For Etobicoke homeowners aged 55 and older
Find Out Which of Canada's Four Reverse Mortgage Companies Offers Your Etobicoke Home the Best Deal
CHIP, Equitable Bank, Home Trust and Bloom, compared for your home and goals by a licensed, independent Ontario broker. See exactly how much you can get, your rates, and the true cost of each option, including hidden fees. Completely free, with no sales pressure.
No cost · No credit check · No sales pressure
- Owners 55 and up
- No monthly mortgage payment required
- Tax-free cash
- You keep the title
- Never owe more than the home's value
- Your own lawyer reviews it first
What a Reverse Mortgage Could Give You, District by District
Two things set the amount: your home's value and the age of the youngest owner. The Toronto Regional Real Estate Board reports Etobicoke as five districts, W06 to W10, and these are its benchmark prices for September 2026.
Values differ a lot across Etobicoke. At 65, a benchmark detached house in W08 (the Kingsway, Islington and Markland Wood) could give you up to about $820,000. In W10 (Rexdale and Thistletown), the same age gives up to about $432,000. The older you are, the more you can get, and the largest amounts come at a higher rate.
Prices: TRREB Market Watch for September 2026, MLS® HPI benchmark prices by district, p. 26. Amounts are the most you could qualify for at that age, from the same age table as the reversemortgagebroker.ca calculator, rounded to the nearest $1,000, before anything you owe is paid off. The largest amounts come at a higher rate, and the lender's appraisal of your own home sets the real figure.
Prices: TRREB Market Watch for September 2026, MLS® HPI benchmark prices by district, p. 26. Amounts are the most you could qualify for at that age, from the same age table as the reversemortgagebroker.ca calculator, rounded to the nearest $1,000, before anything you owe is paid off. The largest amounts come at a higher rate, and the lender's appraisal of your own home sets the real figure.
Your own home will have its own value. The Etobicoke calculator starts from your district or neighbourhood and lets you type your own figure. For the rest of the city, the sister website TorontoReverseMortgage.ca covers Toronto as a whole, and reversemortgagebroker.ca has a Toronto overview with amounts by lender.
What Etobicoke Homeowners Use a Reverse Mortgage For
You probably want to stay in the home you know. These are the reasons that come up most in Etobicoke, each with its own page of local facts and figures.
A broker who compares everything
Every reverse mortgage lender in Canada compared, plus HELOCs and refinances, so the recommendation fits your situation.
Condo owners
Condo apartments and condo townhouses from Humber Bay Shores to Rexdale can qualify, with no required monthly mortgage payments.
Paying for home care
Private care hours, a stair lift or a main-floor bathroom, paid from your home's value so you can stay in it.
Garden suite or multiplex
A second home on your lot for family or a caregiver, paid for from your house with no required monthly mortgage payments.
Do you meet the requirements?
Answer ten short questions about your age, your title and your plans, and see if a reverse mortgage deserves a proper look for your Etobicoke home.
Take the 10-question check
Every Lender Compared for You, at No Cost to You
Only four lenders offer reverse mortgages in Canada, and the big banks aren't among them. Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada for your Etobicoke home and shows you which one fits you best, and why.
-
All four checked
Each lender sets its own rules on age, type of home and building. Richard runs your Etobicoke home past all four, and you see which one gives you the best deal.
-
Free to you
When the mortgage funds, the lender you choose pays the brokerage. You pay the broker nothing.
-
By email, at your pace
Your figures arrive by email to read whenever suits you. Copy in a son or daughter and they see exactly what you see.
-
Other options, too
The brokerage also arranges home equity lines of credit and refinances, so you get a recommendation based on your situation, even if it's not a reverse mortgage.
From Your Free Estimate to Money in Your Bank Account
Apart from the appraiser's visit and your own lawyer, it is all done by email, phone and video call. You can stop at any step. Nothing is signed until the application, and nothing is final until your own lawyer has explained it.
-
Step 1: Free estimate
Fill in a short form online, about 90 seconds, and a first figure for your Etobicoke home appears. Asking has no effect on your credit.
-
Step 2: Every lender compared
Richard Hopkins, Mortgage Broker, puts your home up against every reverse mortgage lender in Canada. His first email shows how much you could get and which lenders fit, and asks how much you want.
-
Step 3: Application
Once you've chosen an option, fill out a quick form and send a few documents. Your credit is checked once, and your application goes only to the lender you choose.
-
Step 4: Approval
The lender usually sends its mortgage commitment letter within a day or two.
-
Step 5: Appraisal
An appraiser comes to the house or condo to confirm what it is worth. The amount available is then set from that appraised value.
-
Step 6: Independent legal advice
Your own lawyer, acting for you alone, explains the mortgage at your independent legal advice appointment (ILA), and only then do you sign. Expect about $800 to $1,200 in Ontario.
-
Step 7: Closing
The lender sends the money to the lawyer or title company doing the closing. They pay off your current mortgage, any other debts on the home and the costs, then deposit the remaining money into your bank account.
What a Reverse Mortgage Costs, Up Front
These costs are the same in Etobicoke as anywhere in Ontario. Each one is shown with the date it was checked.
Interest rate
6.23% to 6.94%
The advertised 5-year fixed rates across the four lenders, checked September 17, 2026. Nothing comes out of your account each month: the interest is added to the balance.
One-time costs
$2,000 to $3,500
What most people pay in total, varying by lender: an appraisal (often about $350), the lender's set-up fee ($795 to $1,795) and your own lawyer for independent legal advice ($800 to $1,200 in Ontario).
