Mortgages for Seniors in Canada: Ontario Broker Explains Every Option After 55

“A broker’s job is not to sell you a reverse mortgage. It is to find the cheapest way to get you the money you need. Sometimes that’s a regular mortgage, sometimes it’s a line of credit, and sometimes it’s a reverse mortgage. Either way, my help is free,” said Richard Hopkins, Mortgage Broker, licence M16000896.

HAMILTON, Ontario – November 10, 2026 – Richard Hopkins, a licensed reverse mortgage broker with Dominion Lending Centres Homestead Financial, has published a free guide to mortgages for seniors in Canada, setting out every way a homeowner over 55 can still borrow against a home in retirement.

The guide starts with the question retirees ask most: can a retired person get a mortgage in Canada? Yes, at any age. Age is a protected ground under the Canadian Human Rights Act, so a lender cannot turn someone down because of age alone.

What the banks test is income. A regular mortgage, a refinance and a home equity line of credit are all approved on income, under the same stress test. Pension income counts, including the Canada Pension Plan, Old Age Security, employer pensions and investment income. But a test built for a salary is hard to pass on a pension. That is why many retirees are turned down for a line of credit by the same bank that holds their mortgage.

The guide explains each option and who it fits:

A regular mortgage or a refinance. For retirees whose pension and savings income passes the bank’s test.

A home equity line of credit. Flexible, but approved on the same income test, and it needs a payment every month.

A reverse mortgage. The one option with no income test. Approval is based mainly on age and home value, and there are no required monthly mortgage payments.

Four government regulated lenders offer reverse mortgages in Canada: HomeEquity Bank, known for its CHIP reverse mortgage, Equitable Bank, Bloom and Home Trust. The big banks do not offer them.

The guide also covers retiring with a mortgage still owing, and which option fits which situation.

A broker is paid by the lender the homeowner chooses, after the mortgage funds. The homeowner pays the broker nothing. Appraisal and legal costs still apply.

The guide, “Mortgages for Seniors in Canada: Options at Every Age”, is free to read, with no sign-up, at:https://reversemortgagebroker.ca/mortgage-for-seniors-canada/?utm_source=abnewswire&utm_medium=press_release&utm_campaign=pr-seniors-2026-11

About Dominion Lending Centres Homestead Financial

Dominion Lending Centres Homestead Financial is an independent mortgage brokerage in Ontario, licensed by the Financial Services Regulatory Authority of Ontario (brokerage licence #11711) and trusted by more than 1,200 Ontario homeowners since 2009. Independently Owned and Operated. Richard Hopkins, Mortgage Broker (licence M16000896), specializes in reverse mortgages and compares every reverse mortgage lender in Canada for homeowners across Ontario.

Media Contact
Company Name: Homestead Financial
Contact Person: Richard Hopkins
Email: Send Email
Phone: 905-690-6068
Address:26 Glaceport Ave
City: Dundas
State: Ontario
Country: Canada
Website: https://reversemortgagebroker.ca/mortgage-for-seniors-canada/?utm_source=abnewswire&utm_medium=press_release&utm_campaign=pr-seniors-2026-11