Reverse Mortgages in Ontario

Which lenders offer reverse mortgages in Ontario?

Four lenders offer reverse mortgages in Ontario: HomeEquity Bank (the CHIP Reverse Mortgage), Equitable Bank, Home Trust and Bloom Finance. Ontario has more choice than most provinces.

I place reverse mortgages with HomeEquity Bank, Equitable Bank and Home Trust. Home Trust's reverse mortgage is only available through a mortgage broker. Equitable Bank lends in cities and most larger towns, so for a rural property I confirm coverage for your address first. For how the product works, see my main reverse mortgage guide.

Does my spouse have to consent to a reverse mortgage in Ontario?

Yes, if you are married and the property is your matrimonial home. Under section 21 of Ontario's Family Law Act, a spouse cannot mortgage a matrimonial home without the other spouse's consent, even when only one spouse is on title.

Separately, lenders require everyone on title to be at least 55. If one of you is younger, talk to me and to a lawyer before changing who is on title, because that has legal and estate consequences.

Do I need a lawyer for a reverse mortgage in Ontario?

Yes. Lenders require independent legal advice from a lawyer you choose, and Ontario adds its own rule: the brokerage must obtain a written statement, signed by your lawyer, confirming you received that advice. The meeting covers what you are signing, what it costs over time and what happens when the loan comes due. You pay the lawyer's fee.

How much can I borrow on an Ontario home?

Usually up to 55% of the home's appraised value, and that is a ceiling. Your amount depends on the age of everyone on title, the home's value, type, condition and location, and the lender. Lenders generally require a home worth at least $250,000.

Values vary widely across the province. In the Greater Toronto Area, the Toronto Regional Real Estate Board's benchmark price for all home types was $917,600 in September 2026, and $527,200 for apartments. Most Ontario homes in cities and larger towns clear the lenders' minimum.

Can I get a reverse mortgage on a condo in Toronto or elsewhere in Ontario?

Yes. Condos qualify with the major lenders if the unit is your primary residence, meets the lender's minimum value and fits its property rules. The lender also looks at the building.

Are there Ontario programs I should compare first?

Yes. If property tax is the main pressure, a government program may cost less than a reverse mortgage.

• Ontario Senior Homeowners' Property Tax Grant. A provincial grant claimed on your tax return. It is income-tested and modest.
• City of Toronto. Eligible low-income seniors can have their yearly property tax increase deferred or cancelled.
• Peel Region (Mississauga and Brampton). An annual rebate on the tax bill for eligible low-income seniors.
• Halton Region (including Oakville). A deferral of annual property tax for eligible older homeowners.

These programs are small or income-tested and the terms change each year, so check with your municipality. They cover property tax only. A reverse mortgage can provide cash for other needs, and some homeowners use both.

Is a reverse mortgage a scam?

No. Reverse mortgages are regulated loans from Canadian lenders, and you keep ownership of your home. They do have real costs and risks, and the Financial Consumer Agency of Canada lists them: your equity can fall as interest builds, there is less for your estate, you are limited in other borrowing against the home, and the lender can act if you default on the terms.

Be cautious of anyone who pressures you to decide quickly. You can check my licence, and One Link's, with the Financial Services Regulatory Authority of Ontario.

What happens if I move into long-term care, or when I die?

The loan comes due when the last borrower moves out for good, sells or dies. The estate then has a limited time, set by the lender, to repay, usually by selling the home, and settling an estate can take longer than that window. Planning ahead with your family and lawyer helps. If one spouse moves into long-term care and the other stays in the home, the mortgage usually continues.

Sources

• Financial Consumer Agency of Canada, Reverse mortgages.
• Ontario Family Law Act, section 21.
• Ontario Regulation 188/08 under the Mortgage Brokerages, Lenders and Administrators Act, section 29 (independent legal advice for reverse mortgages).
• Toronto Regional Real Estate Board, Market Watch, September 2026.
• Canada Revenue Agency, Ontario Senior Homeowners' Property Tax Grant; City of Toronto; Region of Peel; Halton Region.
• Lender websites, checked November 2026: HomeEquity Bank, Equitable Bank, Home Trust.

This page is general information and is not financial, legal, tax or investment advice. Reverse mortgage products, lender availability, rates, fees, program terms and eligibility rules change. All mortgages are subject to lender approval. Speak with a licensed mortgage professional, and get independent legal and tax advice, before you decide.