# Oakville Mortgage Broker for Homeowners 55+ | OakvilleReverseMortgage.ca > An Oakville mortgage broker for homeowners 55+ who compares reverse mortgages, HELOCs and refinances for the cheapest money. Free estimate, no sales pressure. URL: https://oakvillereversemortgage.ca/mortgage-broker-oakville-seniors/ # An Oakville Mortgage Broker for Homeowners 55 and Over, Free to You Updated October 15, 2026 · Reviewed for accuracy against the sources listed on this page Richard Hopkins, Mortgage Broker, is a mortgage broker Oakville homeowners 55 and over can reach by email, phone and video call. He compares every reverse mortgage lender in Canada, and other home loans too, to find the lowest-cost way to raise the money you need. You pay him nothing, because the chosen lender pays the brokerage once the money is advanced. [Get my free estimate](https://reversemortgagebroker.ca/estimate/?utm_source=oakvillereversemortgage&utm_medium=satellite&utm_campaign=mortgage-broker-oakville-seniors) [Try the Oakville calculator](/tools/reverse-mortgage-calculator-oakville/) Your free estimate: No cost · No credit check · No sales pressure. - ✓Owners aged 55 and up - ✓Tax-free money - ✓No required monthly mortgage payments - ✓The title stays yours - ✓A lawyer of your own reviews it Key takeaways - Using Richard costs you nothing; whichever lender you choose pays the brokerage once the mortgage is advanced. - Richard compares all four reverse mortgage lenders in Canada, and two of them have options you can reach only through a broker. - On Oakville's September 2026 composite benchmark of $1,128,800 (TRREB), the most a 72-year-old could borrow is about $619,000. - A HELOC, a regular mortgage or Halton's interest-free property tax deferral can cost less for some homeowners. - Every Ontario mortgage broker must hold a licence you can look up on the FSRA public register. [OakvilleReverseMortgage.ca](/) is an information website from Dominion Lending Centres Homestead Financial that explains what an independent mortgage broker does for Oakville homeowners aged 55 and over. Each section is written for you and your family to read together. ## What an independent mortgage broker does for you A mortgage broker compares lenders on your behalf. A bank branch can offer only its own bank’s loans. Richard Hopkins, Mortgage Broker, arranges every kind of home loan under one roof: reverse mortgages, HELOCs (home equity lines of credit), refinances and regular mortgages. **Richard’s job is to find the cheapest way to get the money you need, whether or not that turns out to be a reverse mortgage.** For reverse mortgages, Richard compares every reverse mortgage lender in Canada. There are four: HomeEquity Bank (CHIP), Equitable Bank, Home Trust and Bloom. All four are government regulated. The protections that matter come with every one of them: required independent legal advice, and a cap that holds the debt to the fair market value of the house at the time the mortgage becomes due, as long as the owner keeps up tax, insurance and repairs. All four lenders include it, and it’s typically called the No Negative Equity Guarantee. ### Two of the four lenders aren’t fully open to the public One of the four lenders offers its reverse mortgage only through brokers. Another keeps its highest-lending product for broker clients. Phoning lenders yourself gets you part of the market, not all of it. ### Free to you The lender pays the brokerage after your mortgage funds. You never receive a bill from Richard, and getting an estimate doesn’t affect your credit. ## Help by email, phone and video call Everything is done by email, phone and video call. Your options and a recommendation arrive in writing, so you can read them twice and show them to family. Your adult children can be copied on every email. Three-way calls are easy to set up, and you decide who takes part. The one in-person meeting is with your own lawyer, for independent legal advice, at the lawyer’s office. ## How to check a broker’s licence Every mortgage broker and brokerage in Ontario must be licensed by the Financial Services Regulatory Authority of Ontario. The regulator keeps a public register on its website where you can look up any name ([FSRA](https://www.fsrao.ca/)). Richard Hopkins is licensed as a mortgage broker under licence M16000896. Dominion Lending Centres Homestead Financial is licensed under brokerage licence #11711. Look up both before you send personal details to anyone. ## What Oakville home values mean for the amount The most you can borrow with a reverse mortgage depends on two things: the age of the youngest owner and the value of the home. Oakville’s composite benchmark price was $1,128,800 in September 2026, down 3.0% from a year earlier ([TRREB MLS HPI, September 2026](https://trreb.ca/wp-content/files/market-stats/home-price-index/TRREB_MLS_HPI_Public_Tables_0926.pdf)). Here is the most a homeowner could borrow on each of Oakville’s September 2026 TRREB benchmark prices: | Youngest owner | Condo apartment, $552,100 | Townhouse, $700,000 | Composite, $1,128,800 | Detached, $1,573,000 | | --- | --- | --- | --- | --- | | Age 60 | about $268,000 | about $340,000 | about $548,000 | about $764,000 | | Age 72 | about $303,000 | about $384,000 | about $619,000 | about $862,000 | | Age 80 | about $331,000 | about $420,000 | about $677,000 | about $944,000 | Treat these as ceilings, not offers. Many owners take less, and interest builds only on the dollars drawn. To try your own numbers, use the [Oakville reverse mortgage calculator](/tools/reverse-mortgage-calculator-oakville/). Plenty of Oakville residents are at the age where these questions come up. About 15.7% of the town’s population, or 33,595 people, were 65 or older at the 2021 Census ([Statistics Canada, 2021 Census](https://api.statcan.gc.ca/census-recensement/profile/sdmx/rest/data/STC_CP,DF_CSD/A5.2021A00053524001.1..1?format=csv)). ## Seven steps, and you can stop at any of them A reverse mortgage takes seven steps: the free estimate, every lender compared, your options and Richard’s recommendation in writing, the application, approval and appraisal, the independent legal advice appointment, and closing. You can stop at any step before closing, and your own lawyer explains everything before you sign. A plain-English walk-through of each step is in [the Oakville reverse mortgage process from start to finish](/blog/oakville-reverse-mortgage-start-to-finish/). ## When a reverse mortgage is not the cheapest money A reverse mortgage charges more interest than most other home loans. Advertised five-year fixed rates were 6.23% to 6.94%, advertised by the lenders and checked October 2, 2026. Typical HELOC rates are one to two points lower. A homeowner with strong income who prefers making monthly payments may pay less with a HELOC or a regular mortgage. Both loans test your income and require a payment every month. There are no required monthly mortgage payments on a reverse mortgage; the Town’s tax bill, insurance and repairs still fall to you. Unpaid interest joins the balance. A rising house value often absorbs part or all of it, and the average Canadian borrower keeps about half the equity. The full list of rates and one-time fees is in the [Oakville reverse mortgage cost guide](/guide/reverse-mortgage-cost-oakville/). ### Halton’s property tax deferral can cost less for some Halton Region’s Older Adults Property Tax Deferral lets eligible owners put off the full year’s property tax, interest-free ([Halton Region By-law 22-26, April 2026](https://www.halton.ca/getmedia/b642d6a2-dc60-48b6-9a5b-b729d898b194/fn-by-law-no-22-26-amended-older-adult-property-tax-deferral-program-apr-2026.pdf)). Every owner must be 65 or older, and combined household income must be $69,500 or less. The 2026 intake is closed, and Halton says a new form comes out in spring 2027 ([Halton Region, Older Adults Property Tax Deferral Program, October 2026](https://www.halton.ca/The-Region/Finance-and-Transparency/Property-Taxes/Older-Adults-Property-Tax-Deferral-Program)). A deferral and a reverse mortgage are one route or the other. The [Oakville property tax guide for seniors](/guide/oakville-property-tax-seniors/) explains how each one is repaid. ## What Richard does for you - ✓A free estimate on screen, with no credit pulled - ✓Every reverse mortgage lender in Canada compared - ✓HELOC, refinance and regular mortgage options checked too - ✓Your options and a recommendation, in writing - ✓Answers by email, phone and video call - ✓Family copied on every email, if you wish - ✓Help with the application, appraisal and closing - ✓Help finding a lawyer for independent legal advice ## How the options compare **Three ways an Oakville homeowner can use the home's value without selling** | Question | Reverse mortgage | HELOC (home equity line of credit) | Halton property tax deferral | | --- | --- | --- | --- | | Monthly payment required | No required monthly mortgage payments; taxes, insurance and upkeep stay yours | Yes, every month, and the payment rises when prime rises | No payment on the deferred tax while you stay eligible | | Income test | No bank-style test; income is checked only to confirm the property taxes are affordable | Yes, a stress test and debt limits | Yes, household income of $69,500 or less | | Who qualifies | Every owner 55 or older, living in the home as the primary residence | Homeowners of any age with enough income and credit | Every owner 65 or older; one owner has lived there at least 4 years | | What it costs | 6.23% to 6.94% advertised (checked October 2, 2026), plus about $2,000 to $3,500 one-time | Usually one to two points below reverse mortgage rates | Interest-free; Halton pays the interest as a grant | | When it is repaid | When the last borrower sells, moves out permanently or passes away | As you go; the lender can also reduce or freeze the line | When the home is sold or transferred, or after you stop qualifying | ## Guides for this situation - [How Much Does a Reverse Mortgage Cost in Oakville?](/guide/reverse-mortgage-cost-oakville/) - [How Much Is Oakville Property Tax in 2026, and What Help Is There for Seniors?](/guide/oakville-property-tax-seniors/) - [What Does Downsizing in Oakville Really Cost?](/guide/downsizing-in-oakville-cost/) ## Sources Every number on this page was last checked on October 15, 2026. 