# Reverse Mortgage Erin Mills: Houses, Semis | ReverseMortgageMississauga.ca > Reverse mortgage help in Erin Mills: houses and semis near Credit Valley Hospital, 2026 Q2 TRREB prices, money to renovate. Free estimate, no sales pressure. URL: https://reversemortgagemississauga.ca/service-areas/erin-mills/ Erin Mills, City of Mississauga # Reverse Mortgages in Erin Mills: Money to Renovate Your House and Stay in It A reverse mortgage in Erin Mills lets owners 55 and older borrow against a house, semi or townhouse with no required monthly mortgage payments. Erin Mills detached homes that sold from April to June 2026 had a median price of $1,255,000. At 75, up to 57.75% of that is about $725,000, for renovations or anything else. [Get my free Erin Mills estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagemississauga&utm_medium=satellite&utm_campaign=erin-mills) [Try the calculator](/tools/reverse-mortgage-calculator-mississauga/) No cost and no sales pressure, and asking for an estimate has no effect on your credit. Last updated October 15, 2026 ## Why Erin Mills Homeowners Ask About a Reverse Mortgage Stairs after a fall or a hospital stay In a two-storey house, the bedrooms and the full bathroom are often upstairs. A main-floor bedroom and bathroom can be what lets you come home and stay. A HELOC payment that keeps rising The payment on a HELOC (home equity line of credit) goes up when the prime rate does. A reverse mortgage pays off the line, and no monthly mortgage payment replaces it. A basement you want to protect The City's Basement Flooding Prevention Rebate pays up to $7,500 toward work such as a sump pump, with pre-approval before you start ([City of Mississauga](https://www.mississauga.ca/?p=116138)). A reverse mortgage can cover the rest of the bill. Wanting to stay near the hospital you know Credit Valley Hospital and Erin Mills Town Centre are close by. Moving somewhere cheaper to free up money means giving that up. [ReverseMortgageMississauga.ca](/) helps Erin Mills homeowners 55 and older see how a reverse mortgage in Erin Mills could pay for the changes that let you stay in your house. No monthly mortgage payment is required, while the property taxes, insurance and upkeep stay on your list. ## A planned community on more than 7,000 acres Erin Mills was planned as a “new town” on more than 7,000 acres, and building began in the early 1970s ([Wikipedia, Erin Mills](https://en.wikipedia.org/wiki/Erin_Mills)). Erin Mills Town Centre is its main shopping centre, and Credit Valley Hospital is nearby (same source). Highway 403 runs through Erin Mills, and the Mississauga Transitway, a bus-only road with 12 stations, runs along the 403 ([Wikipedia, Mississauga](https://en.wikipedia.org/wiki/Mississauga)). ### What Erin Mills homes sold for in 2026 From April to June 2026, TRREB counted 108 sales there, with a median price of $1,027,500 across all types ([TRREB Community Market Report, Mississauga, 2026 Q2](https://trreb.ca/wp-content/files/market-stats/community-reports/2026/Q2/MississaugaQ22026.pdf)). The median price of homes that sold in Erin Mills from April to June 2026 was $1,255,000 for detached houses (53 sales), $905,000 for semis and $725,000 for condo townhouses (same source). Across all of Mississauga, the September 2026 medians were $1,219,000 for detached homes and $865,000 for semis ([TRREB Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf)). Those are a different measure, one month across the whole city. ## Making a two-storey house work for the years ahead A house that suited a family raising children can be harder to live in later. In a two-storey house, the bedrooms and the full bathroom are often upstairs. A reverse mortgage can pay for a main-floor bathroom, a bedroom addition, wider doors or a stair lift. Lenders check the home’s condition before they approve. If a repair is already booked, a holdback can sometimes cover it, with the money kept aside until the job is finished. Ontario’s Seniors’ Home Safety Tax Credit has ended; it covered only the 2021 and 2022 tax years ([Ontario factsheet](https://files.ontario.ca/msaa-seniors-home-safety-tax-credit-factsheet-en-2022-10-27.pdf)). More is in [accessibility renovations in Mississauga](/accessibility-renovations-mississauga/). ### Basement work the City and Region help pay for The City’s Basement