Reverse mortgage interest rates in Canada can vary depending on the lender, the location of the property, and the borrower’s age and property value. Generally, reverse mortgage interest rates in Canada are higher than traditional mortgage rates since the loan is not repaid until the borrower sells the home or passes away.
As of my knowledge cutoff in 2021, the interest rates for reverse mortgages in Canada typically range from 4.95% to 6.95% depending on the lender and other factors. However, interest rates are subject to change over time, so it is best to check with specific lenders to obtain current interest rate information. Additionally, it is important to note that other fees and charges may also apply to reverse mortgages in Canada.