Reverse Mortgage Planning Checklist
A practical guide for Canadian homeowners 55+ and their families — to help you prepare, ask the right questions, and feel confident before you decide.
Print this page or save it as a PDF to review at your own pace.
Reverse Mortgage Planning Checklist
For Canadian homeowners 55+ and their families
Mortgage Alliance Greater Golden Horseshoe
An independent franchise of the Mortgage Alliance network
FSRA Ontario License #13121
905-529-1199
getareversemortgage.ca
This checklist is designed to help you and your family think through the key considerations before — and during — a reverse mortgage consultation. There are no right or wrong answers. The goal is simply to help you arrive at your conversation feeling informed and prepared.
Work through each section at your own pace. Bring this checklist to your consultation — your broker will be happy to discuss any item in detail.
Step 1 — Confirm Basic Eligibility
- All registered homeowners are 55 years of age or older
- The property is your primary residence (where you live most of the year)
- The home is located in Canada
- The home is in reasonable condition and is insurable
- You understand that the loan becomes due when you sell, move, or pass away
Step 2 — Understand Your Home's Value
- Obtain a rough estimate of your home's current market value
- Note any outstanding mortgage balance or HELOC that would need to be repaid
- Calculate approximate net equity (home value minus existing debt)
- Consider whether any major repairs or maintenance are needed
- Confirm the property type (detached, condo, townhouse, etc.)
Step 3 — Clarify Your Financial Goals
- Identify why you are considering a reverse mortgage (income supplement, debt elimination, home renovation, helping family, etc.)
- Decide whether you want funds as a lump sum, regular monthly payments, or a line of credit
- Consider how much you actually need — borrowing less preserves more equity for your estate
- Review your current monthly expenses and income sources (CPP, OAS, pension, investments)
- Discuss the impact on any government benefits you currently receive (GIS, etc.)
Step 4 — Talk With Your Family
- Share your plans with your adult children or other heirs
- Explain that you will retain full ownership and title to the home
- Discuss how the reverse mortgage may affect the estate and inheritance
- Invite family members to join your consultation with the broker
- Address any concerns or questions family members may have
- Consider speaking with your financial advisor, accountant, or estate lawyer
Step 5 — Prepare for the Legal Process
- Engage an independent lawyer to review the mortgage documents (required by all lenders)
- Ensure your lawyer has experience with reverse mortgages
- Review the mortgage terms carefully — interest rate, compounding frequency, prepayment options
- Understand the costs involved: appraisal fee, legal fees, closing costs
- Confirm the "no negative equity guarantee" applies to your product
- Ask about any penalties for early repayment
Step 6 — Gather Your Documents
- Government-issued photo ID for all registered homeowners
- Proof of age (passport, birth certificate, or driver's licence)
- Most recent property tax bill
- Proof of home insurance
- Mortgage statement (if an existing mortgage is to be discharged)
- HELOC or other secured debt statements (if applicable)
- Void cheque or direct deposit information for fund disbursement
Step 7 — Questions to Ask Your Broker
- Which lender and product is best suited to my situation, and why?
- What is the current interest rate, and how is it compounded?
- What are the total costs to set up the reverse mortgage?
- Can I make voluntary payments to reduce the balance?
- What happens if I need to move into long-term care?
- How will this affect my estate and what my heirs will receive?
- Are there any restrictions on how I use the funds?
- What happens if my home value declines?
Notes
This checklist is provided for informational purposes only and does not constitute financial, legal, or mortgage advice. Reverse mortgage products are subject to lender approval and individual qualification. Mortgage Alliance Greater Golden Horseshoe — FSRA Ontario License #13121 — is an independent franchise of the Mortgage Alliance network. © 2026 Get A Reverse Mortgage.
Ready for the Next Step?
Once you've worked through the checklist, a free conversation with a CCRMC certified specialist is the best way to get clear answers for your specific situation.
Questions? We're Here to Help.
No obligation. No pressure. Your family and advisors are always welcome to join the conversation.