To be considered eligible for a reverse mortgage in Canada, and to determine the amount of a reverse mortgage that you qualify for will depend on the following factors:
A Canadian homeowner
Aged 55 or older (if you have a spouse, both of you must be at least 55 years old to be eligible)
Location of your home
Type of home (for example, detached, condo, townhouse, etc.)
Appraised value of your home (minimum appraised value of $200,000)
The condition of your home
The amount of home equity