# Mimico Reverse Mortgage: Houses and Condos | ReverseMortgageEtobicoke.ca > A Mimico reverse mortgage on an older house, townhouse or lakeside condo: TRREB 2026 medians, with amounts at 65 and 75. Free estimate, no sales pressure. URL: https://reversemortgageetobicoke.ca/service-areas/mimico/ Mimico, Etobicoke # Mimico Reverse Mortgage: Pay for Repairs and Bills and Keep Your Lakeshore Home A Mimico reverse mortgage lets owners 55 and older borrow against a house, townhouse or condo with no required monthly mortgage payments. Detached houses in TRREB's Mimico community sold for a median of $1,250,000 from April to June 2026. At 65, that means up to about $632,000; at 75, up to about $722,000. [Get My Free Estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgageetobicoke&utm_medium=satellite&utm_campaign=mimico) [Try the calculator](/tools/reverse-mortgage-calculator-etobicoke/) No cost · No credit check · No sales pressure Last updated October 16, 2026 Photo: Makeworldpedia, [CC BY-SA 4.0](https://creativecommons.org/licenses/by-sa/4.0/), via [Wikimedia Commons](https://commons.wikimedia.org/wiki/File:Mimico_Waterfront_Park_rocks.jpg). ## What Brings Mimico Homeowners to a Reverse Mortgage A house built before 1960 In Mimico-Queensway, 43.2% of homes were built in 1960 or earlier, according to the 2021 Census. A roof, windows and a furnace of that age can all come due within a few years. Mortgage payments on a pension 64.2% of Mimico-Queensway owners still had a mortgage in 2021. A reverse mortgage clears it on closing day, and no new monthly mortgage payment replaces it. A valuable house and a fixed income Mimico detached houses sold for a median of $1,250,000 from April to June 2026, while a pension stays the same size. A reverse mortgage turns part of that value into money you can spend. Keeping the train and the lake Mimico GO is on the Lakeshore West line, and the waterfront is a short walk away. Moving means giving those up, plus paying two land transfer taxes on the next home. [ReverseMortgageEtobicoke.ca](/) sets out what a Mimico reverse mortgage can do for owners 55 and older, whether the home is a pre-war house on a side street or a condo near the water. Mimico has two very different kinds of home, and lenders look at each one in its own way. ## Mimico began with the railway Mimico grew up around the tracks. Trains began stopping here on December 3, 1855, and a plan of subdivision registered in January 1856 was the largest in Etobicoke at the time ([Etobicoke Historical Society](https://www.etobicokehistorical.com/mimico.html)). Mimico became a village in 1910 and a town in 1917 ([Etobicoke Historical Society](https://www.etobicokehistorical.com/historic-communities.html)). It joined the new Borough of Etobicoke in 1967 ([City of Toronto Archives](https://www.toronto.ca/city-government/accountability-operations-customer-service/access-city-information-or-records/city-of-toronto-archives/whats-in-the-archives/research-by-topic/resources-on-former-municipalities/)). The trains still run: Mimico GO is on the Lakeshore West line. ## Mimico’s two kinds of home The City now splits the old Mimico area into two neighbourhoods. Humber Bay Shores holds the towers by the lake. Mimico-Queensway holds the older streets, and its homes compare with the city as a whole like this: | 2021 Census | Mimico-Queensway | City of Toronto | | --- | --- | --- | | Homes built 1960 or earlier | 43.2% | 29.3% | | Homes built 1961 to 1980 | 23.6% | 28.8% | | Single-detached houses | 29.7% | 23.3% | | Residents 65 or older | 15.8% | 16.5% | Sources: [City of Toronto, 2021 Neighbourhood Profiles](https://ckan0.cf.opendata.inter.prod-toronto.ca/dataset/6e19a90f-971c-46b3-852c-0c48c436d1fc/resource/19d4a806-7385-4889-acf2-256f1e079060/download/nbhd_2021_census_profile_full_158model.xlsx) and [2023 Ward