# Giving a Living Inheritance in Burlington | ReverseMortgageBurlington.ca > How Burlington parents use a reverse mortgage to give a living inheritance, such as a down payment, while staying home. Free estimate, no sales pressure. URL: https://reversemortgageburlington.ca/living-inheritance-burlington/ Reverse mortgages in Burlington # Giving a living inheritance in Burlington A living inheritance in Burlington means giving family money now instead of leaving it in a will. A reverse mortgage lets homeowners 55 and older take part of their home's value as tax-free loan money, with no required monthly mortgage payments, so they can help with a child's down payment and still stay in their home. [Get my free estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgageburlington&utm_medium=satellite&utm_campaign=living-inheritance-burlington) [Try the Burlington calculator](/tools/reverse-mortgage-calculator-burlington/) No cost · No credit check · No sales pressure Last updated October 15, 2026 - No required monthly mortgage payments - Open to Burlington owners 55 and over - Your home stays in your name - Tax-free money - A lawyer of your own reviews it first - Never owe more than the home's value when the mortgage comes due (taxes, insurance and upkeep kept up) [ReverseMortgageBurlington.ca](/) is a Burlington reverse mortgage information website that explains how parents give a living inheritance while they still live in their home. A living inheritance in Burlington can mean help with a child’s down payment, a grandchild’s tuition or a child’s high-interest debt, given now instead of in a will. A reverse mortgage is one way to pay for that gift from your home’s value, and it comes with no required monthly mortgage payments. You still cover the property taxes, the home insurance and the upkeep. ## What happens when you first ask You start with the free estimate form. It asks your age, your home’s rough value, anything you still owe on it, and what the money is for. An estimate on its own doesn’t affect your credit. From there, Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada, and you get every lender checked for your house and the best deal for your goals, emailed to you. Richard also arranges home equity lines of credit and refinances, so the recommendation in that email is for the best overall value for you, even if it isn’t a reverse mortgage. If you like, each email can go to your children too, and a three-way phone or video call is easy to arrange. The decision stays yours, not the family’s. Nothing is signed at this stage. The full process has seven steps, from the estimate to closing, and you can stop at any one of them. ## What a down payment takes in Burlington today A Burlington townhouse, condo or semi sold for a median of $670,000 in September 2026, and a detached house for a median of $1,190,000 ([Cornerstone Association of REALTORS, September 2026](https://cdn.agentbook.com/accounts/ZjLJD68FI0/assets/documents/September%202026%20Burlington%20Monthly%20Indicators.pdf?timestamp=1791230513932)). The example below uses the $670,000 figure. The federal minimum down payment is 5% of the first $500,000 of the price, plus 10% of the part between $500,000 and $1.5 million ([Financial Consumer Agency of Canada](https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html)). A down payment under 20% normally needs mortgage loan insurance, which adds a premium to your child’s mortgage. | On a $670,000 Burlington home | Amount | Source | | --- | --- | --- | | Minimum down payment (5% of $500,000 plus 10% of $170,000) | $42,000 | FCAC | | Down payment of 20%, which avoids mortgage loan insurance | $134,000 | FCAC | | Ontario land transfer tax | $9,875 | Ontario.ca | | Land transfer tax after the first-time buyer refund of up to $4,000 | $5,875 | Ontario.ca | Burlington buyers pay only the Ontario land transfer tax ([Ontario.ca, calculating land transfer tax](https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax)). If your child has never owned a home anywhere in the world and moves in within nine months, Ontario refunds up to $4,000 of that tax ([Ontario.ca, first-time homebuyer refund](https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers)). ### How the gift itself is treated For an insured mortgage, CMHC lists “a non-repayable financial gift from a relative” as an accepted source of a down payment ([CMHC](https://www.cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance-for-consumers/what-is-mortgage-loan-insurance)). The key word is non-repayable. Expect your child’s lender to want proof that the money is a true gift and not a loan. The reverse mortgage money is a loan to you, not income. It isn’t taxed and doesn’t reduce