3852 Finch Ave E #209, Scarborough, ON M1T 3T9, Canada
Brokerage #13763
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Brokerage #13763
Access your home equity without selling. The funds are tax-free and generally don't affect OAS or GIS. No regular loan payments required while you live in the home. For homeowners 55+.
5.0 on GoogleFSRA Licensed Brokerage #13763Serving all of OntarioTakes about 30 seconds · Free · No obligation
Up to 55% of home value
6.50% per year
Prime + 2.65%
6.75% per year
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Rates as of September 25, 2026. Illustrative starting points, not a quote. Your actual rate depends on your age, the property's value and location, and whether you choose fixed or adjustable.
Tell us your age, property details, and goals. We'll explain all your options clearly, including whether a HELOC, downsizing, or reverse mortgage is the best fit.
We arrange a professional appraisal and assess eligibility based on your age, home value, type, and condition, not your income or credit score.
We compare rates, terms, and payout structures from all major Canadian reverse mortgage providers to find your best option.
Before you sign, we help you talk through the impact on your estate with your family, and recommend involving a financial advisor or estate lawyer. You also receive independent legal advice before anything is signed.
Your tax-free funds are released exactly as chosen. Every year after that, we check in to make sure your reverse mortgage still serves your evolving goals.
Ready to see what your home qualifies for?
Start the comparison, or ask a question first.
A reverse mortgage lets you access your home equity without selling your home. You maintain full ownership and title. The home must be your primary residence, at least 6 months per year.
Unlike a traditional mortgage, you are not required to make any regular payments. Interest is added to the loan balance over time. Repayment is generally due when you sell, move out, or the last borrower passes away, or if you stop meeting the loan's conditions, such as paying property tax and insurance.
The funds you receive are not considered taxable income and will not affect your OAS or GIS benefits, according to the Financial Consumer Agency of Canada.
Canadian reverse mortgages include no-negative-equity protection. As long as you meet the loan's conditions, you or your estate will never owe more than the fair market value of the home.
You can usually borrow up to 55% of your home's appraised value, depending on your age, the home, and the lender. Income and credit are not the primary factors.
We're a fully licensed brokerage regulated by FSRA (#13763). All costs are disclosed upfront and we recommend independent legal advice before you commit.
Receive your funds as a lump sum, regular monthly payments, or a split of both. You choose the format that fits your retirement income needs.
Income and Credit Are Not the Main Factors / Your age, your home's value, and the equity you hold matter most. Some lenders do check credit or income to confirm you can keep up with property tax and insurance.
You choose how to use your reverse mortgage proceeds. Pay off debt, renovate, supplement cash flow, or help family.
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FSRA #13763
Licensed brokerage
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required monthly mortgage payments
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Part of every consultation
Some lenders do check credit and income, not to qualify you for the loan amount, but to confirm you can keep up with property tax, insurance and other ongoing costs. Only a small number of federally regulated lenders in Canada offer the product. These are the things that genuinely move your number.
Older applicants can generally access a larger share of their home's value.
Location affects both the amount available and which lender is willing to offer on the property.
Adjustable compounds monthly and moves with the lender's prime rate. Which one fits depends on how long you expect to stay in the home and whether you want certainty or flexibility.
Condos, rural and unusual properties are still eligible with most lenders, but pricing and maximums can vary.
Any current mortgage has to be paid off from the proceeds. This determines what's actually left available, separate from the rate itself.
Property tax, home insurance and condo fees, if applicable, still have to be paid, a reverse mortgage doesn't cover them. Some lenders check credit or income specifically to confirm this, separate from qualifying for the loan amount itself.
Not sure how much your home could unlock?
That's the first thing we check, before any number is quoted.
Take the appraisal and legal advice steps at your own pace. This is a big decision, and we're not going anywhere.
Every cost is disclosed in writing before you sign.
Every year we check in to make sure your reverse mortgage still fits your life, not a one-time transaction.
We compare the reverse mortgage lenders that serve your property so you can see how their rates and terms stack up.
Regulated by the Financial Services Regulatory Authority of Ontario.
Every rate, fee, and cost is disclosed upfront before you commit.
Get your rate comparison with zero pressure.
Your personal information is encrypted and only shared with lenders as needed to compare and arrange your options. Standard analytics may apply; see our privacy policy.
Rate shown with its conditions the term, fixed or adjustable, and the lender attached to it, not the number on its own.
Costs shown, not assumed Before you decide, we show you how interest builds over time and what that means for the equity left in your home..
Told when staying put wins If a HELOC, downsizing, or staying put makes more sense for you, that's what we'll say.