Flooding Prevention Rebate pays up to $7,500 per property ([City of Mississauga](https://www.mississauga.ca/?p=116138)): - **Sump pump:** up to $6,000 - **Storm backwater valve:** up to $1,500, and only if your downspouts are disconnected too - **Capping foundation drains:** up to $1,000 - **Downspout disconnection:** $125 per downspout, up to $500 You need the City’s pre-approval before any work starts, a rule in place since February 12, 2025 (same source). The Region of Peel pays 60% of a sanitary backwater valve invoice, up to $1,500, once a building permit and inspection are done ([Region of Peel](https://peelregion.ca/water/pipes-downspouts/backwater-valve-rebate)). A finished basement can also become a second unit, with the permit fee refunded and registration free ([City of Mississauga, additional residential units](https://www.mississauga.ca/services-and-programs/building-and-renovating/building-more-units-on-your-property/additional-residential-units/)). See [garden suites and basement apartments in Mississauga](/garden-suite-basement-apartment-mississauga/). ### If you own the house as a couple Both of you normally go on the mortgage and the title. If one of you passes away, nothing changes for the other: no repayment, no new approval and no deadline. The age used can change the amount. Some lenders use the younger spouse’s age, and others use a combined age, and that one difference can be worth tens of thousands of dollars on the same house. It is one more reason every lender is compared for you. ### Getting around after a hospital stay If a disability makes MiWay hard to use, some or all of the time, Peel TransHelp offers door-to-door accessible rides. Age and income are not factors, and there is no application fee ([Region of Peel, TransHelp](https://peelregion.ca/services/transhelp-eligibility)). ## Example: a main-floor bathroom at 75 For example, take an illustrative couple, the younger of them 75, in an Erin Mills two-storey detached house worth $1,255,000, the median price of Erin Mills detached homes that sold from April to June 2026. One of them came home from Credit Valley Hospital after a fall, and the stairs are now hard. They still owe $90,000 on a HELOC (home equity line of credit). At 75, they could borrow up to about 57.75% of $1,255,000, which is about $725,000. The $90,000 HELOC is paid off first from that money. They take another $110,000 for a main-floor bathroom and bedroom (an amount chosen for this example only, not a price guide), and leave about $525,000 unused. The HELOC payment ends, and no monthly mortgage payment takes its place. They keep paying property taxes, home insurance and upkeep. The most they or their estate can ever owe is the fair market value of the home when the mortgage becomes due, provided the property taxes, insurance and upkeep have been kept up. This limit is typically called the no negative equity guarantee. Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada for a plan like this couple’s, with the HELOC paid off and a renovation amount worked out from the quote, and sends the best deal for your home and goals by email. Because the lender pays the brokerage once the mortgage funds, the homeowner pays nothing for the help. The one-time costs are set out in [what a reverse mortgage costs in Mississauga](/guide/reverse-mortgage-cost-mississauga/). ## What Erin Mills homes are worth, and what that means Typical Erin Mills values by home type, and the most a reverse mortgage could provide Home type Typical value Up to, at 65 (50.5%) Up to, at 75 (57.8%) Detached houseMedian of 53 sales, April to June 2026 Typical value $1,255,000 Up to, at 65 $634,000 Up to, at 75 $725,000 Semi-detached houseMedian selling price, April to June 2026 Typical value $905,000 Up to, at 65 $457,000 Up to, at 75 $523,000 Condo townhouseMedian selling price, April to June 2026 Typical value $725,000 Up to, at 65 $366,000 Up to, at 75 $419,000 Typical values: [TRREB Community Market Report, Mississauga, 2026 Q2](https://trreb.ca/wp-content/files/market-stats/community-reports/2026/Q2/MississaugaQ22026.pdf). The amounts are ceilings on the market's highest-lending products, rounded to the nearest $1,000, before anything owing is paid off. A lender's own appraisal sets the real figure. From April to June 2026, the median price of homes that sold in Erin