1. [TRREB MLS HPI Public Tables, September 2026](https://trreb.ca/wp-content/files/market-stats/home-price-index/TRREB_MLS_HPI_Public_Tables_0926.pdf) 2. [Statistics Canada, 2021 Census Profile, Oakville (T)](https://api.statcan.gc.ca/census-recensement/profile/sdmx/rest/data/STC_CP,DF_CSD/A5.2021A00053524001.1..1?format=csv) 3. [Halton Region, Older Adults Property Tax Deferral Program](https://www.halton.ca/The-Region/Finance-and-Transparency/Property-Taxes/Older-Adults-Property-Tax-Deferral-Program) 4. [Halton Region By-law 22-26 (amends By-law 20-16), April 2026](https://www.halton.ca/getmedia/b642d6a2-dc60-48b6-9a5b-b729d898b194/fn-by-law-no-22-26-amended-older-adult-property-tax-deferral-program-apr-2026.pdf) 5. [Town of Oakville, Tax Rebates and Assistance](https://www.oakville.ca/home-environment/property-tax-assessments/tax-rebates-assistance/) 6. [Financial Services Regulatory Authority of Ontario (FSRA)](https://www.fsrao.ca/) ## From your first question to money in your account: seven steps You can stop at any step before closing, and your own lawyer explains everything before you sign. 1. 1 Free estimate About 90 seconds on a short form: your age, your home and what is owing. A first figure appears on screen, with no credit check for the estimate. 2. 2 Every lender compared Richard Hopkins, Mortgage Broker, sends a first email showing how much you could get, where rates are and which lenders fit your home, then asks how much you want. 3. 3 Your options and his recommendation Your options and Richard's recommendation arrive in writing, by email. You choose, or stop there. 4. 4 Application Fill out a quick form and send a few documents. Richard sends your application to the lender you choose, and your credit is checked once, only then. 5. 5 Approval, appraisal and your lawyer The lender usually sends their mortgage commitment letter within a day or two. An appraiser visits the home, and you book your own lawyer. 6. 6 Independent legal advice appointment A lawyer who acts only for you explains every page at their office, before you sign anything. 7. 7 Closing On closing day the lawyer or title company handling it receives the money from the lender, pays off any mortgage on the home, takes off the closing costs and deposits the remaining money into your bank account. ## Frequently asked questions **Does it cost anything to use a mortgage broker in Oakville?** No. The lender pays the brokerage after your mortgage funds, so Richard's help is free to you. Getting an estimate doesn't affect your credit, and you can stop at any step. **Will Richard say so if a reverse mortgage isn't the right fit?** Yes. Richard also arranges HELOCs (home equity lines of credit), refinances and regular mortgages, so a different loan is a normal answer. The goal is the cheapest way to get the money you need. **Can your children be part of the conversation?** Yes. Sons and daughters can be copied on each email or join a three-way call or video call. You decide who is included. **How do you check that a mortgage broker is licensed in Ontario?** Search the public register on the Financial Services Regulatory Authority of Ontario (FSRA) website. Look up both the broker and the brokerage by name. Richard Hopkins is licensed as a mortgage broker under licence M16000896, and Dominion Lending Centres Homestead Financial is licensed under brokerage licence #11711. **Is there a charge for having a broker check the lenders?** No. The lender you choose pays the brokerage after your mortgage funds; you pay Richard nothing. A broker can also reach options you would miss by phoning around. One lender deals only with brokers, and another saves its largest amounts for broker clients. Richard also arranges lines of credit and ordinary mortgages. That means you get a recommendation based on your situation, even if it's not a reverse mortgage. ## Other ways Oakville homeowners use a reverse mortgage [ Paying for home care How a reverse mortgage can pay for private home care in Oakville so you can stay in your home, with no required monthly mortgage payments. Read about paying for home care ](/paying-for-home-care-oakville/)[ Paying for renovations How Oakville homeowners 55 and over can pay for renovations that let them stay in their home, with no required monthly mortgage payments. Read about paying for home renovations ](/home-renovations-oakville-seniors/) --- Free reverse mortgage estimate (no sales pressure): https://reversemortgagebroker.ca/estimate/?utm_source=oakvillereversemortgage&utm_medium=satellite&utm_campaign=md-mirror 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. OakvilleReverseMortgage.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.