At 71, an RRSP must be converted to an RRIF — with minimum withdrawals every year after, even when the money isn't needed. Industry is asking Ottawa to raise the age to 75: CALU's 2026 pre-budget submission argues the limit is outdated, as people live longer and retire later.
No decision yet, so the rules stand: convert at 71, then mandatory taxable withdrawals.
A reverse mortgage is not an RRIF replacement: home equity can be accessed without selling and without monthly payments. But the balance grows over time — compare how fast and what remains for your heirs.
Ask in advance whether appraisal, lender and legal costs are included in the amount or paid separately.