your Old Age Security (OAS) or Guaranteed Income Supplement (GIS). Ask your accountant about anything else a large gift could affect. ## What to weigh before you give Keep enough room for yourself first. Care at home can become a real cost in your 80s, and [paying for home care in Burlington](/paying-for-home-care-burlington/) uses the same home value. The monthly cost of [long-term care in Burlington](/guide/long-term-care-burlington/) may need to be paid from it too, if one spouse moves into care and the other stays home. You don’t have to take the full amount you qualify for. Each year you hold the mortgage, interest makes the balance larger. Over the same years the home’s price often rises enough to cover part or all of that interest. On average, Canadian borrowers still have about half their equity left, and what remains goes to your estate. Think about fairness between children. A gift to one child now means less in the estate later, so you may want to decide in advance how it counts. Your own lawyer can write that into your will. ### An illustrative example with a Burlington detached home For example, picture a composite couple, both 75, whose detached Burlington house is worth $1,190,000, the September 2026 median detached price. At 75, the most they could borrow is about 58% of $1,190,000, so about $687,000. They still owe $40,000 on a line of credit, which is paid off first, leaving about $647,000. They take $60,000, far less than $647,000. It covers their daughter’s $42,000 minimum down payment on a $670,000 townhouse, her $5,875 land transfer tax after the refund, and leaves about $12,000 toward her legal and moving costs. Their balance starts at $100,000 ($40,000 plus $60,000) plus set-up costs, on a $1,190,000 home. The unused room of about $587,000 stays untouched and costs no interest. Their son is copied on every email, and the parents decide how the gift counts in their wills. ## What it costs and how it is repaid Advertised five-year fixed rates ranged from 6.23% to 6.94% across the four lenders, checked September 17, 2026. Interest isn’t paid monthly. It is added to the balance and compounds twice a year. Arranging the mortgage costs about $2,000 to $3,500 one time, counting the appraisal, the lender’s set-up fee and roughly $800 to $1,200 for your own lawyer’s advice. That legal advice (ILA) is the one in-person meeting: a short visit to your lawyer’s office. Using the broker costs you nothing. The lender pays the brokerage once the mortgage has funded. Repayment comes at one of three points: a sale of the home, a permanent move out by the last borrower, or the death of the last borrower. On that day the debt has a ceiling. If you kept paying the property taxes and insurance and kept the house in repair, you can’t owe more than its 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. Repaying early, in the first few years, usually costs a charge that shrinks over time. It is either a percentage of the amount repaid or a few months’ interest. Some lenders allow up to 10% a year to be repaid without a charge. The [Burlington reverse mortgage calculator](/tools/reverse-mortgage-calculator-burlington/) shows the most you could get at your age and how your home’s value, the loan and your equity could change over 15 years. The guide to [reverse mortgage costs in Burlington](/guide/reverse-mortgage-cost-burlington/) lists every fee, [Burlington home prices](/guide/burlington-home-prices/) shows where values stand, and [the cost of downsizing in Burlington](/guide/downsizing-in-burlington-cost/) compares the other common way to free up money for family. ## What Richard does for you on this - A free estimate of what your Burlington home could provide - Every reverse mortgage lender in Canada compared for your situation - A look at lines of credit and refinances too, for the best overall value - All four lenders weighed, and the best deal for your home sent by email - A plan for how much to give and how much to keep in reserve - Money timed to your child's closing date, as a lump sum or in parts - Family copied on every email, plus three-way calls when you want them - A referral to an independent lawyer for your legal advice, if you need one ## Burlington guides on this topic - [What are Burlington home prices in 2026?](/guide/burlington-home-prices/) - [What does a reverse mortgage cost in Burlington?](/guide/reverse-mortgage-cost-burlington/) - [How much does downsizing in Burlington cost?](/guide/downsizing-in-burlington-cost/) ## Sources Figures checked October 15, 2026. 