Per the Canada Mortgage and Housing Corporation, secondary suites are one of the more common ways Saskatoon homeowners add income without moving, subject to City of Saskatoon zoning and permit rules for a legal suite. A reverse mortgage, a smaller and more expensive borrowing tool regulated under Office of the Superintendent of Financial Institutions guidelines, is worth comparing against simply selling before committing to one.
Selling and renting gives you the most flexibility and the least commitment if you are not sure where you want to land next, while selling and buying smaller keeps you building equity, in a home sized to your current life instead of the one you raised a family in. CMHC's minimum down payment rule of 5 percent up to $500,000 matters if buying smaller is one of them.
Get your hand-reviewed valuation from Joel Dyck.