ReverseMortgageBurlington.ca explains reverse mortgages for Burlington homeowners aged 55 and older, with every figure dated. Homeowners and their families who look at one usually want to know the reverse mortgage cost in Burlington over the years they plan to stay.
The challenge is not usually the fees to set it up. It is the interest. Every six months it joins the balance, and that keeps happening until the loan is repaid.
The things to weigh are the one-time costs, the rate, how much is taken and when, and what Burlington home values do over the same years. This page sets out each one with dated figures and shows what a balance grows to after five and ten years.
What are the one-time costs of a reverse mortgage in Burlington?
One-time costs usually total about $2,000 to $3,500. That total already counts independent legal advice from your own lawyer, about $800 to $1,200 in Ontario. The other pieces are the lender’s set-up fee, an appraisal of the home, and a small charge if an existing mortgage has to be closed. The set-up fee is normally added to the mortgage, not paid in cash.
| Cost | Typical amount | When you pay it |
|---|---|---|
| Lender set-up fee (some lenders include their closing legal work in this fee; others bill it separately) | From $795 to $1,795 | Usually added to the mortgage |
| Appraisal | About $350 | Often the one up-front cost |
| Independent legal advice | From $800 to $1,200 | Billed by your own lawyer |
| Closing an existing mortgage or HELOC | From $300 to $400 | At closing, if you have one |
The total depends on the lender. A lender whose fee leaves out its closing legal work bills that part on top, and the last row applies only if you still owe on a mortgage or HELOC, so your own total can sit a little below or above the usual range.
The independent legal advice is a short meeting with a lawyer who acts only for you. Lenders’ paperwork often shows $300 to $500 for it, but Ontario lawyers usually charge $800 to $1,200.
The Financial Consumer Agency of Canada lists the same kinds of costs: appraisal, set-up, legal and closing fees, and a charge for paying the mortgage off early (FCAC).
What interest rate does a reverse mortgage charge right now?
Advertised five-year fixed rates ran from 6.23% to 6.94% across the four Canadian lenders, checked September 17, 2026. The four lenders are HomeEquity Bank, Equitable Bank, Home Trust and Bloom. Lenders do not price by city, so a Burlington home is offered the same advertised rates as any other Ontario home.
The rate is higher than on a regular mortgage or a HELOC (home equity line of credit), as the FCAC notes. No monthly mortgage payments are required, so the lender waits years to be repaid. Property taxes, home insurance and upkeep are still yours to pay.
Fixed terms run from one to five years, and one lender also offers a rate fixed for life. When a term ends, the rate resets to the lender’s rate at that time, which can be higher or lower.
How fast does a reverse mortgage balance grow?
A reverse mortgage balance grows because the interest is added to it every six months, and the next six months of interest is charged on the larger amount. At 6.23%, $150,000 grows to about $203,900 after five years. At 6.94%, it grows to about $211,000.
Here is the math for the first year at 6.23%. Half of 6.23% is 3.115% for each six months. $150,000 × 1.03115 × 1.03115 = about $159,500, so the first year adds about $9,500 of interest.
| $150,000 borrowed at | After 1 year | After 5 years | After 10 years |
|---|---|---|---|
| 6.23% | about $159,500 | about $203,900 | about $277,000 |
| 6.94% | about $160,600 | about $211,000 | about $296,700 |
The table assumes one lump sum, no payments, and the same rate for all ten years. In practice the rate resets when each term ends. Your own numbers will differ with the rate you get and the amount you take.
You pay interest only on the money you take
You don’t have to take the full amount you qualify for. Money you leave untouched costs nothing. Taking $50,000 now and more later, as you need it, keeps the balance much smaller than one large lump sum.
How much of a Burlington home’s value is left after ten years?
On a home worth Burlington’s September 2026 benchmark of $854,500, about 65% to 68% of the value is still yours after ten years with $150,000 borrowed, even if the price never rises. Any rise in the home’s value over those years adds to what is left.
The benchmark comes from the Cornerstone Association of REALTORS’ October 5, 2026 release (Cornerstone). The table keeps the home’s value flat on purpose, to show the cost without assuming any price growth.
| $150,000 borrowed at | Owed after 10 years | Left from $854,500 | Left, as a percentage |
|---|---|---|---|
| 6.23% | about $277,000 | about $577,500 | about 68% |
| 6.94% | about $296,700 | about $557,800 | about 65% |
Interest makes the balance bigger each year. A rising home price often covers part or all of that, and on average, borrowers across Canada still have about half of their equity left. The guide to Burlington home prices shows what the city’s values have done recently.
There is also a ceiling on the debt. Keep the property taxes, home insurance and upkeep current, and the amount you repay can’t be more than the home’s fair market value at the time the mortgage becomes due. It’s typically called the no negative equity guarantee, and all four lenders offer it.
What does it cost to repay a reverse mortgage early?
Repaying early usually means a charge for the first several years. It is either a percentage of the amount repaid or a few months of interest, and it shrinks each year. It reaches $0 within three to ten years, depending on the lender.
The schedule starts on the day the mortgage first funds. It does not restart when a term ends and the rate resets.
There is no charge when the mortgage is repaid after the last borrower’s death, at any lender. With some lenders, you can pay back as much as 10% of what you owe in a year and face no charge for it. Some lenders lower or waive the charge after a permanent move into long-term care.
If a move is likely within a few years, a cost comparison with downsizing in Burlington is worth reading first.
Does using a broker add to the cost?
No. The lender pays the brokerage after the mortgage funds, so the broker costs you nothing. The brokerage is paid only if a mortgage goes ahead. The appraisal and your own lawyer’s fee are still yours to pay, whichever lender you choose, and the set-up fee is added to the mortgage.
Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada. You get all four lenders weighed for your Burlington home, with the best deal for you sent by email, and family can be copied on every message. Richard also arranges home equity lines of credit and refinances, so you get his recommendation for the option with the best overall value for you, even if it isn’t a reverse mortgage.
Before you decide, it helps to check what the City of Burlington and Halton Region offer older homeowners. The Burlington property tax help for seniors and Halton’s property tax deferral can lower what you need to borrow.
The printable reverse mortgage checklist lists the questions to ask, and the free reverse mortgage assessment shows whether one fits your situation. The Burlington reverse mortgage calculator shows the most you could borrow at your age, what is left after your debts, what you could borrow five years older, and what moving instead would cost.
The bottom line
The set-up costs are modest; the interest is the real cost, and it depends on the rate and how long the money is borrowed. Taking only what you need, when you need it, keeps that cost down. See your own numbers with the Burlington calculator.
For figures based on your own house, ask for a free Burlington estimate. There's no charge and no sales pressure.