Am I Eligible?
The requirements for a Canadian reverse mortgage are straightforward — and may be simpler than you expect.
No income verification. No minimum credit score. Just a few clear criteria.
The Core Requirements
To qualify for a reverse mortgage in Canada, you generally need to meet all of the following:
You are 55 years of age or older
All registered owners on the title must be at least 55. For couples, the younger partner's age is used to determine the maximum loan amount.
You own a home in Canada
The property must be your primary residence — the home where you live the majority of the year. Vacation properties and investment properties do not qualify.
Your home meets minimum value requirements
Most lenders require a minimum appraised value of approximately $250,000, though this can vary. The higher your home value, the more equity you may be able to access.
The property is in acceptable condition
The home must be well-maintained and insurable. Lenders will order an independent appraisal. Significant deferred maintenance may affect eligibility or the amount available.
You continue to live in the home
A reverse mortgage remains in place as long as the home is your primary residence. If you move, sell, or pass away, the loan becomes due and is repaid from the proceeds of the sale.
No income verification. No credit score minimum.
Unlike a traditional mortgage, approval is based on your age and home value — not your income, employment status, or credit history. This makes a reverse mortgage accessible to many Canadians on fixed retirement income.
Which Properties Qualify?
Most owner-occupied residential properties in Canada are eligible.
Not sure whether your property qualifies? Call us — we're happy to talk it through.
How Much Could I Access?
The amount available depends on three main factors.
Your Age
The older you are, the higher the percentage of your home's value you can access. Lenders assume a shorter loan period for older borrowers.
A 75-year-old can typically access more than a 55-year-old with the same home value.
Your Home's Value
A licensed appraiser determines the current market value. The higher the appraised value, the more equity is available to draw from.
A $900,000 home provides more accessible equity than a $400,000 home at the same age.
Your Location
Property location affects both appraised value and lender risk assessments. Urban and suburban properties in major markets typically qualify for higher amounts.
Properties in the GTA, Vancouver, Calgary, and other major centres often qualify for higher loan amounts.
Most Canadians can access between 20% and 55% of their home's appraised value.
The exact amount depends on your specific circumstances. Our calculator gives you a quick estimate — or we can work through the numbers together.
Common Eligibility Questions
Answers to the questions we hear most often.
What if I still have a mortgage on my home?
You can still qualify. If you have an existing mortgage or home equity line of credit (HELOC), it must be paid off as part of the reverse mortgage process — typically using the reverse mortgage funds themselves. Many clients use a reverse mortgage specifically to eliminate their existing mortgage payment.
Does my income or credit score matter?
Unlike a traditional mortgage, there are no income requirements and no minimum credit score to qualify for a reverse mortgage. Approval is based primarily on your age, the value of your home, and its location. This makes it accessible to many retirees on fixed incomes.
Can a couple apply together?
Yes — and in most cases, both partners should be on the application. Both names must be on the title, and both must be at least 55. The younger partner's age is used to calculate the maximum loan amount, as the lender assumes the loan may be in place for a longer period.
What happens if I want to sell my home later?
You are free to sell at any time. When you sell, the reverse mortgage balance (principal plus accumulated interest) is repaid from the sale proceeds. Any remaining equity belongs to you or your estate. There are no restrictions on selling.
Is there a minimum or maximum amount I can borrow?
Most lenders have a minimum loan amount of around $20,000. The maximum is typically 55–59% of your home's appraised value, depending on your age, property type, and location. The older you are, the higher the percentage you may be able to access.
What if my home needs repairs?
Minor maintenance issues generally do not affect eligibility. However, if the appraisal identifies significant structural or safety concerns, the lender may require repairs before advancing funds — or may reduce the amount available. We can walk you through what to expect.
Not Sure If You Qualify? Let's Talk It Through.
Eligibility can depend on details that are hard to assess without a conversation — the condition of your home, how title is registered, whether an existing mortgage needs to be discharged, and more.
We're happy to answer your questions — and your family members, financial advisor, or lawyer are always welcome to be part of the conversation.
Ready to Find Out If You Qualify?
A free, no-obligation conversation is the best way to get a clear answer for your specific situation.