Stay in your Oakville home, on your terms.

How does a reverse mortgage work?

You borrow against the equity in your home and keep living in it. You don't have to make regular mortgage payments. Instead, interest is added to the balance over time. You can take the money as a lump sum, in scheduled amounts or a combination, depending on the lender.

You remain the owner. You still need to keep the home in good repair and stay current on property taxes and home insurance. The loan is repaid when you sell, move out permanently, or after the last borrower passes away, usually from the proceeds of the sale.

How much could I access on an Oakville home?

The amount depends on your age, your home's appraised value, its location and type, and any existing mortgage that must be paid off first. Older borrowers and higher-value homes generally qualify for more.

Oakville values are high but they do move. OMDREB reported the single-family average at $1,703,194 in September 2026, down 4.2% year over year. Lenders lend on a current appraisal, so we'll start with a realistic value rather than a figure from a few years ago.

What are the trade-offs?

The main one is cost over time. Because interest compounds on a growing balance, the amount owed rises every year, which leaves less equity for you or your estate later. Reverse mortgage rates are also typically higher than standard mortgage rates.

There can be setup costs, such as an appraisal and independent legal advice, and penalties if you repay early within the term. I'll put all of it in writing so you and your family can see the full picture.

• No required monthly payments, but the balance grows
• Less equity left for you or your estate later
• Higher rates than a standard mortgage
• Setup costs and possible early repayment penalties

Reverse mortgage, HELOC, refinance or downsizing?

It depends on your income and how long you want to stay. A HELOC usually costs less, but you need to qualify on income and make at least interest payments, and the rate floats with prime, which rose after the Bank of Canada's October 28, 2026 increase to 2.50%.

A refinance can give a lower rate with regular payments if your income supports it. Downsizing turns equity into cash with no new debt, but it means moving and paying closing costs. For some owners the reverse mortgage is the right tool; for others it isn't. My job is to lay them side by side.

Should my family be involved?

I always recommend it. A reverse mortgage affects what your heirs inherit and how the home is handled later, so it helps when the people involved understand the plan from the start.

Independent legal advice is part of the process, and I'm happy to include adult children or a financial planner in our conversations if you'd like.

What will it cost to keep living in an Oakville home?

Even with no mortgage payment, a home has carrying costs. Oakville's 2026 residential tax rate is 0.850960% of assessed value, up 1.96% from 2025, and you'll still pay insurance, utilities and maintenance.

A good plan looks at those costs over the next ten or fifteen years, not just this year. If a reverse mortgage would leave you short later, a smaller draw, a HELOC or a move might serve you better. I'll model it with you.

How does the process work with me?

We start with a conversation about your goals, income and how long you want to stay in the home. I then compare reverse mortgage offers with the alternatives and put the costs in writing.

If you go ahead, the lender orders an appraisal, you meet with an independent lawyer, and the funds are released at closing. I'm based next door in Burlington and happy to meet in person, with family included if you'd like.