Are Proceeds From a Reverse Mortgage Taxable?

Are Proceeds From a Reverse Mortgage Taxable?


The answer is no. The proceeds from a reverse mortgage are not taxable.

Some pros of a reverse mortgage include:

  1. You Can Get the Money You Need Without Selling Your Beloved Home
  2. No Regular Payments to Make
  3. Tax-Free Withdrawal of Funds

There are many things that go into a mortgage loan, and it is one of the biggest and most important loans that you can get in your life. You want to make the right, most informed decision for you, your financials, and your overall situation.

We’ve gathered the information you need to make that informed mortgage decision. Learn more!

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Vlad Sherbatov

Vlad is the President and Co-Founder of Smarter Loans, Canada's original and largest loan comparison website. He is a passionate entrepreneur and business leader in the Canadian financial sector. He was selected as a 2019 Top 25 Leaders in Lending by the Canadian Lenders Association. Vlad is an author at Smarter Loans, and has been featured in publications like the Toronto Star and National Post, among others.