What are the age requirement and maximum equity accessible for a reverse mortgage?

The age requirement for a reverse mortgage in Canada is typically set at 55 years or older. This is because reverse mortgages are designed to help older homeowners leverage their home equity while remaining in their homes. Under this program, homeowners can access a portion of their home’s value without having to sell the property.

In the context of the correct option, up to 55% of the home’s value can be accessed, depending on the age of the borrower and the location of the property. Generally, as the homeowner's age increases, the percentage of equity that can be accessed may also increase, but this option accurately reflects the standard parameters for a reverse mortgage.

The other choices presented either incorrectly state the age threshold or the equity percentage, which does not align with the typical reverse mortgage policies established in Canada.