Serving London, Ontario homeowners 55+
Your London home has been quietly building value while you've been living your life in it.
I'm Ragini, a licensed Ontario mortgage agent. Whether you're in a century home in Old North, a bungalow in Westmount, or a newer place out toward Hyde Park, London's home values have grown steadily, and many long-time owners hold more equity than they realize.
A reverse mortgage lets homeowners 55 and older turn part of that equity into tax-free cash, with no monthly mortgage payments, while keeping full ownership and staying in the neighbourhood they know. It's a good option for some London families and not the right one for others, and I'll always be honest about which applies to you.
No cost, no obligation, and no one will ever rush you.
In real numbers
What your London home may unlock
London detached homes typically sell in the range of approximately $600,000 to $730,000, notably lower than the GTA, while condos more often fall between approximately $330,000 and $390,000.
For illustration: a detached home worth roughly $650,000 could allow access to approximately $195,000 to $357,000, depending on the homeowner's age, with older applicants generally qualifying for a larger share. This is illustration only. Actual amounts depend on age, property, and lender qualification, and are never guaranteed.
In Canada, reverse mortgages come from three federally regulated lenders — HomeEquity Bank (the CHIP Reverse Mortgage), Equitable Bank (the Flex Reverse Mortgage), and Bloom Financial. As an independent agent, I compare all three for you.
Home turf
London, neighbourhood by neighbourhood
London's housing stock ranges widely. Old North and Wortley Village are known for Victorian and early-1900s character homes on walkable, tree-lined streets, some of the city's most distinctive housing. Westmount and Oakridge offer postwar bungalows built for a growing mid-century city, many still owned by long-time residents. Further out, newer subdivisions in Hyde Park and Sunningdale reflect London's more recent growth toward the north end. Just beyond the city limits, Middlesex County townships include rural properties with larger lots, wells, and septic systems.
Wherever you are in London, a few local resources are worth knowing about:
- The Kiwanis Senior's Centre on Riverside Drive hosts fitness classes, arts and crafts, and educational workshops for older adults.
- The Age Friendly London Network works to help London seniors age well and stay connected to the community.
- The South London Neighbourhood Resource Centre runs programs for adults and seniors in south London.
London questions
What London homeowners ask me
My home in Old North or Wortley Village is a century home. Does its age matter?
Not in the way you might expect. London's character homes in neighbourhoods like Old North and Wortley Village are appraised on current market value, condition, and comparable sales, not simply on how old the home is. A well-maintained century home in a desirable walkable neighbourhood often appraises strongly. Homes needing significant deferred maintenance may need that addressed as part of the process.
I live just outside London, in Middlesex County. Is my property treated differently?
It can be. Properties just outside London's city limits, in Middlesex County townships, are often on larger lots and may have wells or septic systems rather than municipal services. Most lenders can work with rural residential properties, but very large acreages or agricultural land typically need extra appraisal steps. Let me know your property type early so I can point you to the right lender.
Do condos in London qualify for a reverse mortgage?
Yes, condos can qualify. Lenders typically review the building's financial health, including its reserve fund, in addition to your own qualification. It's an extra step rather than a barrier, and plenty of London condo owners have gone through the process.
My London bungalow in Westmount or Oakridge is older but well kept. Will it appraise fairly?
Yes. Postwar bungalows in areas like Westmount and Oakridge are appraised on their current condition and comparable local sales, the same as any home. Many of these bungalows have appreciated steadily and appraise in line with current London market values.
Let's talk about your London home
A 15-30 minute call is enough for me to tell you honestly whether a reverse mortgage could help, with no pressure either way. Or start with the free plain-English guide if you'd rather read first.
No cost, no obligation, and no one will ever rush you.