# Reverse Mortgage to Pay Off Your Mortgage in Mississauga > Pay off your Mississauga mortgage with a reverse mortgage: what is left after the payoff, your budget after, and when it fits. Free estimate, no sales pressure. URL: https://reversemortgagemississauga.ca/reverse-mortgage-to-pay-off-mortgage-mississauga/ Reverse mortgages in Mississauga # Pay Off Your Mortgage With a Reverse Mortgage and Keep Your Mississauga Home A reverse mortgage to pay off a mortgage in Mississauga replaces your current mortgage with one that has no required monthly mortgage payments. The old mortgage is paid off first at closing, out of the new money. It fits when what you owe is less than the amount your age and home qualify for. [Get my free Mississauga estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagemississauga&utm_medium=satellite&utm_campaign=reverse-mortgage-to-pay-off-mortgage-mississauga) [Try the calculator](/tools/reverse-mortgage-calculator-mississauga/) No cost and no sales pressure, and asking for an estimate has no effect on your credit. Last updated October 15, 2026 - For homeowners aged 55 and up - No monthly mortgage payments required - Tax-free money - The home stays in your name - You can never owe more than your home is worth - Your own lawyer explains it first [ReverseMortgageMississauga.ca](/) shows how a reverse mortgage to pay off a mortgage in Mississauga works for homeowners 55 and older. The new mortgage pays off the old one at closing. After that, there are no required monthly mortgage payments, and you keep living in your home. Property taxes, home insurance and upkeep stay yours. What goes away is the mortgage payment that comes out of your account every month. ## Your first step: the free estimate It begins with the free estimate form: about 90 seconds on your age, your home’s rough value and what is left on the mortgage. Asking doesn’t affect your credit. With those numbers, every reverse mortgage lender in Canada is checked for your home. In his first email, Richard Hopkins, Mortgage Broker, shows how much you could get after the mortgage is paid off and which lenders fit, and asks how much you want. An adult son or daughter can be copied. Once you’ve chosen an option, you send a few documents, such as your latest mortgage statement and the renewal letter if one has arrived. Help comes by email first, then by phone or video call, and you can stop whenever you like. ## How much is left after your mortgage is paid A reverse mortgage has a ceiling: the most your age and home qualify for. Anything you owe on the home is paid off first, out of that same amount. The ceiling is not extra money on top of your mortgage. Mississauga values set the starting point. In September 2026, the median semi-detached home sold for $865,000 and the median detached home for $1,219,000 ([TRREB Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf)). The citywide MLS benchmark price (TRREB’s price for a typical home, across all types) was $867,500, down 3.80% from a year earlier. ### An illustrative example: a semi-detached home at the Mississauga median Take an illustrative couple whose younger spouse is 70, in a semi-detached home worth $865,000, the Mississauga median for September 2026. At 70, a reverse mortgage can reach up to about 52.85% of a home’s value, or about $457,200 on that $865,000 home. They still owe $210,000 on a mortgage that costs them $1,450 a month. The subtraction is simple: $457,200 minus the $210,000 owing leaves up to about $247,200 still available. At closing, the $210,000 mortgage is paid off and the $1,450 monthly payment stops. They don’t have to take the other $247,200 now; interest is charged only on what they take, and they can usually ask for more later. ### When it doesn’t fit A reverse mortgage alone doesn’t work when you owe more than the ceiling. Take the same $865,000 semi with a youngest owner aged 65. Up to about 50.55% of the value, or about $437,300, is available. With $480,000 owing, that leaves a gap of about $42,700. The gap would have to come from savings, or another option would fit better. Richard tells you that by email, with the numbers that matter. ## What your monthly budget looks like after The mortgage payment is gone, but the home’s other costs stay. Property taxes are the biggest one. Mississauga’s 2026 residential tax rate is 1.087901%, which works out to about $7,615 a year on a home assessed at $700,000 ([City of Mississauga, By-law 0061-2026](https://www.mississauga.ca/wp-content/uploads/2026/05/01132447/2026-Tax-Ratios-2026-By-law-0061-2026.pdf)). The total 2026 property tax increase in Mississauga was 5.21%, or $377.37 more on a $700,000 assessment ([City of Mississauga, 2026 budget](https://www.mississauga.ca/city-of-mississauga-news/news/mississaugas-2026-budget-adopted/)). Assessed value is not the same as market value, so check the figure on your own tax bill. Low-income homeowners 65 and older may qualify for the City’s yearly tax rebate. The [Mississauga property tax rebate for seniors guide](/guide/mississauga-property-tax-rebate-seniors/) covers who qualifies and the December 31 deadline. Home insurance stays your job too. Letting it lapse, or falling seriously behind on property taxes, can put a reverse mortgage in default, which is a slow process with warnings along the way. If you’re not sure a reverse mortgage fits at all, the short [reverse mortgage assessment](/tools/reverse-mortgage-assessment/) is a quick way to check before you ask for numbers. ## The cost after the old payment ends Your old monthly mortgage payment ends at closing, and interest is added to the new balance instead, at rates that ran 6.23% to 6.94% (advertised 5-year fixed rates across the four lenders, checked September 17, 2026). Home price