# Reverse Mortgage on a Condo in Burlington | ReverseMortgageBurlington.ca > How a reverse mortgage works on a Burlington condo: what lenders check in the building, how much you could borrow, the costs. Free estimate, no sales pressure. URL: https://reversemortgageburlington.ca/reverse-mortgage-condo-burlington/ Reverse mortgages in Burlington # Reverse Mortgage on a Condo in Burlington Yes. A reverse mortgage on a condo in Burlington is available from every Canadian reverse mortgage lender, as long as the unit is a standard condominium registered in your name and it is your home. Lenders review the unit's value, the condo corporation and the building's condition. Leasehold condos and co-ops usually don't qualify, so ask first. [Get my free estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgageburlington&utm_medium=satellite&utm_campaign=reverse-mortgage-condo-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 the loan works for people who own a condo. A reverse mortgage on a condo in Burlington lets you borrow against the unit you live in, with no required monthly mortgage payments, once every owner is 55 or older. The building matters almost as much as the unit, so both are covered here. Apartment living is a large part of Burlington. In the 2021 census, 12,835 Burlington households lived in buildings of five or more storeys, and another 5,915 lived in smaller apartment buildings ([Statistics Canada, 2021 Census Profile, Burlington](https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/prof/details/page.cfm?Lang=E&DGUIDlist=2021A00053524002)). Not all of them are condominiums, since some are rentals. ## What happens when you first ask You start with the free estimate form. It asks a few plain questions: the age of the youngest owner, roughly what the unit is worth, and what you still owe on it. Getting an estimate doesn’t affect your credit. Then you get all four lenders weighed for your Burlington home, with the best deal for you sent by email. Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada for your unit. If you’d like a son or daughter to see everything, they can be copied on every email, and a three-way phone call is easy to arrange. For a condo, it helps to give the building’s name and say whether your unit is apartment-style or a condo townhouse. Richard can then check which lenders are comfortable with that building before anything is sent to one. Nothing is signed at this stage. The estimate and that email are the first two of seven steps, and you can stop after any of them. The only face-to-face meeting in the whole process is with your own lawyer, near the end. ## What lenders look at in a Burlington condo building A condo is reviewed in three parts: the unit’s value, the condo corporation, and the location. Each lender also decides for itself which buildings it accepts. ### The condo corporation and its finances The lender checks that the condo corporation’s rules allow the mortgage. It also looks for sound finances, reasonable fees and a building in good repair. The percentages for a condo can run a little differently than for a detached house. ### Why one building can get different answers The four Canadian reverse mortgage lenders are HomeEquity Bank, Equitable Bank, Home Trust and Bloom. They are not equally comfortable with every building, so the same Burlington condo can get a yes from one lender and a no from another. ### Units that don’t qualify A standard condominium, where the unit is registered in your name, qualifies with every lender. A leasehold condo, where you don’t own the land under the building, usually doesn’t qualify. Neither, usually, does a co-op, where you own shares instead of a unit. If yours is either one, ask first. The unit also has to be your home, which means you live there at least six months of the year. A condo you rent out, or keep as a second place, can’t be used. ## What Burlington condo prices mean for your amount Cornerstone Association of REALTORS does not publish a Burlington price for condos alone. Its “townhouse/condo” group also includes townhouses and semi-detached homes, so treat it as a rough guide for a condo. In September 2026, the median sale price in that group was $670,000, down 8.2% from $730,000 a year earlier. Homes in the group took 42 days on the market to sell, compared with 26 days for detached houses ([Cornerstone/ITSO Burlington Monthly Indicators, September 2026](https://cdn.agentbook.com/accounts/ZjLJD68FI0/assets/documents/September%202026%20Burlington%20Monthly%20Indicators.pdf?timestamp=1791230513932)). The most you can borrow is based on your own unit’s appraisal when you apply, not on a city median. A wider look at prices by home type is in the guide to [Burlington home prices](/guide/burlington-home-prices/). ### An illustrative example: a $670,000 Burlington condo Take an illustrative couple whose younger spouse is 70. Their two-bedroom condo appraises at $670,000, the same as Cornerstone’s September 2026 median for Burlington townhouses, condos and semis. At 70, a borrower can get up to about 53% of the home’s value. On $670,000, that ceiling is about $354,100. They still owe $45,000 on a home equity line of credit, which is paid off first from the same money. That leaves about $309,100 ($354,100 minus $45,000). They take $105,000 in total: $45,000 to clear the line of credit and $60,000 for themselves. Interest is charged only on the $105,000, and the other $249,100 stays untouched. Their condo fees, property taxes and insurance stay theirs to pay. You can try your own numbers with the [Burlington reverse mortgage calculator](/tools/reverse-mortgage-calculator-burlington/). ### Condo fees and property taxes stay with you The money from a reverse mortgage can help cover