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).
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).
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.
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).
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.
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.
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). 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). A deferral and a reverse mortgage are one route or the other. The Oakville property tax guide for 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
| 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 |