone just mentioned a reverse mortgage.
Download the PDF — 34 pages, 804 KB
Free, no email required. Every figure is sourced, and nothing in it is a sales pitch.
The short version
- There are four doors: downsize, HELOC, refinance, reverse mortgage. Compare all four every time — plus unclaimed benefits first.
- Reverse mortgage truths: 55+, no monthly payments, tax-free, doesn't touch OAS/GIS — but compounding interest eats equity.
- Ontario long-term care basic rooms are capped near $2,130/month; private retirement homes run $3,000–$8,000. Price care before borrowing.
- Two powers of attorney (property + personal care) beat every clever shortcut. Never add the kids to title to 'avoid probate.'
- Protect them with process: FSRA licence checks, title insurance, and the 48-hour rule — most elder fraud starts close to home.
Before you download
This guide was checked in August 2026. Program rules and dollar limits change, so the sources are listed at the back of the book and the links there always beat the printed page. All the people and numbers in the examples are illustrative, not actual clients.
The rest of the library
- Keys, Please! — Buying your first home in the GTA, step by step.
- The Big Switch — Selling and buying at once — penalties, porting, bridges, renewals.
- Your House, Your Backup Plan — The honest HELOC handbook: the tool, the trap, the payback plans.
- Money Smarts, Toronto Edition — The everyday money habits that work in Canada's priciest city.
This content is general information, not financial, legal or tax advice. Mortgage products are subject to lender approval (OAC). Speak with a licensed mortgage professional about your situation.