ReverseMortgageMississauga.ca follows how a reverse mortgage works in Mississauga, from the first estimate to the day the money arrives. The couple below is an illustrative example, not real clients. From application to money, about three to five weeks is typical.
The couple and their home
For example, picture an illustrative Meadowvale couple. The younger spouse is 70, and they own a detached house. Detached homes in Meadowvale sold at a median price of $1,015,000 from April to June 2026, across 51 sales (TRREB Community Market Report, 2026 Q2).
They still owe $140,000 on a bank mortgage. They want to stop the monthly payment and keep about $100,000 in the bank for repairs and family help.
Step 1: the free estimate
They fill in the estimate form, which takes about 90 seconds, and see a figure on screen. Asking for it doesn’t affect their credit. At 70, a lender offers up to about 53% of the value, so on $1,015,000 that is about $536,000.
Step 2: every lender compared
Their house is checked against every reverse mortgage lender in Canada. The first email from Richard Hopkins, Mortgage Broker, shows how much they could get and which lenders fit, and asks how much they want. Their daughter is copied, and questions are answered by email, phone or video call. They ask for $250,000, not the full $536,000.
Step 3: the application
Once they’ve chosen an option, they fill out a quick form and send a few documents. Their credit is checked once, and the application goes only to the lender they choose.
Step 4: approval
The lender usually sends its mortgage commitment letter within a day or two.
Step 5: the appraisal visit
A professional appraiser visits the house to confirm its value. The appraisal costs about $350 and is often the one cost paid up front. The amount available adjusts to the appraised value; here the house appraises at $1,015,000, so nothing changes.
Interest is charged only on the $250,000 they take. If they need more later, they can usually ask for it, up to the approved limit.
Step 6: independent legal advice
They meet their own lawyer for the independent legal advice appointment (ILA). The lawyer works only for them and explains every part of the mortgage before they sign. Lenders generally want this meeting in person at the lawyer’s office, and it often takes under an hour.
Each of them brings government photo ID, and law firms often want two pieces. The lawyer charges about $800 to $1,200. A video call can sometimes be allowed instead when getting to an office is genuinely difficult.
From Meadowvale, MiWay is free for riders 65 and older with a PRESTO card set to the senior fare (City of Mississauga, MiWay fares). Meadowvale GO station is on the Milton line.
Step 7: closing and where the money goes
The lender sends the money to the lawyer or title company (a company some lenders use for the closing paperwork) doing the closing. They pay off the couple’s current mortgage, any other debts on the home and the costs, then deposit the remaining money in their bank account.
| Item | Amount |
|---|---|
| Reverse mortgage amount | $250,000 |
| Bank mortgage paid off | minus $140,000 |
| Mortgage discharge fee | minus $350 |
| Lender set-up fee | minus $1,795 |
| Independent legal advice | minus $1,000 |
| Deposited in their bank account | $106,855 |
Set-up fees are $795 to $1,795, depending on the lender, and this example uses the top of that range. The $350 appraisal was paid at the visit. The full list of costs is in the guide to what a reverse mortgage costs on a Mississauga home.
After closing
Once the mortgage closes, the couple has no required monthly mortgage payments. They still pay the property taxes, home insurance and upkeep, but the monthly payment on the old bank mortgage is gone.
The most they or their estate can ever owe is the fair market value of the home when the mortgage becomes due, provided the property taxes, insurance and upkeep have been kept up. That protection is typically called the no negative equity guarantee. Paying some back early is possible too, and some lenders accept up to 10% of the balance a year with no penalty.
Their equity is not certain to shrink. The balance grows with interest. Over the same years, Mississauga prices may well rise and cover part or all of that, and Canadian borrowers on average still hold about half their equity.
Local prices are on the Meadowvale page and the Erin Mills page. Paying off a bank mortgage this way is covered in detail in using a reverse mortgage to pay off a Mississauga mortgage. The Mississauga reverse mortgage calculator shows a first number for your own home.