condo fees and tax bills, but the bills themselves don’t go away. If you’re 65 or older and receive the Guaranteed Income Supplement, the City of Burlington offers a $575 property tax reduction for 2026, and you have to apply by December 31 ([City of Burlington](https://www.burlington.ca/en/property-taxes/low-income-seniors-property-tax-rebate.aspx)). Other local relief is explained in the guide to [Burlington property tax for seniors](/guide/burlington-property-tax-seniors/). ## What it costs and how it is repaid On September 17, 2026, the lenders’ advertised five-year fixed rates sat between 6.23% and 6.94%. No lender charges more because a condo is in Burlington: pricing does not change from one Ontario city to the next. Setting the mortgage up costs about $2,000 to $3,500, once. Inside that figure are an appraisal of the unit, the lender’s set-up fee, and about $800 to $1,200 for a lawyer who advises only you. Richard’s help is free to you, because the lender pays the brokerage after the mortgage funds. A full breakdown is in the guide to [reverse mortgage cost in Burlington](/guide/reverse-mortgage-cost-burlington/). You don’t pay the interest monthly. It goes onto what you owe, so the balance gets bigger, though a rising condo price often offsets part or all of that. Across Canada, borrowers keep about half their equity on average. The loan ends with a sale of the unit, a permanent move by the last borrower, or the last borrower’s death. Pay your property taxes, insurance and upkeep, and what you owe stays capped at the unit’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. All four lenders are government regulated. What protects you more is that every one of them offers this never-owe-more promise and requires independent legal advice. You can repay early at any time. Early on, a charge usually applies. It is worked out as a few months’ interest or as a percentage of what you repay, and it gets smaller each year. With some lenders, up to 10% of the balance can go back each year free of charge, and there is no charge when the loan is repaid after the last borrower passes away. If you are weighing a move instead, the guide to [downsizing in Burlington](/guide/downsizing-in-burlington-cost/) sets out what selling and buying cost. ## What Richard does for you on this - Checks that your unit is a standard condominium a lender can accept - Compares every reverse mortgage lender in Canada for your building - Estimates how much you could borrow on your unit - All four lenders weighed, and the best deal for your home sent by email - Copies your family on every email if you want them included - Gathers the condo paperwork the chosen lender asks for - Explains which costs, like condo fees and taxes, stay yours - Keeps track of the appraisal and each step through to closing ## 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/) - [Burlington Property Tax for Seniors: What Helps in 2026](/guide/burlington-property-tax-seniors/) ## Sources Figures checked October 15, 2026. 1. [Cornerstone Association of REALTORS / ITSO, Burlington Monthly Indicators, September 2026](https://cdn.agentbook.com/accounts/ZjLJD68FI0/assets/documents/September%202026%20Burlington%20Monthly%20Indicators.pdf?timestamp=1791230513932) 2. [Cornerstone Association of REALTORS, market update, September 2026 (released October 5, 2026)](https://cornerstone.inc/articles/cornerstone-real-estate-market-update-september-2026) 3. [Statistics Canada, 2021 Census Profile, Burlington](https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/prof/details/page.cfm?Lang=E&DGUIDlist=2021A00053524002) 4. [City of Burlington, Low-Income Seniors and Persons with Disabilities Property Tax Reduction (2026)](https://www.burlington.ca/en/property-taxes/low-income-seniors-property-tax-rebate.aspx) ## 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 **Can I get a reverse mortgage on a condo townhouse in Burlington?** Yes. A condo townhouse is reviewed together with its condo corporation, the same way an apartment-style unit is. A freehold townhouse, where you own the land as well as the house, is treated like a house. **Do I still pay condo fees with a reverse mortgage?** Yes. There are no required monthly mortgage payments, but your condo fees, property taxes and home insurance stay yours to pay. Keeping them current is part of keeping the mortgage in good standing. **Why might one lender accept my building when another does not?** Each lender has its own comfort level with condo buildings, so the same Burlington unit can get different answers. The building's finances, fees and state of repair all count. That is why every lender is compared before you apply. **Does a softer condo market change how much I can borrow?** Yes, it can. The amount is based on your unit's appraised value when you apply. Cornerstone's Burlington median for townhouses, condos and semi-detached homes combined was $670,000 in September 2026, down 8.2% from a year earlier ([Cornerstone, September 2026](https://cdn.agentbook.com/accounts/ZjLJD68FI0/assets/documents/September%202026%20Burlington%20Monthly%20Indicators.pdf?timestamp=1791230513932)). Your own appraisal sets your number. **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 [ Changing your home so you can stay How Burlington homeowners 55 and older pay for walk-in showers, stair lifts and ramps from their home's value, with no monthly mortgage payments. ](/accessible-home-renovations-burlington/)[ 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/)[ Helping family now Give your children or grandchildren help now, such as a down payment, from your Burlington home's value while you keep living there. ](/living-inheritance-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.