1. Papers to have ready
- ☐ For every owner on the title, two pieces of ID (ideally a driver's licence and a passport).
- ☐ Your most recent mortgage statement, if anything is owed on the home.
- ☐ Your 2026 property tax bill from the Town of Whitby. One bill covers the Town, Durham Region and education.
- ☐ Your condo fee statement, if your home is a condo.
- ☐ Your monthly income, which you simply tell Richard. He rarely needs proof of it.
2. Questions for Richard and the lender
- ☐ What's the rate? Fixed or variable? For what term?
- ☐ What is the total for the appraisal, the set-up fee and the legal fees?
- ☐ If I take this amount now, what would the balance be after 5 years and after 10?
- ☐ What would repaying early cost in year one, two, three, four and five?
- ☐ Can I repay part of it each year without a charge? (Some lenders allow it.)
- ☐ How is the new rate decided when the term is over?
- ☐ If one of us moves into long-term care, what happens?
- ☐ Could you copy my son or daughter on every email?
3. Seven steps from estimate to money
- Free estimate. Answer a few questions about you and your Whitby home, which takes about 90 seconds. Your credit isn't affected.
- Every lender compared. Richard Hopkins, Mortgage Broker, checks all four Canadian lenders against your home and goals. In his first email you see how much you could get and the lenders that fit, and he asks how much you'd like. You never have to take the full amount.
- 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. One visit from an appraiser confirms your home's value for the lender.
- Independent legal advice. You meet a lawyer of your own choosing for your independent legal advice appointment (ILA). Before you sign, that lawyer, who works for you alone, explains every page.
- 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. A lawyer of your own
Independent legal advice is a must for every reverse mortgage in Canada, Whitby included. Before you sign, a lawyer who acts only for you goes through each part of the mortgage with you. In Ontario it usually costs about $800 to $1,200. The meeting normally takes place at the lawyer's office, so bring photo ID.
5. Your jobs after closing
- ☐ Pay each Town of Whitby tax instalment on time. In 2026 they were due February 27, April 30, June 30 and September 29.
- ☐ Renew the home insurance before the policy expires, so the house is always covered.
- ☐ Look after repairs, so the house stays in good shape.
- ☐ Make the home your main residence for six months of the year or more. Ask someone to look in on the house during any absence longer than 30 days.
- ☐ File the lender's contact details with your important papers, and let your executor know where to find them.
6. Notes for your family
- After the last borrower dies or leaves the Whitby home for good, the estate usually has between 180 and 365 days (it depends on the product) to either sell the home or pay off the loan. Interest is still added during those months.
- Let the home insurer know if nobody will be living in the house. Cover on an empty home often ends after about 30 days.
- If the home sells for more than is owed, the difference goes to the family. At no point does the lender own the home.
Checklist from ReverseMortgageWhitby.ca, checked October 16, 2026. General information, not advice for your situation.