Profiles](https://ckan0.cf.opendata.inter.prod-toronto.ca/dataset/6678e1a6-d25f-4dff-b2b7-aa8f042bc2eb/resource/16a31e1d-b4d9-4cf0-b5b3-2e3937cb4121/download/2023-wardprofiles-2011-2021-censusdata_rev0719.xlsx). ### The older houses Ward 3, Etobicoke-Lakeshore, has far more pre-war houses than the other two Etobicoke wards. There, 25.5% of people living in single-detached houses are in one built in 1945 or earlier, against 2.9% in Ward 2 (same Ward Profiles). For a house, the lender reviews its value, its condition and its location. Major disrepair is one of the reasons a lender can say no, so it helps to know the state of the roof and the basement before you apply. House prices in the district have moved lately. TRREB’s W06 detached benchmark rose from $1,132,600 in August to $1,155,500 in September 2026, a gain of $22,900 ([TRREB Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf)). At 65, that alone adds up to about $11,600 to the most a reverse mortgage could provide. The month’s changes are set out in [Etobicoke home prices for September 2026](/blog/etobicoke-home-prices-september-2026/). ### The condos Condo apartments made up 124 of the 169 sales in TRREB’s Mimico community from April to June 2026 ([TRREB Community Housing Market Report, Toronto West, Q2 2026](https://trreb.ca/wp-content/files/market-stats/community-reports/2026/Q2/TorontoWestQ22026.pdf)). A condo is reviewed together with its building and condo corporation, as the [Humber Bay Shores page](/service-areas/humber-bay-shores/) explains. A freehold townhouse, where you own the land and there is no condo corporation, is treated like a house. A condo townhouse is reviewed with its corporation, the same way an apartment is. ## Example: A Mimico Couple, 70 and 73 For example, a couple, aged 70 and 73, own a detached Mimico house worth $1,250,000, the median for the 31 detached sales in TRREB’s Mimico community from April to June 2026. They still owe $70,000 on a line of credit, and the roof and windows are due. With a lender that uses the younger spouse’s age, 70, they could borrow up to about 53% of the value: about $661,000 on $1,250,000. Some lenders use a combined age instead, and that one difference can change the figure by tens of thousands of dollars. At closing, the $70,000 line of credit is paid off. They take a further $80,000 for the roof and windows and leave the rest unused, which costs no interest. The line of credit’s monthly payment ends, and no required monthly mortgage payment takes its place. Both spouses are on the mortgage. If one of them dies, nothing changes for the other: no repayment is triggered, and the survivor keeps living in the house. Interest builds on the $150,000 they have used and compounds twice a year. Higher home prices can make up some or all of that interest over the years, but no one can promise they will. ## Three Mimico checks before you apply 1. **Know the house’s condition.** A recent inspection or a roofer’s quote tells you what needs doing, and the money can pay for it. 2. **Check who is on title.** Every owner on title goes on the mortgage, and all of them must be 55 or older. 3. **Look at the other options too.** A HELOC (home equity line of credit) needs income that passes a bank’s stress test and has monthly payments; a reverse mortgage has neither. Richard Hopkins, Mortgage Broker, arranges both, so you get a recommendation based on your situation, even if it’s not a reverse mortgage. The [Etobicoke mortgage broker](/etobicoke-mortgage-broker/) page sets out what he compares. If staying in Mimico means bringing in help at home, [paying for home care in Etobicoke](/paying-for-home-care-etobicoke/) covers the public and private options. For a quick sense of fit before any figures, try the [10-question requirements check](/tools/reverse-mortgage-assessment/). ## Mimico home values and what they could provide Mimico: TRREB prices by type of home, and the most a reverse mortgage could provide Home type TRREB price Up to, at 65 (50.55%) Up to, at 75 (57.75%) Detached house31 