1. Papers to gather
- ☐ Two pieces of ID for each owner on title (a driver's licence and a passport are ideal)
- ☐ The most recent statement for your mortgage, plus any line of credit on the house
- ☐ The Town of Oakville tax bill for 2026
- ☐ Condo owners only: the latest condo fee statement
- ☐ Your monthly income, simply told to Richard; proof is rarely needed
- ☐ A continuing power of attorney for property, if one was made
2. Two Oakville programs to check first
- ☐ Halton Region's older adults tax deferral: are you 65 or older, with household income of $69,500 or less? If the tax bill is your only problem, compare it first. Applications close September 30 each year.
- ☐ The Town of Oakville's $500 Senior's Property Tax Rebate: do you receive the Guaranteed Income Supplement? The 2026 deadline is October 31.
- ☐ You can use only one of the two Halton deferrals or the Town rebate. A Halton deferral and a reverse mortgage are one route or the other, because the deferred tax is paid off when a reverse mortgage is set up.
3. Questions to ask before you sign
- ☐ Which rate applies, fixed or variable, and for what term?
- ☐ Added together, what will the appraisal, set-up fee and legal bills come to?
- ☐ On the amount you plan to take, what would the balance be at year 5 and at year 10?
- ☐ What is the charge for paying it all off in year 1, 2, 3, 4 or 5?
- ☐ Is a partial repayment allowed each year at no charge? (At some lenders the answer is up to 10% of the balance each year.)
- ☐ When the first term runs out, what decides the next rate?
- ☐ If one spouse goes into long-term care, does anything change?
- ☐ May your son or daughter be copied on the emails?
4. The seven steps
- Free estimate. About 90 seconds on a short form: your age, your home and what is owing. A first figure appears on screen, with no credit check for the estimate.
- Every lender compared. Richard Hopkins, Mortgage Broker, sends a first email showing how much you could get, where rates are and which lenders fit your home, then asks how much you want.
- Your options and his recommendation. Your options and Richard's recommendation arrive in writing, by email. You choose, or stop there.
- Application. Fill out a quick form and send a few documents. Richard sends your application to the lender you choose, and your credit is checked once, only then.
- Approval, appraisal and your lawyer. The lender usually sends their mortgage commitment letter within a day or two. An appraiser visits the home, and you book your own lawyer.
- Independent legal advice appointment. A lawyer who acts only for you explains every page at their office, before you sign anything.
- Closing. On closing day the lawyer or title company handling it receives the money from the lender, pays off any mortgage on the home, takes off the closing costs and deposits the remaining money into your bank account.
5. Your own lawyer
Before signing, you sit down with a lawyer who represents only you, which every Canadian reverse mortgage requires. Expect $800 to $1,200 in Ontario. Lenders generally want it done in person at the lawyer's office, so bring photo ID.
6. After closing: what you keep doing
- ☐ Pay every Town of Oakville tax instalment by its due date.
- ☐ Renew your home insurance before it lapses.
- ☐ Look after repairs as they come up.
- ☐ Live in the house as your main home for six months or more each year, and arrange a house check whenever you are away longer than 30 days straight.
- ☐ File the lender's contact details with your will, and tell your executor where to find them.
OakvilleReverseMortgage.ca checklist. Program details confirmed October 15, 2026. A general guide, not personal advice.