# Toronto Condo Reverse Mortgages: What Qualifies | TorontoReverseMortgage.ca > All four reverse mortgage lenders accept a standard Toronto condo, but each also reviews the building. See what is checked. Free estimate, no sales pressure. URL: https://torontoreversemortgage.ca/reverse-mortgage-condo-toronto/ Reverse mortgages in Toronto # Reverse mortgage on a Toronto condo: what qualifies and what lenders check A standard condo in Toronto qualifies for a reverse mortgage with all four Canadian lenders. Each lender also reviews the building, its condo corporation and the location, so the same unit can get different answers. Leasehold condos and co-ops don't qualify with any lender. Your condo fees and property taxes stay yours to pay. [Get my free estimate →](/estimate/) [Try the calculator](/tools/reverse-mortgage-calculator-toronto/) Free · No sales pressure · Getting an estimate doesn't affect your credit Last updated October 31, 2026 - ✓For homeowners 55 and older - ✓No required monthly mortgage payments - ✓The money is tax-free - ✓You keep ownership of your home - ✓You never owe more than your home is worth - ✓Your own lawyer explains it before you sign [TorontoReverseMortgage.ca](/) explains how a reverse mortgage works on a Toronto condo: which units qualify, what a lender checks in your building, and how much you could get. Condo apartments were 884 of the 1,937 homes sold in the City of Toronto in September 2026, almost half of all sales ([TRREB Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf)). A standard condo qualifies with all four Canadian reverse mortgage lenders: HomeEquity Bank, Equitable Bank, Home Trust and Bloom. The unit is only part of the review: the building and its condo corporation are checked too, and the four lenders don’t always agree about them. ## What happens after your free estimate You start with the free estimate form. The form asks your age, your condo’s value and what you still owe, then shows an estimate on screen. Getting an estimate doesn’t affect your credit. Next, Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada for your unit and your building. His email shows which lenders accept your building and the best deal for your unit, so you can read it twice and pass it to family. For a condo, the building’s address matters as much as your unit number, because the building is checked before you apply. Questions can go by email, phone or video call, and your children can be copied on every message or join a three-way call. Nothing is signed at this stage, and you can stop at any step. The only meeting in person is with your own lawyer, near the end. ## What a lender checks on a Toronto condo A lender reviews three things on a condo: the unit’s value, the building and its condo corporation, and the location. All four lenders lend across the City of Toronto, so the address is rarely the reason for a no. The building gets the most attention. ### The unit and its value An appraiser values your unit, and the amount you can borrow follows that value. TRREB’s benchmark price for a typical condo apartment in the City of Toronto was $543,800 in September 2026, down 6.36% from a year earlier ([TRREB Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf)). ### The building and its condo corporation The condo corporation’s rules must allow the mortgage. Lenders also look for sound finances, reasonable fees and a building in good repair. The four lenders are not equally comfortable with every building. The same condo, with the same owner and the same value, can get a yes from one lender and a no from another. Knowing which lender suits which building is part of what a broker brings. Richard checks your building against all four lenders before you apply, so the application goes where your building is accepted. The same review applies when you [buy a condo with a reverse mortgage](/buy-a-condo-with-a-reverse-mortgage-toronto/). ## Which condos don’t qualify Leasehold condos and co-ops don’t qualify with any Canadian reverse mortgage lender. In a leasehold condo, the land under the building is leased, not owned. In a co-op, you own shares in the co-operative rather than the unit itself. Co-ops are a small part of Toronto sales: 4 co-op apartments sold in the City of Toronto in September 2026, compared with 884 condo apartments ([TRREB Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf)). Your title documents or your lawyer can confirm which kind of ownership you have. A condo townhouse is reviewed with its condo corporation, the same way as a condo apartment. A freehold townhouse, with no condo corporation, is treated like a house. ## How much you could get on a Toronto condo The amount depends on your age and your unit’s appraised value. At 70, the most you could borrow is up to about 52.85% of the value, and