sales, April to June 2026 TRREB price $1,250,000 Up to, at 65 $632,000 Up to, at 75 $722,000 Freehold row or townhouse9 sales, April to June 2026 TRREB price $1,200,000 Up to, at 65 $607,000 Up to, at 75 $693,000 Condo townhouse5 sales, April to June 2026 TRREB price $1,027,000 Up to, at 65 $519,000 Up to, at 75 $593,000 Condo apartment124 sales, April to June 2026 TRREB price $609,000 Up to, at 65 $308,000 Up to, at 75 $352,000 Prices: [TRREB Community Housing Market Report, Toronto West, Q2 2026 (Mimico, PDF p. 39)](https://trreb.ca/wp-content/files/market-stats/community-reports/2026/Q2/TorontoWestQ22026.pdf). 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. These are TRREB's April to June 2026 median prices for Mimico. The townhouse medians rest on very few sales, so treat them as a rough guide. Anything you owe is paid off first, and your own appraisal sets the real figure. ## Streets and pockets of Mimico Richard helps owners in every part of Mimico and the communities beside it, including: - Mimico-Queensway - Humber Bay Shores - Lake Shore Boulevard West - Royal York Road - Stonegate-Queensway - New Toronto ### Places locals know - Mimico GO station (Lakeshore West line) - Mimico Waterfront Park - Mimico Creek - Humber Bay Park West - The Waterfront Trail ### Getting help from home in Mimico Richard Hopkins, Mortgage Broker, helps Mimico owners by email, phone and video call, and your family can follow along on each email. Only two steps happen in person: the appraiser visits your home, and you meet your own lawyer. Many owners choose a lawyer close to home, along Lake Shore Boulevard West or Royal York Road. The filled pin marks Mimico. Choose another name to open that neighbourhood. [Open Mimico in Google Maps](https://www.google.com/maps/search/?api=1&query=Mimico%2C%20Etobicoke%2C%20Toronto%2C%20ON). Etobicoke boundary © OpenStreetMap contributors (ODbL), simplified. ## Reasons Mimico owners look into it - [A broker who compares everything](/etobicoke-mortgage-broker/): Every reverse mortgage lender in Canada compared, plus HELOCs and refinances, so the recommendation fits your situation. - [Paying for home care](/paying-for-home-care-etobicoke/): Private care hours, a stair lift or a main-floor bathroom, paid from your home's value so you can stay in it. - [Condo owners](/reverse-mortgage-condo-etobicoke/): Condo apartments and condo townhouses from Humber Bay Shores to Rexdale can qualify, with no required monthly mortgage payments. ## Etobicoke guides for Mimico families - [Etobicoke Property Tax for Seniors: Due Dates, Relief Programs and Grants](/guide/etobicoke-property-tax-seniors/) - [Downsizing in Etobicoke: Land Transfer Tax and Every Other Cost of Moving](/guide/downsizing-etobicoke-land-transfer-tax/) ## The Seven Steps, From Mimico to Closing Day Only the appraisal and your lawyer happen in person. The rest goes back and forth by email, phone and video call, with anyone in your family copied in. You can stop at any step. Nothing is signed until the application, and nothing is final until your own lawyer has explained it. 1. 1 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. 2. 2 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. 3. 3 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. 4. 4 Step 4: Approval The lender usually sends its mortgage commitment letter within a day or two. 5. 5 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. 6. 6 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. 7. 7 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. ## Questions From Mimico Homeowners **How much could a reverse mortgage give you on a Mimico home?** On a detached house at $1,250,000, the median for TRREB's Mimico community from April to June 2026, it is up to about $632,000 at 65 and up to about $722,000 at 75. On a condo apartment at the $609,000 median, it is up to about $308,000 at 65 and about $352,000 at 75. Anything owing on the home is paid off first, and the appraisal sets the final figure. These amounts are ceilings, not quotes. **Can a reverse mortgage pay for repairs on an older Mimico house?