Mills was $1,255,000 for detached houses (53 sales), $905,000 for semis and $725,000 for condo townhouses. At 65, up to 50.55% means about $634,000 on the detached median, about $457,000 on the semi median and about $366,000 on the condo townhouse median. At 75, up to 57.75% means about $725,000, about $523,000 and about $419,000. ## Around Erin Mills The help is the same in every corner of Erin Mills. Here are some of the pockets and nearby communities it covers. - Churchill Meadows - Streetsville - Erindale - Clarkson - Meadowvale ### Landmarks - Erin Mills Town Centre - Credit Valley Hospital - Highway 403 and the Mississauga Transitway - Erindale GO station (Milton line), in neighbouring Erindale - Erindale Park, on the Credit River ### How the help reaches you in Erin Mills Erin Mills homeowners deal with Richard Hopkins, Mortgage Broker, by email, phone and video call, with a son or daughter copied on every email or on a three-way call. An appraiser comes to see the house, and the one meeting you travel to is with your own lawyer: Highway 403 crosses Erin Mills, the Mississauga Transitway busway runs beside it, and MiWay is free at 65 with a PRESTO card set to the senior fare ([City of Mississauga, MiWay fares](https://www.mississauga.ca/miway-transit/fares/fare-prices/)). Erin Mills is the filled pin. Select any name to open that neighbourhood's page. [Open Erin Mills in Google Maps](https://www.google.com/maps/search/?api=1&query=Erin%20Mills%2C%20Mississauga%2C%20ON). City boundary © OpenStreetMap contributors (ODbL), simplified. ## How Erin Mills homeowners use a reverse mortgage - [Renovations to stay home](/accessibility-renovations-mississauga/): Pay for a walk-in shower, a stair lift or a main-floor bedroom from your home's value, and keep living there. - [Still paying a mortgage](/reverse-mortgage-to-pay-off-mortgage-mississauga/): Your current mortgage is paid off at closing, and there are no required monthly mortgage payments after that. - [Adding a garden suite or apartment](/garden-suite-basement-apartment-mississauga/): Pay for a garden suite or basement apartment from your home's value, for family, a caregiver or a tenant. - [Paying for care at home](/paying-for-home-care-mississauga/): Monthly deposits or a lump sum from your home's value can pay for the care hours public home care doesn't cover. ## Guides for Erin Mills families - [What Does a Reverse Mortgage Cost on a Mississauga Home?](/guide/reverse-mortgage-cost-mississauga/) - [Mississauga Long-Term Care Homes: Costs and What Happens to Your Home](/guide/long-term-care-homes-mississauga-costs/) - [Is There a Land Transfer Tax in Mississauga? What Downsizing Costs](/guide/land-transfer-tax-mississauga-downsizing/) ## Seven Steps for an Erin Mills Homeowner Most of it is done from home by email, phone or video call, with family copied in if you wish. You can stop at any step. Nothing is signed until the application, and nothing is final until your own lawyer has explained it. 1. 1 Step 1: Free estimate The estimate form takes about 90 seconds and shows a figure on screen. Asking for it doesn't affect your credit, and nobody pressures you. 2. 2 Step 2: Every lender compared Your Mississauga home is checked against every reverse mortgage lender in Canada. The first email from Richard Hopkins, Mortgage Broker, shows how much you could get and which lenders fit, and asks how much you want. 3. 3 Step 3: Application Once you've chosen an option, fill out a quick form and send a few documents. Your credit is checked once, and your application goes only to the lender you choose. 4. 4 Step 4: Approval The lender usually sends its mortgage commitment letter within a day or two. 5. 5 Step 5: Appraisal An appraiser visits the home to confirm its value, and the amount available adjusts to that value. 6. 6 Step 6: Independent legal advice You meet your own lawyer, who acts only for you, at your independent legal advice appointment (ILA). Your lawyer explains the mortgage before you sign it. 7. 7 Step 7: Closing On closing day, the lawyer or title company doing the closing receives the money from the lender. They pay off your current mortgage, any other debts on the home and the costs, then deposit the remaining money in your bank account. ## Erin Mills reverse mortgage questions **How much could a reverse mortgage provide on an Erin Mills house?