1. Documents to gather
- ☐ ID for every owner: two pieces each, ideally a driver's licence and a passport
- ☐ Latest statement for any mortgage or line of credit on the property
- ☐ This year's City of Toronto property tax bill
- ☐ Condo fee statement, if you own a condo
- ☐ Nothing to prove your income up front: you list it on the application, and proof is rarely needed
- ☐ Power of attorney for property, if you've signed one
2. Questions to ask before you sign
- ☐ Fixed or variable, and how long is the term?
- ☐ Appraisal, set-up fee and my own lawyer: what is the total?
- ☐ On the amount I want, what would the balance be in 5 years? In 10?
- ☐ If we sold in year 1, 2, 3, 4 or 5, what would repaying early cost?
- ☐ Is there a yearly amount I can repay without a charge? (Some lenders allow up to 10% of the balance each year.)
- ☐ At the end of the term, how is the new rate set?
- ☐ If my spouse or I go into long-term care, what happens to the mortgage?
- ☐ Will my children be copied on the emails if I ask?
3. The seven steps
- Free estimate. Fill in a short form online, about 90 seconds, and a first figure for your Etobicoke home appears. Asking has no effect on your credit.
- Every lender compared. Richard Hopkins, Mortgage Broker, puts your home up against every reverse mortgage lender in Canada. His first email shows how much you could get and which lenders fit, and 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. An appraiser comes to the house or condo to confirm what it is worth. The amount available is then set from that appraised value.
- Independent legal advice. Your own lawyer, acting for you alone, explains the mortgage at your independent legal advice appointment (ILA), and only then do you sign. Expect about $800 to $1,200 in Ontario.
- 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 independent legal advice appointment
No reverse mortgage in Canada closes without independent legal advice. Your own lawyer, working for you alone, takes you through the documents, and only then do you sign. Budget about $800 to $1,200 in Ontario, and take your ID: most lenders expect you to attend in person.
5. What stays your job after closing
- ☐ Keep the City of Toronto tax instalments paid, or sign up for one of the City's pre-authorized plans.
- ☐ Renew your home insurance on time, every year.
- ☐ Look after repairs so the house or unit stays in good shape.
- ☐ Make it your home base for six months or more each year, and arrange a check-in if you're gone longer than 30 days straight.
- ☐ File the lender's name and number with your will, and let your executor know.
6. For your family to know
- After the last borrower passes away or leaves for good, the estate generally gets between 180 and 365 days, depending on the product, to sell or repay. Interest continues meanwhile.
- Insurers often reduce cover on a home nobody lives in after about 30 days, so call the insurer if the home will sit empty.
- Toronto charges a Vacant Home Tax on a home left empty more than six months of a year unless an exemption applies, so whoever looks after the home should check the City's yearly declaration.
- Any sale price above the balance belongs to the estate. Ownership never passes to the lender.
From ReverseMortgageEtobicoke.ca, checked October 16, 2026. General information only, not advice for your own situation.