1. Papers to gather
- ☐ Two pieces of ID for every owner (a driver's licence and a passport are ideal)
- ☐ A recent statement for any mortgage or home equity line of credit on the home
- ☐ Your latest City of Toronto property tax bill
- ☐ If you own a condo: a recent condo fee statement
- ☐ Your home insurance policy or renewal notice
- ☐ If you have one: your continuing power of attorney for property
2. Questions to ask before you sign
- ☐ What is the interest rate, is it fixed or variable, and for how many years?
- ☐ What are all the one-time costs added together: appraisal, set-up fee and legal?
- ☐ If I take this amount, about how much will I owe after 5 years, and after 10?
- ☐ What does it cost to repay early in each of the first five years?
- ☐ Can I pay some of it back each year without a charge? (Some lenders allow up to 10% of the balance a year.)
- ☐ What happens when the term ends: at what rate does it renew?
- ☐ What happens if one of us moves into long-term care?
- ☐ Can my children be copied on every email?
3. The seven steps
- Free estimate. The free estimate form asks about you, your Toronto home and anything owing on it. It takes about 90 seconds and doesn't affect your credit.
- Every lender compared. Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada for your Toronto home. In his first email you see the most your home could provide and the lenders that suit it, and he asks how much you want.
- 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.
- Approval. The lender usually sends its mortgage commitment letter within a day or two.
- Appraisal. A professional appraiser visits the home to confirm what it is worth.
- Independent legal advice. Your own lawyer, who works for you and not the lender, goes through the mortgage with you before anything is signed.
- Closing. The lender sends the money to the lawyer or title company doing the closing. They pay off your current mortgage, any other debts on the home and the costs, then deposit the remaining money into your bank account.
4. Your own lawyer
Every reverse mortgage in Canada requires independent legal advice: a lawyer who acts only for you explains the mortgage before you sign. In Ontario it usually costs about $800 to $1,200. Bring your two pieces of ID. The meeting is normally in person, at the lawyer's office.
5. After closing: what you keep doing
- ☐ Pay your property taxes on time, every year.
- ☐ Keep your home insured, and renew the policy on time.
- ☐ Keep the home in reasonable repair.
- ☐ Keep living there as your main home, at least six months of the year. If you're away more than 30 days in a row, have someone check on the home.
- ☐ Keep the lender's contact details with your important papers, and tell your executor where they are.
6. For your family, later on
- When the last borrower passes away or moves out for good, the estate usually has 180 to 365 days to sell or repay, depending on the product. Interest keeps adding up during that time.
- Tell the home insurer if the home will sit empty. Most policies stop covering an empty home after about 30 days.
- The family keeps every dollar the home sells for above the balance. The lender never owns the home.
Checklist from TorontoReverseMortgage.ca, checked September 18, 2026. General information, not advice for your situation.