For Hamilton homeowners 55 and older
Reverse Mortgages in Hamilton: Find Out Which of Canada’s Four Lenders Offers You the Best Deal
HomeEquity Bank (CHIP), Equitable Bank, Home Trust and Bloom, compared for your Hamilton home by a licensed, independent Ontario broker. See how much you can get, your rate, and the true cost of each option, including hidden fees. Completely free, with no sales pressure.
- No cost
- Doesn’t affect your credit
- No sales pressure
-
Free to you
The lender you choose pays the brokerage. You pay the broker nothing.
-
Every lender compared
All four Canadian reverse mortgage lenders, for your home and age.
-
In writing
Your numbers arrive by email, so your family can read them too.
-
Licensed in Ontario
FSRA brokerage licence #11711. Broker licence M16000896.
- Open to Hamilton owners 55+
- No monthly mortgage payment required
- Tax-free money
- The house stays in your name
- Your own lawyer reviews it first
Hamilton's numbers, October 2026
- Typical Hamilton home, September 2026
- $664,500
- Cornerstone benchmark, down 6% in a year
- Most a reverse mortgage could give at 65
- $336,000
- About 50.5% of the typical home
- Most it could give at 75
- $384,000
- About 58% of the typical home
- City land transfer tax in Hamilton
- $0
- Only Ontario’s tax applies when you buy
Sources: Cornerstone Association of REALTORS, Market Update September 2026; Statistics Canada, 2021 Census (homes built in 1960 or earlier); age percentages from the reverse mortgage estimate form, the ceilings on the market's highest-lending products. Your own home and its appraisal set the real figure. See every district.
Why Hamilton homeowners look at a reverse mortgage
Most Hamilton homeowners who ask about a reverse mortgage want to stay where they are. These are the four situations that bring them here most often.
A mortgage still running in retirement
The payment that was easy on two paycheques is hard on CPP and OAS. A reverse mortgage pays it off and has no required monthly mortgage payments.
An older house that needs changes
Stairs, a tub you can’t step into, a roof that is due. About one in three Hamilton homes was built in 1960 or earlier, and making one work for the next 20 years costs money.
Help at home, or a move into care
Paying for home care keeps you in the house. If one of you moves into care, the house and the City’s Vacant Unit Tax both need a plan.
A child who can’t get started
The median Hamilton townhouse, condo or semi sold for $565,000 in September 2026, and a down payment is still out of reach for many young families. Some parents help now rather than later.
How a reverse mortgage helps in Hamilton
A reverse mortgage is one loan with many uses. These are the ones Hamilton homeowners ask about most, each with Hamilton’s own numbers and programs.
Renovations so you can stay home
Stairs, bathrooms and roofs in an older Hamilton house: the City and government help first, then how a reverse mortgage pays the rest.
Paying for care at home
What publicly funded care covers in Hamilton, what families pay for on top, and how the home itself can pay for more help.
Helping your child buy a home
What a down payment costs in Hamilton today, and how parents 55+ can give one from their home's value while they keep living there.
Every Lender Compared for Your Home, at No Cost to You
A lender can only offer its own reverse mortgage. A broker compares all four for your home, and the lender you choose pays the brokerage, so the comparison costs you nothing.
-
Every lender compared
HomeEquity Bank (CHIP), Equitable Bank, Home Trust and Bloom. One lends only through brokers, and another keeps its highest amounts for brokers.
-
The best deal, not just the best rate
The rate, the set-up fee, the price of money you take later, the renewal rate and the cost to leave early, all weighed for your plans.
-
Other options too
The brokerage also arranges home equity lines of credit, refinances and regular mortgages, so you get a recommendation based on your situation, even if it’s not a reverse mortgage.
-
Your family in the loop
Everything by email, phone and video call. Children can sit in on a three-way call and receive every email in copy.
From your first question to money in your account
Seven steps, all by email, phone and video call. You may stop at any point, and nothing is final until a lawyer of your choosing has explained it.
- 1
Free estimate
A short online form about you, your home and what you owe. It takes about 90 seconds and doesn't affect your credit.
- 2
Every lender compared
Richard Hopkins, Mortgage Broker, emails you how much you could get and which lenders fit your Hamilton home, and asks how much you'd like to take.
- 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
Approval
The lender usually sends its mortgage commitment letter within a day or two.
- 5
Appraisal
An appraiser visits the house to confirm its value.
- 6
Independent legal advice
You meet your own lawyer, who works only for you and takes you through the mortgage before you sign.
- 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
A reverse mortgage costs more than a regular mortgage, because no monthly payment is required. These are the real figures, as the lenders advertised them on September 17, 2026.
Interest rate
6.23% to 6.94%
The advertised 5-year fixed rates of the four lenders. No lender prices by city, so Hamilton pays the same rates as the rest of Ontario.