for a couple the estimate uses the younger spouse’s age. The [guide to how much a 70-year-old can borrow in Toronto](/guide/how-much-can-a-70-year-old-borrow-toronto/) shows other home types, and the [Toronto reverse mortgage calculator](/tools/reverse-mortgage-calculator-toronto/) takes your own numbers. The percentage on a condo can be a little different from a detached house, and each lender sets its own limits. Richard’s email shows the real figure for your unit and your building. Condo fees and property taxes stay yours. A reverse mortgage has no required monthly mortgage payments, but the condo corporation’s monthly fee, the City’s tax bill and the insurance on your unit still need paying. Some owners take part of the money as [monthly deposits](/reverse-mortgage-monthly-income-toronto/) to cover these costs. ### An example on a $543,800 Toronto condo For example, picture an illustrative widow, 75, who owns a condo apartment in a 1980s mid-rise building in Toronto. Her unit is valued at $543,800, TRREB’s City of Toronto benchmark for a condo apartment in September 2026. She owes nothing on it. At 75, the most she could borrow is up to about 57.75% of the value, or about $314,000 on $543,800. Before she applies, her building’s finances, fees, repair and rules are checked against all four lenders. Not every lender answers the same way for the same building, so the options in her email come only from the lenders that accept it. She takes $60,000 as a lump sum for updates inside her unit and some savings for emergencies. Interest is charged only on the $60,000, and she has no required monthly mortgage payments. Her condo fee, property taxes and insurance on the $543,800 unit stay hers to pay. ## What it costs and how it is paid back The advertised 5-year fixed rates at the four lenders ranged from 6.23% to 6.49%, checked October 31, 2026. Interest is added to the balance twice a year, and it is charged only on the money you take. One-time costs usually come to about $2,000 to $3,500. The total covers an appraisal (usually about $350), the lender’s set-up fee ($995 to $1,795, usually added to the mortgage) and your own lawyer for independent legal advice (about $800 to $1,200 in Ontario). The broker costs you nothing, because the lender pays the broker after the mortgage funds. The mortgage is repaid when the condo is sold, when the last borrower moves out permanently, or when the last borrower passes away. You or your estate never owe more than the home’s fair market value on the day the mortgage comes due, as long as property taxes, insurance and upkeep are kept up. All four lenders include this promise, typically called the no negative equity guarantee. Repaying early brings a charge in the first years, either a percentage of the amount repaid or a few months of interest. The charge shrinks over time, and some lenders let you repay up to 10% of the balance each year without one. No charge applies when the mortgage is repaid because the last borrower has died. The balance grows as interest is added, but rising prices often make up some or all of it. Canadian borrowers keep about half of their home’s value on average. Values can also fall, as Toronto condo prices did over the past year, and the guarantee above covers that case. The [Toronto reverse mortgage cost guide](/guide/reverse-mortgage-cost-toronto/) breaks down every fee, and [independent legal advice in Toronto](/guide/independent-legal-advice-reverse-mortgage-toronto/) explains the lawyer’s role. Selling a house to move into a condo has its own costs, set out in [what downsizing in Toronto costs](/guide/downsizing-in-toronto-cost/). ## What's included when you ask for help - ✓Checks your building against all four lenders before you apply - ✓Confirms your unit is a standard condo, not leasehold or a co-op - ✓Estimates the amount from your age and your unit's value - ✓Compares every reverse mortgage lender in Canada for your unit - ✓The best deal for your unit, by email - ✓Copies your family on every email, if you want - ✓Guides the application and the appraisal with the chosen lender - ✓A recommendation based on your situation, even if it's not a reverse mortgage ## How the options compare **Toronto condo, house or co-op: what a reverse mortgage lender looks at (values: TRREB MLS HPI benchmarks, September 2026; amounts at 70 use up to 52.85% of value)** | | Condo apartment | Freehold house | Co-op or leasehold condo | | --- | --- | --- | --- | | Qualifies for a reverse mortgage | Yes, with all four lenders | Yes, with all four lenders | No, with any lender | | What the lender reviews | The unit, the building and its condo corporation, the location | The house, its condition, the location | Not applicable | | Typical Toronto value | $543,800 (condo apartment benchmark) | $1,417,600 (detached benchmark) | Not applicable | | Most you could borrow at 70 | About $287,400 | About $749,200 | Nothing | | Costs that stay yours | Condo fees, property taxes, insurance on your unit | Property taxes, home insurance, upkeep | Not applicable | ## Related guides - [How much can a 70-year-old borrow with a reverse mortgage in Toronto?](/guide/how-much-can-a-70-year-old-borrow-toronto/) - [How much does a reverse mortgage cost in Toronto?](/guide/reverse-mortgage-cost-toronto/) - [What does downsizing in Toronto really cost?](/guide/downsizing-in-toronto-cost/) - [What does independent legal advice for a reverse mortgage cost in Toronto?](/guide/independent-legal-advice-reverse-mortgage-toronto/) ## Sources Figures checked October 31, 2026. 1. [TRREB Market Watch, September 2026: City of Toronto sales by home type and MLS HPI benchmark prices (published October 6, 2026)](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf) ## How it works, from first question to money in your account Seven steps. You can stop at any of them, and nothing is signed until the last two. 1. 01 Free estimate The free estimate form asks about you, your Toronto home and anything owing on it. It takes about 90 seconds and doesn't affect your credit. 2. 02 Every lender compared Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada for your Toronto home. In his first email you see the most your home could provide and the lenders that suit it, and he asks how much you want. 3. 03 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. 04 Approval The lender usually sends its mortgage commitment letter within a day or two. 5. 05 Appraisal A professional appraiser visits the home to confirm what it is worth. 6. 06 Independent legal advice Your own lawyer, who works for you and not the lender, goes through the mortgage with you before anything is signed. 7. 07 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. ## Frequently asked questions **Can you get a reverse mortgage on a co-op or a leasehold condo in Toronto?** No. No Canadian reverse mortgage lender accepts a co-op, because you own shares in the co-operative rather than the unit itself. A leasehold condo doesn't qualify either, because the land under the building is leased, not owned. A standard condo, with the unit registered in your name, qualifies with all four lenders. **Does a condo townhouse qualify for a reverse mortgage?** Yes. A condo townhouse is reviewed together with its condo corporation, the same way as a condo apartment. A freehold townhouse, with no condo corporation, is treated like a house. **Do you still pay condo fees with a reverse mortgage?** Yes. Your monthly condo fee, your property taxes and the insurance on your unit stay yours to pay. A reverse mortgage has no required monthly mortgage payments, and some owners take part of the money as [monthly deposits](/reverse-mortgage-monthly-income-toronto/) to cover these costs. **Is the amount on a condo the same as on a house?** No. The percentage a lender offers on a condo can be a little different from a detached house, and each lender sets its own limits. The estimate starts from your age and the unit's value: at 70, up to about 52.85% of the value. Richard's email shows the real figure for your unit and your building. **Does it cost anything to have a broker compare the lenders for you?** No. You pay the broker nothing. The lender pays the broker after your mortgage funds. A broker also reaches things you can't get by phoning lenders yourself. One of the four lenders works only through brokers, and another offers its highest amounts only through brokers. A broker can sometimes get a rate below the published one, or a lower set-up fee. Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada, and arranges lines of credit and regular mortgages too, so he recommends the option that offers the best overall value for you. ## Other ways a reverse mortgage is used in Toronto [ Buying a condo with a reverse mortgage A reverse mortgage can pay part of the price of your next Toronto condo, so more of your house sale stays in the bank. Read more → ](/buy-a-condo-with-a-reverse-mortgage-toronto/)[ Paying off your mortgage When a renewal no longer fits a retirement income, a reverse mortgage can pay off what you owe and end the monthly mortgage payment. Read more → ](/reverse-mortgage-to-pay-off-mortgage-toronto/)[ Monthly income from your home Money from your home's value, paid into your bank account every month, without tax and without changing your OAS or GIS. Read more → ](/reverse-mortgage-monthly-income-toronto/) --- Free reverse mortgage estimate (no sales pressure): https://torontoreversemortgage.ca/estimate/ 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. TorontoReverseMortgage.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.