** On a detached house at $1,255,000, the median price of Erin Mills detached homes that sold from April to June 2026, it is up to about $634,000 at 65 and about $725,000 at 75. On a semi at the $905,000 median, it is up to about $457,000 at 65 and about $523,000 at 75. Anything you owe is paid off first, and the lender's appraisal sets the real figure. Try the [Mississauga reverse mortgage calculator](/tools/reverse-mortgage-calculator-mississauga/). **Can a reverse mortgage pay for a main-floor bathroom in an Erin Mills house?** Yes. The money is yours to use as you choose, including a main-floor bathroom, a bedroom addition or a stair lift. The home's condition is part of approval, and a booked repair can sometimes be built into the mortgage. Ontario's Seniors' Home Safety Tax Credit has ended; it covered only 2021 and 2022. See [accessibility renovations in Mississauga](/accessibility-renovations-mississauga/). **Does a stay at Credit Valley Hospital make a reverse mortgage due?** No. A temporary stay in hospital, rehab or convalescent care doesn't make the mortgage due. It becomes due when the home is sold, when the last borrower moves out permanently, such as into long-term care, or when the last borrower passes away. **Can you add a basement apartment to an Erin Mills house or semi?** Yes. Mississauga allows up to two added units on a detached, semi or townhouse lot, so three units in all. The building permit fee on a second or third unit is refunded once inspections are done, and every second unit must be registered with the City at **no cost**. See [garden suites and basement apartments in Mississauga](/garden-suite-basement-apartment-mississauga/). **Are there rebates for flood-proofing an Erin Mills basement?** Yes. The City of Mississauga's Basement Flooding Prevention Rebate pays up to **$7,500** per property, and you need pre-approval before work starts. The Region of Peel also pays 60% of a sanitary backwater valve invoice, up to **$1,500**. Both are for detached, semi and townhouse owners. ## Sources 1. [TRREB, Community Market Report, Mississauga, 2026 Q2 (April to June 2026)](https://trreb.ca/wp-content/files/market-stats/community-reports/2026/Q2/MississaugaQ22026.pdf) 2. [TRREB, Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf) 3. [Wikipedia, Erin Mills](https://en.wikipedia.org/wiki/Erin_Mills) 4. [Wikipedia, Mississauga (highways and transit)](https://en.wikipedia.org/wiki/Mississauga) 5. [City of Mississauga, Apply for a basement flooding prevention rebate](https://www.mississauga.ca/?p=116138) 6. [Region of Peel, Backwater valve rebate](https://peelregion.ca/water/pipes-downspouts/backwater-valve-rebate) 7. [City of Mississauga, Additional residential units](https://www.mississauga.ca/services-and-programs/building-and-renovating/building-more-units-on-your-property/additional-residential-units/) 8. [City of Mississauga, Gentle Density Table of Incentives (April 2026)](https://www.mississauga.ca/wp-content/uploads/2026/04/08084145/Gentle-Density-Table-of-Incentives.pdf) 9. [City of Mississauga, Registering a second unit](https://www.mississauga.ca/services-and-programs/building-and-renovating/registering-a-second-unit/) 10. [Region of Peel, TransHelp eligibility](https://peelregion.ca/services/transhelp-eligibility) 11. [Ontario, Seniors' Home Safety Tax Credit (archived factsheet)](https://files.ontario.ca/msaa-seniors-home-safety-tax-credit-factsheet-en-2022-10-27.pdf) 12. [City of Mississauga, MiWay fare prices](https://www.mississauga.ca/miway-transit/fares/fare-prices/) ## Nearby Mississauga Neighbourhoods [ Meadowvale The 1970s new town around Lake Aquitaine and Lake Wabukayne: townhouses, condos, semis and houses, west of historic Meadowvale Village. Read about Meadowvale ](/service-areas/meadowvale/)[ Streetsville "The Village in the City": a historic Queen Street main street, settled in 1819, with Streetsville GO on the Milton line. Read about Streetsville ](/service-areas/streetsville/)[ Lorne Park A former cottage resort by the lake, now detached houses on large wooded lots, with Jack Darling Memorial Park and Clarkson GO close by. Read about Lorne Park ](/service-areas/lorne-park/) --- 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. ReverseMortgageMississauga.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.