One-time costs
About $2,000 to $3,500
An appraisal of about $350, the lender’s set-up fee of $795 to $1,795, your own lawyer and the discharge of any old mortgage. Most of it is paid from the mortgage money.
Your own lawyer
$800 to $1,200
Independent legal advice is required on every reverse mortgage. In Ontario it usually costs this much, not the $300 to $500 some paperwork shows.
What changes your price: the lender, the term you choose, how much you take, and whether a lender is competing for your mortgage. The Hamilton cost guide adds it all up on a real example.
Three ways to get money from a Hamilton home
There are three common ways to turn a Hamilton home into money. Each one fits a different situation.
| What changes | Reverse mortgage | Home equity line of credit | Sell and move |
|---|---|---|---|
| Monthly payments | None required | Required, and they rise with the prime rate | None, but rent or condo fees may start |
| Income needed | No income test like a bank’s | Must pass the bank’s income test | None |
| Stay in your home | Yes | Yes | No |
| Interest rate | 6.23% to 6.94% advertised (5-year fixed) | Usually lower, close to the prime rate | None |
| Upfront cost | About $2,000 to $3,500, including your lawyer | An appraisal and legal fees | Commission, Ontario land transfer tax, lawyers and movers: often $40,000 or more |
| When it is repaid | When you sell, move out for good, or the last borrower passes away | Payments start right away, and the bank can reduce or freeze the limit | At the sale |
Which one costs you less depends on your income, your plans and how long you stay. That comparison is part of the free estimate. The brokerage's main website also has a Hamilton overview of reverse mortgage amounts and lenders.
Reverse mortgages from the lower city to Waterdown
The rules are the same across the city. The amount isn’t, because average prices run from about $499,000 in Hamilton Centre to more than $1 million in Ancaster and rural Flamborough.
Lower City
Older brick houses, the city's highest 2026 tax rate, and more homes that qualify for the City's $241 seniors rebate.
Hamilton Mountain
One-floor bungalows built for staying home, Macassa Lodge close by, and an average near $684,000.
Stoney Creek
Family homes on both sides of the escarpment, a 2026 tax rate that changes with your street, and an average near $766,000.
Ancaster
The highest average of Hamilton's urban districts, so the largest amounts, and the freedom to take only what you need.
Dundas
A 19th-century valley town with older homes, an average near $917,000, and the City's Wentworth Lodge close by.
Waterdown and Flamborough
An old mill village grown into a suburb, rural Flamborough's farms and acreages, and averages from about $931,000 to $1.2 million.
Hamilton reverse mortgage questions
How does a reverse mortgage work in Hamilton?
The same way it works anywhere in Canada. Once every owner is at least 55, you can borrow against the house without any required monthly mortgage payment. Interest is added to the balance. The mortgage is repaid when the last borrower sells, moves out for good or passes away. Property taxes, home insurance and upkeep stay yours, and you keep ownership of the home.
How much can you get on a Hamilton home?
At 65 a lender can advance up to about 50.5% of the value, rising to roughly 53% at 70 and 58% at 75. On the typical Hamilton home, the Cornerstone benchmark of $664,500 in September 2026, that is about $336,000 at 65 and $384,000 at 75. The Hamilton calculator starts from your own district’s average price.
Which lenders offer reverse mortgages in Hamilton?
All four Canadian reverse mortgage lenders lend on Hamilton homes: HomeEquity Bank (CHIP), Equitable Bank, Home Trust and Bloom. Each of the four is government regulated, and each includes independent legal advice plus the guarantee that, when the mortgage becomes due, you can never owe more than the home is worth, provided taxes, insurance and repairs are looked after. Canada’s big banks don’t offer reverse mortgages themselves.
Do you have to pay anything each month?
No monthly mortgage payment is required. You still pay your property taxes, keep the home insured and keep it in reasonable repair, as with any mortgage. You can choose to pay some of the interest, and some lenders let you pay back up to 10% of the balance a year with no charge.
Can I defer my Hamilton property taxes instead?
Yes, if you qualify. The City of Hamilton lets owners 65 and older with a combined income of $44,568 or less defer the yearly tax increase, or the whole bill, until the home is sold (2026 rules). It is one route or the other: a reverse mortgage requires taxes to be paid, and any deferred balance is paid off when it is set up. The Hamilton property tax deferral guide compares both.
Do I have to meet anyone in person?
The only meeting you go to is with your own lawyer. The broker’s help is by email, phone and video call, and every number arrives in writing. An appraiser visits the home once, and the independent legal advice meeting is normally held at the lawyer’s office, which can be any lawyer you choose in Hamilton.
More answers in the Hamilton guides, or check your own situation with the 10-question fit check. Home values: Cornerstone Association of REALTORS. Figures checked October 15, 2026.