1. [Cornerstone Association of REALTORS, Burlington Monthly Indicators, September 2026](https://cdn.agentbook.com/accounts/ZjLJD68FI0/assets/documents/September%202026%20Burlington%20Monthly%20Indicators.pdf?timestamp=1791230513932) 2. [Financial Consumer Agency of Canada, How much you need for a down payment](https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html) 3. [CMHC, What is mortgage loan insurance](https://www.cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance-for-consumers/what-is-mortgage-loan-insurance) 4. [Ontario.ca, Land transfer tax refunds for first-time homebuyers (updated February 10, 2026)](https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers) 5. [Ontario.ca, Calculating land transfer tax (updated April 22, 2026)](https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax) ## Seven steps, from a first question to money in your bank account Every step happens by email or phone. You can walk away at any point, and nothing gets signed before your own lawyer has taken you through the paperwork. 1. 1 Free estimate Answer a few questions on the free estimate form. It takes about 90 seconds, and your credit isn't checked for an estimate. 2. 2 Every lender compared On your behalf, Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada. In his first email you see how much you could get and which lenders suit your home, and he asks what amount you have in mind. You don't have to take the maximum. 3. 3 Quick application Next comes a short form and a few documents. Nobody checks your credit until you've confirmed you want to go ahead, and only the lender you pick receives your application. 4. 4 Approval Within a day or two, the lender usually sends its mortgage commitment letter. 5. 5 Appraisal An appraiser visits to value your home, booked by the lender or the broker depending on the lender. 6. 6 Independent legal advice Before signing, you sit down with a lawyer of your own, acting for nobody else, who explains the mortgage. 7. 7 Closing On closing day the lender sends the money to the lawyer or title company handling it. Your current mortgage, any other debts on the home and the closing costs are paid first, and the money that's left goes into your bank account. ## Frequently asked questions **Is reverse mortgage money taxable when you give it to a child?** No. What you borrow is a loan to you, and loans are not taxable income, so your OAS and GIS stay the same. A large gift can raise other questions for your own situation, so ask your accountant before you give. **Does my child have to be on the reverse mortgage?** No. Only the owners on title go on the mortgage, and every owner must be 55 or older. Your child receives a gift from you and has no connection to your mortgage. **Can my child's lender accept a down payment that comes from my reverse mortgage?** Yes. It must be a true gift. For an insured mortgage, CMHC lists a non-repayable financial gift from a relative as an accepted source of the down payment, so the money must not be a loan your child has to pay back. **Will a living inheritance leave less for my other children later?** Yes. The money you give plus the interest on it is repaid from the home's value later, so you may want to write down how the gift should count when the estate is divided. Your own lawyer can put that in your will. **Is there a charge for having a broker look at all the lenders?** No. The broker's help costs you nothing, because the lender you pick pays the brokerage after the mortgage funds. Working through a broker also reaches things a homeowner phoning lenders alone cannot. Of the four Canadian reverse mortgage lenders, one takes applications from brokers only, and a second reserves its largest amounts for broker clients. The rate can sometimes be lower than the advertised rate, or the set-up fee reduced. On your behalf, Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada. Because he arranges home equity lines of credit and refinances as well, his recommendation goes to whichever option gives you the best overall value, reverse mortgage or not. ## Other ways Burlington homeowners use a reverse mortgage [ Paying for help at home Pay for private home care in Burlington from your home's value, with no required monthly mortgage payments. ](/paying-for-home-care-burlington/)[ Building a garden suite Burlington's rules for a backyard garden suite, the permit steps, and how a reverse mortgage can pay to build one. ](/garden-suite-burlington/)[ Reverse mortgage on your condo How a reverse mortgage works on a Burlington condo, what lenders look at in the building, and how much you could borrow. ](/reverse-mortgage-condo-burlington/) --- Free reverse mortgage estimate (no sales pressure): https://reversemortgagebroker.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. ReverseMortgageBurlington.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.