If you've been turned down for a HELOC or traditional mortgage because of limited retirement income, a reverse mortgage might be the solution you didn't know existed. The qualification requirements are fundamentally different—and much simpler. The Basic Requirements To qualify for a reverse mortgage in Canada, you need: Age: You or your spouse must be 55 years or older Ownership: You must own your home Primary residence: The property must be where you live full-time Sufficient equity: Generally at least $200,000 in home value That's it. No income test. No credit check. No stress test. What's NOT Required Traditional Mortgage Reverse Mortgage Proof of income ❌ Not required Debt service ratio ❌ Not required Credit score 600+ ❌ Not required Stress test ❌ Not required Employment history ❌ Not required Eligible Property Types Property Type Eligible? Detached house ✅ Yes Semi-detached ✅ Yes Townhouse ✅ Yes Condo apartment ✅ Yes Rural property ⚠️ Maybe Cottage/seasonal ❌ No Mobile home ❌ No Do You Qualify? Free 5-minute eligibility check—no credit pull, no obligation. Check Eligibility How Age Affects Your Borrowing Amount Age Approximate % of Home Value 55-59 15% – 25% 60-64 20% – 30% 65-69 25% – 40% 70-74 30% – 45% 75-79 35% – 50% 80+ 40% – 55% The Application Process Free consultation (30 minutes) — We assess your situation Application (15 minutes) — Basic information, no income docs Home appraisal (1-2 weeks) — Independent appraiser visits Legal review (1 week) — Independent lawyer explains terms Funding (3-5 business days) — Money in your account Total timeline: 3-5 weeks What's Next Think you might qualify? Get your free assessment. ← Back to our Reverse Mortgages in Canada: How to Turn Your Home Equity Into Tax-Free Retirement Income. Find Out If You Qualify Free assessment for Canadian homeowners 55+. No income verification required. Get Free Assessment Ready to Get Started? Contact us today for personalized mortgage advice and competitive rates. Get Pre-Approved Call (416) 822-7357 Frequently Asked Questions Do You Qualify? Free 5-minute eligibility check—no credit pull, no obligation. Check Eligibility Q: Can I qualify if I still have a mortgage? A: Yes. The reverse mortgage pays off your existing mortgage first, then you receive the remaining funds. Q: What if only one spouse is 55+? A: Both people on the title must be 55+. Q: Can I qualify if I have bad credit? A: Yes. Credit score is not a factor.
