Canadians are carrying mortgage debt into retirement at record levels. Here’s what HomeEquity Bank’s new SVP says brokers need to do about it
MortgageFest Canada is just around the corner – and lenders and brokers are already mapping out the key conversations in store at the eagerly anticipated mortgage industry event.
Taking place on September 23-24 at Toronto’s International Centre, the educational and networking event will offer industry members a priceless opportunity to come together and discuss strategies for business growth in a challenging market.
For HomeEquity Bank senior vice president, broker channel Pierre Martin (pictured top), a major talking point will be helping brokers tap into opportunities in an ever-growing segment: the reverse mortgage market, a sector that’s expanded significantly in recent years.
Canadian homeowners aged 55 to 64 hold more than $315 billion in mortgage liabilities, according to HomeEquity data, while those over 65 hold over $141 billion. “It’s not just a demographic trend – it’s a debt and retirement planning trend,” Martin told Canadian Mortgage Professional. “Fifty years ago when you hit retirement, people didn’t have a mortgage. Today, that’s no longer the case.”
That means the reverse mortgage has jumped to the forefront of industry conversations, becoming a planning tool that brokers are increasingly expected to understand.
The most important discussion isn’t about market share between lenders – it’s to elevate the solution even further within the industry, according to Martin. “And you can see that happening,” he said.
“Five to 10 years ago at conferences, you didn’t necessarily hear about reverse mortgages. The last two years, there are panels, there are topics. It’s now becoming a real solution.”
Why suitability is a crucial part of the reverse mortgage conversation
A central part of the conversation needs to be suitability, Martin emphasized – and which borrowers the product is actually appropriate for. “It is a solution, but it’s not for everyone – and that’s also where we need to educate brokers,” he said.
“We’re talking about hardworking Canadians who are predominantly 65, 70, 75 years old. They need to understand what they’re getting into, and most of the time you bring the family into the conversation.”
More debt carried later in life is part of the discussion – but so are the rising demand for intergenerational financial support and a greater need for customized retirement financial advice.
Martin pointed to research from Mortgage Professionals Canada (MPC), whose 2025 study found that seven in 10 recent buyers received downpayment assistance.
“Brokers should be prepared to have a conversation that involves both the retirement needs of parents and the housing goals of their adult child. They go hand in hand,” he said. “It’s not just solving one problem – it’s looking at the bigger picture.”
The equity available to support those discussions is substantial, but Martin cautioned that the figure alone doesn’t determine the right course of action. “The right way to use that equity depends on the client’s goals, time horizon, cashflow needs, and desire to remain in their home – which is key.”
MortgageFest Canada is just weeks away
HomeEquity Bank’s regional vice president, broker channel Clive Coke will present at MortgageFest on home equity, aging borrowers and missed opportunities for brokers.
Martin said the message for brokers is clear: 55-plus clients are already in their databases, and aren’t a niche.
“Segment your database. Reconnect with clients aged 55 and older. Ask better questions about retirement and family goals, and know when to bring home equity back into the conversation,” he said.
Technology and artificial intelligence will also accelerate parts of that process – but it’s not the part that matters most. “For a complex decision involving a home, retirement income, and family trusted human advice will remain essential,” he said. “That’s where the broker has to play.”
Registration for MortgageFest Canada is still open – make sure to get your ticket now for what’s sure to be an unmissable event at a pivotal moment for Canada’s mortgage industry.
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