Reverse mortgages · Richmond Hill

Reverse Mortgages in Richmond Hill

Richmond Hill homeowners hold some of York Region's highest home values — and many 55+ owners here want the equity without giving up the home.

If you are 55 or older and own your home, you may be able to turn part of its value into tax-free cash — with no monthly payments, and without selling or moving. We are licensed Ontario mortgage professionals in the Dominion Lending Centres network, with our office at 7191 Yonge Street, Unit 305, Thornhill.

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Homes in Richmond Hill hold real equity

Richmond Hill's streets around Mill Pond, Oak Ridges and Bayview Hill hold large family homes, many owned outright by people who bought decades ago. High values mean high available amounts — and a real choice between borrowing and downsizing.

Across the GTA, the average home sold for about $1,069,700 in May 2026 (TRREB), with the benchmark near $946,500. Your own number is what matters: a reverse mortgage can unlock roughly 15%–55% of your home's appraised value, based mostly on your age. See how much you can get, by age.

We know Richmond Hill

We work with homeowners across Mill Pond, Oak Ridges, Bayview Hill, Crosby, Jefferson and Elgin Mills. Richmond Hill is a core York Region market — all lenders serve it. Our office is a short drive south on Yonge Street in Thornhill.

Staying vs. selling in Richmond Hill

One local advantage: Richmond Hill is outside the City of Toronto, so there is no Toronto municipal land transfer tax if you buy your next home here — only the provincial tax. Even so, selling costs real money (commission, moving, closing), and it moves you away from your street. Compare both paths: land transfer tax calculator and the honest downsizing comparison.

Questions Richmond Hill homeowners ask

Who qualifies for a reverse mortgage in Richmond Hill?

You must be at least 55, and so must everyone on the home's title. The home must be your main home, generally worth $250,000 or more. Income and credit matter far less than with a regular mortgage — age, home value and location drive approval.

How much can I get on a Richmond Hill home?

Usually 15% to 55% of the appraised value. The older you are, the more you can unlock. Use the free calculator for your range — it takes about a minute, with no credit check.

How much could I get on a Richmond Hill home?

Usually 15% to 55% of the appraised value, based mainly on your age. Richmond Hill's higher home values mean the dollar amounts here are often substantial. The free calculator gives your range in about a minute.

Is the money taxed? Will I lose OAS or GIS?

No. The money is a loan, not income. It is tax-free and does not reduce Old Age Security or the Guaranteed Income Supplement, as confirmed by the Financial Consumer Agency of Canada.

All reverse mortgage questions →

Prefer to talk? Call 905-597-5463 ext. 200 or send us a message. We serve all of Richmond Hill and the rest of the GTA, in person or by phone.

Figures shown are estimates only — not an offer of credit or a commitment to lend. The amount you may qualify for depends on the lender's assessment of your age(s), property type, location, appraised value and any existing liens. Reverse mortgage lenders require independent legal advice before funding. A reverse mortgage is not suitable for everyone; alternatives include refinancing, a home equity line of credit, or downsizing.