Reverse Mortgages in North York for Homeowners 55+
A reverse mortgage lets North York homeowners aged 55 and older turn part of their home's value into tax-free cash without selling and without required monthly payments. It's repaid when you sell, move out, or the last borrower passes away. Choice Financial Corp. (FSRA Brokerage #13564) is based right here in North York at 15 Gervais Dr, so you can sit down with us in person, compare lenders such as HomeEquity Bank (CHIP), Equitable Bank and Bloom Finance, and look at the alternatives too.
Bring your questions, and bring your family if you like. We'll walk through your options at our office, with no pressure to decide.
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Meet us in person in North York
Our office is at 15 Gervais Dr, Suite 310, North York. A reverse mortgage is a big family decision, and many people prefer to talk it through face to face. Adult children are welcome at the meeting, or can join by phone or video.
Detached homes in Don Mills and Willowdale
Many North York owners have lived in the same detached house for decades, in neighbourhoods like Don Mills and Willowdale. Those homes often carry a lot of equity, and the owner may be getting offers from builders who want the lot. A reverse mortgage is one way to stay in the home and neighbourhood you know while using some of that value. Lenders base the amount on the appraised value of the home as it is today, your age and the lender's own limits.
Condos along Yonge Street and Sheppard
If you've already downsized to a condo along the Yonge-Sheppard corridor, a reverse mortgage may still be possible. Each lender has its own rules for condo units and buildings, so the lender you choose matters more than it does for a house. We check those rules before you pay for an appraisal. Condo fees, property taxes and insurance still need to be paid, just like with any reverse mortgage.
Toronto's seniors tax programs apply in North York
North York is part of the City of Toronto, so the City's Property Tax Increase Deferral and Cancellation programs for low-income seniors apply here. For 2026, household income had to be $62,000 or less, along with age and other rules. Our Toronto reverse mortgage page explains them, and if a tax program covers what you need, we'll tell you.
What it costs, and the legal advice step
Most reverse mortgages go up to about 55% of your home's appraised value. Costs include a higher interest rate than a regular mortgage, an appraisal, set-up and legal fees, and the balance grows over time. Our reverse mortgage guide covers the details. In Ontario you must get independent legal advice from your own lawyer first (O. Reg. 188/08, s. 29).
A North York example (illustrative)
Example only, not a specific client: a couple in their late 70s own a 1960s detached home in Don Mills with a small HELOC balance. They want to pay off the HELOC, update the main-floor bathroom so they can stay, and stop making monthly payments. We'd compare keeping the HELOC, a refinance and a reverse mortgage on their numbers, at our office with their son on the call.
Learn more
Read more about Greg Kalanjian and our post Reverse Mortgage vs HELOC in Ontario.
Is a reverse mortgage right for you, or is there a better option?
Book a free, no-obligation call with Greg or call 647-638-6358. Family members are welcome.
Reviewed by
Greg KalanjianPrincipal Broker & Co-Founder, Choice Financial Corp. · FSRA Lic. M16000014 · Brokerage #13564
CMP Top 75 Brokers in Canada (2024). McGill University finance graduate and former mortgage manager at a major Canadian bank. Greg and our licensed team compare 30+ lenders for Toronto and GTA homeowners.
Last reviewed: November 2026
Answers to Your Questions
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Reverse mortgages are offered by third-party lenders and are subject to their eligibility, appraisal and independent legal advice requirements. Rates and terms are subject to change and aren't guaranteed until approved by the lender. City program details are set by the City of Toronto and can change each year; check toronto.ca before you apply. This page is general information, not financial, tax or legal advice. Choice Financial Corp., FSRA Brokerage #13564. Greg Kalanjian, Principal Broker, Lic. M16000014.