Reverse Mortgage London, Ontario
Your London home has been growing in value for years. Let it start supporting you.
A reverse mortgage helps homeowners 55+ in London, Ontario and across Middlesex County turn a share of their home equity into tax-free money while continuing to live in the house. There are no monthly mortgage payments, there's nothing to sell, and you stay the owner on title.
Book a free, low-key consultation with a licensed Ontario reverse mortgage specialist.
Maybe it's the brick home in Wortley Village where neighbours still stop to chat on the sidewalk. Maybe it's the house in Byron with a backyard that backs onto the trees. Whatever part of the Forest City you call home, the equity you've built there is real, and it can be put to work without a moving truck.
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GetReverseMortgage.ca is a reverse mortgage specialist division of BNQ Financial Corp. (FSRA #13618) — a licensed Canadian mortgage firm. We are independent — we work for you, not for any lender.
Situations We Often Hear About in London
A homeowner in Old North with a well-kept house worth far more than the original purchase price, but a monthly income that feels smaller every year. A couple near Springbank Park who would like to help their daughter buy a first home in a city where prices have climbed quickly. A widower who wants to stay in the house he shared with his wife, but is facing a roof replacement and rising property taxes on one income. They all have the same thing in common: substantial equity in a London home and no desire to leave it.
That's what a reverse mortgage is built for. It gives you tax-free access to part of your home's equity, requires no monthly payments while you live there, and keeps the title in your name.
Four Financial Shifts of Accessing Home Equity
What a Reverse Mortgage Actually Does for London Homeowners?
Zero Monthly Mortgage Payments
A reverse mortgage instantly eliminates monthly payments, easing cash flow as London's property taxes and cost of living keep climbing.
Keep Your Home and Control
You retain full ownership and stay on title — the lender only registers a security charge. Your London home, your neighbourhood, your name on the deed.
100% Tax-Free
A reverse mortgage is a tax-free loan, not income. It won't affect or claw back OAS, GIS, or CPP, which continue exactly as before.
Flexible Payout Options
Take it as a lump sum, scheduled advances to supplement income, or a mix of both — useful given how much equity London homes have built up.
WHAT LENDERS LOOK FOR
How Do You Qualify for a Reverse Mortgage in London, Ontario?
Lenders across Canada use the same four criteria. Here's a quick look at each.
55-Plus on Title
Every owner listed on title must be at least 55. The older you are, the more of your home's value lenders will typically consider, up to about 59% with some.
Value in the Home
Your age, your home type, its London neighbourhood, and the lender's guidelines all affect the amount. We'll share an honest estimate on the first call.
Taxes and Maintenance
Keep property taxes and insurance paid on time, and keep the home in reasonable repair for the life of the loan.
Where You Actually Live
It has to be your principal residence. Cottages, student rentals near campus, and other investment properties don't qualify.
A bungalow in Oakridge, a century home in Old East Village, or a condo near Masonville: we'll assess any property type at no cost and with no obligation.
How it Works?
We compare every major Canadian lender for your London home. We won't be the right fit for everyone, but you'll always leave more informed and more confident than when you called.
Profile & Estimate
Share your age, home value, and address. We provide an indicative range and walk you through what to expect — no commitment required.
Appraisal
A certified appraiser visits your property to confirm its current market value. This is a mandatory requirement with all Canadian reverse mortgage lenders.
Lender Comparison & Advisor Review
This is where Get Reverse Mortgage earns its place. We compare offerings from all major Canadian reverse mortgage lenders and align the best-fit product to your goals, budget, and property.
Documents & Costs
We prepare all paperwork and provide a clear, itemised cost summary before you make any decision. No surprises.
Independent Legal Advice
Before signing, you meet independently with a lawyer of your choosing. This is a Canadian regulatory requirement — and we think it's one of the best protections in the industry.
Funding
Receive your funds as a lump sum, scheduled advances, or a combination of both. Most clients receive funding within two to three weeks of approval. Where urgency is a factor, we have closed files in as little as two weeks.
How It's Being Used
Real Uses for Home Equity in London
Support for Loved Ones
Helping a grandchild with tuition at Western or Fanshawe, or a child with a down payment, at a time when it can make the biggest difference.
Lower Monthly Costs
Paying off a remaining mortgage or line of credit so your monthly costs drop and your income goes further.
An Emergency Fund
Keeping cash on hand for repairs, health care needs, or life's surprises, without needing to borrow elsewhere later in life.
Easier Living at Home
Adding a walk-in shower, a ramp, or main-floor laundry so your London home stays practical and safe as your needs change.
Before You Decide: London Homeowner FAQs
Do I give up any ownership of my London home?
No. You keep full ownership and remain on title as long as the reverse mortgage is in place. The lender registers a security charge on the property, as with any mortgage, and you continue to make every decision about your home.
Do reverse mortgage funds affect my taxes?
No. Because the money is a loan rather than income, it isn't taxed and doesn't affect your OAS, GIS, or CPP.
What's a realistic amount I could receive?
Most Canadian homeowners can access up to 55% of their home's appraised value, and up to approximately 59% with certain lenders. Your age, your London home's appraised value, and the lender determine where you land.
Is there a deadline to repay?
There's no fixed deadline. The loan is repaid when you sell the home, move out permanently, or the last borrower on title passes away, and no monthly payments are required before then.
What protects me from owing more than the house is worth?
The no-negative-equity guarantee, which every major Canadian reverse mortgage lender includes. As long as you keep property taxes and insurance current and maintain the home, you or your estate will never owe more than its fair market value at the time of sale.
What sets a reverse mortgage apart from a HELOC?
A HELOC requires monthly interest payments and approval based on your income and credit. A reverse mortgage requires no monthly payments and is based mainly on your age and home equity.
Will I lose any OAS or GIS?
No. The funds are a loan, not income, so your OAS, GIS, and CPP stay the same. That's a major reason London retirees on fixed incomes consider this option.
