Reverse mortgages · Scarborough

Reverse Mortgages in Scarborough

Scarborough's bungalows and backsplits hold more equity than most people guess — homes bought for five figures decades ago are now worth close to a million dollars.

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 Scarborough hold real equity

Scarborough is famous for its post-war bungalows, backsplits and generous lots — exactly the homes long-time owners have paid off. Many owners here are house rich and cash poor: big value in the home, tight monthly budgets.

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 Scarborough

We work with homeowners across Agincourt, Guildwood, West Hill, Birch Cliff, Cliffside, Malvern and Wexford. Scarborough is part of the City of Toronto, so every reverse mortgage lender serves it. Standard city lending rules apply — no geography concerns.

Staying vs. selling in Scarborough

One local detail matters here: Scarborough is part of the City of Toronto, so buying your next home inside the city means paying two land transfer taxes — provincial and municipal. That makes downsizing within Toronto more expensive than most people expect, and it changes the stay-or-sell math. Run both: land transfer tax calculator and the honest downsizing comparison.

Questions Scarborough homeowners ask

Who qualifies for a reverse mortgage in Scarborough?

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 Scarborough 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.

My Scarborough bungalow is worth a lot, but my income is small. Can I still qualify?

Very likely, if you are 55 or older. Reverse mortgages qualify mainly on your age, the home and its location — not your income. That is why they fit so many long-time Scarborough owners with paid-off homes and modest pensions.

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.

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Prefer to talk? Call 905-597-5463 ext. 200 or send us a message. We serve all of Scarborough 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.