The broker
$0
No charge for comparing the lenders, handling the paperwork or answering questions. The lender pays the brokerage after the mortgage funds.
Rates move, so any published rate is a snapshot on the date shown. The Etobicoke calculator shows how a balance and your home's value could change over 15 years.
Three Ways to Get Money From an Etobicoke Home
Selling, a line of credit and a reverse mortgage each get money out of a house. Which one fits comes down to your monthly budget, your health and how many more years you see yourself in Etobicoke.
| What is compared | Sell and buy again in Etobicoke | Home equity line of credit (HELOC) | Reverse mortgage |
|---|---|---|---|
| Paying it back monthly | Nothing owed on the old place; the new one brings its own bills | A payment every month, higher whenever prime rises | No required monthly mortgage payments |
| Getting approved | Any owner can sell | The bank checks your income and stress-tests the payment | Age 55+ for everyone on title; your home and age matter most |
| Cost to set it up | Agent commission with HST, two land transfer taxes (Ontario and Toronto) on the next place, legal fees, movers | Often an appraisal and legal fees | Typically $2,000 to $3,500, once |
| Can you keep living there? | No, you move | Yes | Yes, with your name still on title |
| Most you could ever owe | Nothing, once the sale closes | Every dollar of the balance, even above the home's value | Never more than the home's fair market value when the mortgage becomes due |
Etobicoke is in the City of Toronto, so a buyer here pays Toronto's land transfer tax on top of Ontario's. On a $607,800 condo, W06's September 2026 benchmark, the two come to about $17,262. The downsizing guide adds up the full cost of a move.
Reverse Mortgages in Your Part of Etobicoke
The rules are the same on every street. The values aren't: a condo at Humber Bay Shores, a Long Branch bungalow and a Kingsway house can be worth very different amounts, and so can what a reverse mortgage gives you on each.
- Humber Bay ShoresThe condo towers on Lake Shore Boulevard West's former motel strip, beside Humber Bay Park and the Waterfront Trail.
- MimicoAn old railway village on the lake, with pre-war houses on its side streets, condos near the water and a GO station on the Lakeshore West line.
- New TorontoThe old factory town between Mimico and Long Branch, with worker cottages, semis, Colonel Samuel Smith Park and Humber Polytechnic's Lakeshore campus.
- Long BranchToronto's western edge at Etobicoke Creek: an 1880s cottage resort turned village, with Marie Curtis Park and Long Branch GO on the Lakeshore West line.
- Islington-City Centre WestPost-war houses around Islington Village and Montgomery's Inn, and condo towers at Six Points by Kipling and Islington stations.
- The KingswayArchitect-designed houses from Robert Home Smith's 1912 plan, beside the Old Mill and the Humber River, with the highest prices in Etobicoke.
- RexdaleBungalows and storey-and-a-half houses from the early 1950s in north Etobicoke, now on Line 6 Finch West.
Questions Etobicoke Homeowners Ask About Reverse Mortgages
How much could a reverse mortgage give you on an Etobicoke home?
At 65, up to about $820,000 on a W08 benchmark detached house ($1,623,000 in September 2026), and up to about $432,000 on a W10 house ($855,100). On a W06 condo apartment at $607,800, the same age gives up to about $307,000.
The amount goes up with the youngest owner's age, to 60% of the value from 78 on. These are ceilings, not quotes. The Etobicoke calculator works it out for your own home.
Do all four reverse mortgage lenders lend in Etobicoke?
Yes. HomeEquity Bank (CHIP), Equitable Bank, Home Trust and Bloom all lend on Etobicoke homes, and a Toronto address qualifies for the top of each lender's range. Each lender sets its own rules on age, type of home and condo building, so the same home can get different answers. You can't reach two of them by calling on your own: one deals only with brokers, and another keeps its highest-lending product for broker clients.
Do you pay Toronto's land transfer tax if you sell and buy in Etobicoke?
Yes. Etobicoke is part of the City of Toronto, so buying a home here means paying Toronto's municipal land transfer tax as well as Ontario's. On a $607,800 condo apartment, that is about $8,631 to Ontario and $8,631 to Toronto. A reverse mortgage involves no land transfer tax, because you aren't buying anything. The downsizing guide adds commission, HST, lawyers and movers.
Can you use Toronto's property tax deferral and a reverse mortgage together?
Usually it is one or the other. The City of Toronto's deferral lets eligible low-income seniors postpone a property tax increase, and the amount stays owing on the home. A reverse mortgage, by contrast, can pay your tax arrears at closing and give you money for other needs, and you keep paying the taxes from then on. The Etobicoke property tax guide explains who qualifies for each City program.
Do you have to visit an office to get a reverse mortgage in Etobicoke?
No. You never need to visit an office. You deal with Richard Hopkins, Mortgage Broker, over email, phone and video call, and your adult children can be copied whenever you like. Only two steps are face to face: the appraiser comes to see the home, and you sit down with your own lawyer for independent legal advice before signing, usually about $800 to $1,200 in Ontario.
Can a reverse mortgage pay for a garden suite or laneway suite in Etobicoke?
Yes. The City of Toronto allows garden suites, laneway suites and small multiplexes on many residential lots, and many Etobicoke houses sit on lots with room for one. A reverse mortgage can pay for the build with no required monthly mortgage payments, and you don't need rental income to qualify. The garden suite and multiplex page explains the City's rules.
The Etobicoke guides answer more, and the 10-question requirements check looks at your own situation.