What Is a Reverse Mortgage? A reverse mortgage allows homeowners aged 55 or older to borrow against their home’s equity without making regular monthly payments. The loan, plus accumulated interest, is repaid when the home is sold, the owner moves out, or passes away. Unlike traditional mortgage refinancing or renewals , the focus is on unlocking existing home value to supplement income in retirement. Who Qualifies? Eligibility for a reverse mortgage in Alberta depends on sev