5.0/5 average rating on Google
“Damien Atapattu made my mortgage process completely stress‑free. He prepared all documents ahead of time and clearly understands lender, lawyer, and appraisal requirements. A friendly, energetic professional who gets results.”
Aruna Bandaranayake
Google review · 5 mo ago
“Highly recommend! Damien took a lot of time to explain the terms thoroughly. He is very knowledgeable and trustworthy. Looking forward to working with him again!”
Tommy Ravindran
Google review · 6 mo ago
“Shamal was amazing throughout the whole process. He is very helpful, knowledgeable and patient. If you need a good reliable mortgage broker he is the guy! He will find you the best solution.”
Avy Loc
Google review · 7 mo ago
“Highly recommend. Damien was excellent throughout everything. Walking us through everything step by step. He was extremely well prepared and well versed in everything we needed to get a mortgage at a great rate.”
John Abraham
Google review · 7 mo ago
“I had a great experience working with Damien. He helped me secure a very competitive mortgage rate through Scotiabank and made the entire process smooth and stress-free. He was knowledgeable, transparent, and always quick to respond to my questions. I highly recommend him.”
Rz
Google review · 8 mo ago
“I approached lendsimpl for some financing and was amazed at the quality and time frame of service. Within a matter of days my deal was completed. Thanks to Damien and the team for expediting my business so efficiently. I highly recommend them for your financing needs. Five stars from us.”
Sunrise Meadows
Google review · 10 mo ago
Answers to common questions about Reverse Mortgage, from lendsimpl: Ontario's FSRA-licensed mortgage brokerage (#13763).
Have a question we didn't answer?
Our licensed broker team is happy to help.
A reverse mortgage in Ontario is a loan for homeowners aged 55 or older that lets you borrow money from your home equity without selling your home. You convert a portion of your home equity into tax-free funds. You are not required to make any regular payments.
Rates vary by product, lender, and how you choose to receive your funds, lump sum, regular payments, or a mix of both. See the rate comparison above for today's actual numbers from HomeEquity Bank and Equitable Bank.
Yes. You maintain full ownership and the title to your Ontario home throughout the life of a reverse mortgage.
No. With a reverse mortgage, you are not required to make any regular monthly payments. Interest is added to the loan balance over time.
You may borrow up to 55% of the current appraised value of your Ontario home. The exact amount depends on your age and property details.
According to the FCAC, reverse mortgage funds are not considered taxable income and generally don't affect your OAS or GIS benefits.
Costs may include: a home appraisal fee ($300 to $500), setup or administration fees, legal fees ($1,000 to $2,000), closing costs, and prepayment penalties if you pay off early. All costs are disclosed in writing before you commit.
Options: a lump sum paid upfront, a partial lump sum with the rest drawn over time, or regular scheduled payments, typically in the range of $1,000 a month or $3,000 a quarter. Pricing differs by option, see the rate comparison above.
No. All major Canadian reverse mortgage providers offer no-negative-equity protection.
When you sell your home, move out permanently, the last borrower passes away, or you default on mortgage conditions.
You must be 55+ and own a home that is your primary residence. Income and credit score are not the primary qualification factors.
Your estate must repay the balance (principal plus accumulated interest) within a set period. This may mean less equity remains for beneficiaries.
Yes, and in Ontario, your lender may require it. We facilitate independent legal referrals as part of every reverse mortgage we arrange.
Still have questions?
Straight answers, no pressure.
lendsimpl arranges reverse mortgages for Ontario seniors 55+ across the entire province: Greater Toronto Area (Toronto, Mississauga, Brampton, Markham, Vaughan) to Hamilton, Ottawa, London, Kingston, Barrie, and beyond.
Legal
Rates & Eligibility
Reverse mortgage rates shown are for illustrative purposes only and are subject to change without notice. Actual rates depend on your age, property type, location, and lender. Eligibility requires homeownership aged 55+ with property as primary residence. Independent legal advice is recommended before committing.
FSRA Licensed Brokerage
lendsimpl is a licensed mortgage brokerage (FSRA #13763), operating under the Mortgage Architects network. We compare reverse mortgage options from federally and provincially regulated lenders including HomeEquity Bank and Equitable Bank.
This page is for informational purposes only and does not constitute a mortgage offer or legal advice. Consult a financial advisor and lawyer before proceeding.
Your home has equity. Let it support the life you deserve. Our FSRA-licensed specialists compare the lenders that serve your property to find the rate and payout structure that fit your situation.
Every fee that applies to your file is disclosed in writing before you proceed.
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Hello: I look forward to connecting with you. Tell us a bit about your situation and we'll walk through your options.