** Yes. The money can go to a roof, windows, a furnace or anything else you choose. The house's condition is part of approval, and major disrepair is one reason a lender can say no, so know the state of the house before you apply. **Is a Mimico townhouse treated like a house or a condo?** It depends on how it is owned. A freehold townhouse, where you own the land and there is no condo corporation, is treated like a house. A condo townhouse is reviewed with its condo corporation. TRREB's Mimico medians from April to June 2026 were $1,200,000 for freehold row and townhouses and $1,027,000 for condo townhouses. **Does a reverse mortgage affect your Old Age Security or GIS?** No. The money isn't considered income, so it's tax-free and doesn't affect your Old Age Security or Guaranteed Income Supplement. Interest on any of it you keep in a bank account is taxable, so take only what you need. **Can your adult children help with the paperwork?** Yes. You deal with Richard Hopkins, Mortgage Broker, over email, phone and video call, and your children can be added to any email. The owners on title sign the documents, and they meet their own lawyer for independent legal advice before signing. ## Sources 1. [TRREB Community Housing Market Report, Toronto West, Q2 2026 (Mimico, PDF p. 39)](https://trreb.ca/wp-content/files/market-stats/community-reports/2026/Q2/TorontoWestQ22026.pdf) 2. [Etobicoke Historical Society, Mimico](https://www.etobicokehistorical.com/mimico.html) 3. [Etobicoke Historical Society, Historic communities (village and town dates)](https://www.etobicokehistorical.com/historic-communities.html) 4. [City of Toronto Archives, Resources on former municipalities](https://www.toronto.ca/city-government/accountability-operations-customer-service/access-city-information-or-records/city-of-toronto-archives/whats-in-the-archives/research-by-topic/resources-on-former-municipalities/) 5. [City of Toronto, 2021 Neighbourhood Profiles, 158-neighbourhood model (Mimico-Queensway, 160)](https://ckan0.cf.opendata.inter.prod-toronto.ca/dataset/6e19a90f-971c-46b3-852c-0c48c436d1fc/resource/19d4a806-7385-4889-acf2-256f1e079060/download/nbhd_2021_census_profile_full_158model.xlsx) 6. [City of Toronto, 2023 Ward Profiles (2021 Census)](https://ckan0.cf.opendata.inter.prod-toronto.ca/dataset/6678e1a6-d25f-4dff-b2b7-aa8f042bc2eb/resource/16a31e1d-b4d9-4cf0-b5b3-2e3937cb4121/download/2023-wardprofiles-2011-2021-censusdata_rev0719.xlsx) 7. [TRREB Market Watch, September 2026 (MLS® HPI benchmarks by district, p. 26)](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf) 8. [TRREB Market Watch, August 2026 (MLS® HPI benchmarks by district, p. 26)](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2608.pdf) ## Neighbouring Parts of Etobicoke [ Humber Bay Shores The condo towers on Lake Shore Boulevard West's former motel strip, beside Humber Bay Park and the Waterfront Trail. See Humber Bay Shores ](/service-areas/humber-bay-shores/)[ New Toronto The old factory town between Mimico and Long Branch, with worker cottages, semis, Colonel Samuel Smith Park and Humber Polytechnic's Lakeshore campus. See New Toronto ](/service-areas/new-toronto/)[ Islington-City Centre West Post-war houses around Islington Village and Montgomery's Inn, and condo towers at Six Points by Kipling and Islington stations. See Islington-City Centre West ](/service-areas/islington-city-centre-west/) --- Free reverse mortgage estimate (no sales pressure): https://reversemortgagebroker.ca/estimate/ Operated by Dominion Lending Centres Homestead Financial, a mortgage brokerage licensed by the Financial Services Regulatory Authority of Ontario, brokerage licence #11711. Independently Owned and Operated. ReverseMortgageEtobicoke.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.