growth often offsets some or all of that interest, and the [reverse mortgage calculator for Mississauga](/tools/reverse-mortgage-calculator-mississauga/) shows the balance over time. The [step-by-step Mississauga reverse mortgage walkthrough](/blog/mississauga-reverse-mortgage-start-to-finish/) follows the whole process from estimate to closing. One-time costs commonly total about $2,000 to $3,500. Your own lawyer’s independent legal advice is part of that, at about $800 to $1,200 in Ontario, and discharging the current mortgage usually costs about $300 to $400. The [Mississauga reverse mortgage cost guide](/guide/reverse-mortgage-cost-mississauga/) lists every cost. Nothing is owed back until the home is sold, or until the last borrower moves out for good or passes away. The most you or your 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. This is typically called the no negative equity guarantee. ## What you get when you ask for help - ✓A free estimate showing what is left after your mortgage is paid - ✓Every reverse mortgage lender in Canada compared for your home - ✓Every lender compared, and the best deal for your home and goals, by email - ✓Your payoff figure and discharge cost built into the numbers - ✓A plain answer on whether renewing or refinancing fits you better - ✓A budget check for property taxes and insurance after closing - ✓Family copied on every email, if you want them there - ✓A free referral to an independent lawyer for your legal advice ## How the choices stack up **Three ways to handle a Mississauga mortgage in retirement** | What is compared | Renew and keep paying | Refinance or home equity line of credit | Reverse mortgage | | --- | --- | --- | --- | | Monthly mortgage payment | Yes, at the new rate | Yes, and a line of credit's payment rises with the prime rate | No required monthly mortgage payments | | Income test | Depends on your lender | Yes, a bank stress test | No stress test; income checked only for the property taxes | | Interest | Paid every month | Paid every month | Added to the balance, compounded twice a year | | Extra money available | None | Up to the bank's limit, if your income qualifies | What your age and home qualify for, after the mortgage is paid | | Who it often fits | A payment that is easy to keep up | Enough income for the new payment | A payment that is hard to keep up on a fixed income | ## Guides to read next - [What Does a Reverse Mortgage Cost on a Mississauga Home?](/guide/reverse-mortgage-cost-mississauga/) - [Does Mississauga Have a Property Tax Rebate for Seniors?](/guide/mississauga-property-tax-rebate-seniors/) ## Sources Numbers last checked October 15, 2026. 1. [TRREB, Market Watch, September 2026 (Mississauga sales by home type and MLS HPI benchmark prices, published October 6, 2026)](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf) 2. [City of Mississauga, By-law 0061-2026, Schedule A, 2026 Final Tax Rates and Levy (May 2026)](https://www.mississauga.ca/wp-content/uploads/2026/05/01132447/2026-Tax-Ratios-2026-By-law-0061-2026.pdf) 3. [City of Mississauga, Mississauga's 2026 budget adopted (January 28, 2026)](https://www.mississauga.ca/city-of-mississauga-news/news/mississaugas-2026-budget-adopted/) ## Seven Steps From Your First Question to the Money You can stop at any step. Nothing is signed until the application, and nothing is final until your own lawyer has explained it. 1. 1 Step 1: Free estimate The estimate form takes about 90 seconds and shows a figure on screen. Asking for it doesn't affect your credit, and nobody pressures you. 2. 2 Step 2: Every lender compared Your Mississauga home is checked against every reverse mortgage lender in Canada. The first email from Richard Hopkins, Mortgage Broker, shows how much you could get and which lenders fit, and asks how much you want. 3. 3 Step 3: 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. 4. 4 Step 4: Approval The lender usually sends its mortgage commitment letter within a day or two. 5. 5 Step 5: Appraisal An appraiser visits the home to confirm its value, and the amount available adjusts to that value. 6. 6 Step 6: Independent legal advice You meet your own lawyer, who acts only for you, at your independent legal advice appointment (ILA). Your lawyer explains the mortgage before you sign it. 7. 7 Step 7: Closing On closing day, the lawyer or title company doing the closing receives the money from the lender. They pay off your current mortgage, any other debts on the home and the costs, then deposit the remaining money in your bank account. ## Frequently asked questions **Can a reverse mortgage pay off your existing mortgage?** Yes. Your existing mortgage, or any home equity line of credit on the home, is always paid off and closed at closing. The lawyer doing the closing, or the title company (a company some lenders use to handle the closing paperwork instead of a lawyer), pays it from the reverse mortgage money, then **the remaining money is deposited in your bank account**. **What if you owe more than a reverse mortgage would give you?** Then a reverse mortgage alone doesn't fit. The amount owing has to fit inside what your age and home qualify for. Savings can sometimes close a small gap, and Richard can also look at a refinance or a home equity line of credit, so you see what each would mean. **Do you need income to qualify if you're still paying a mortgage?** There's no bank-style income test. You list your income on the application, and proof is often not needed. There is no stress test and no debt ratio, because no monthly mortgage payment needs to be covered. **Can you switch to a reverse mortgage before your renewal date?** Yes. Your current lender may charge a penalty for paying off the mortgage early, and that penalty is paid from the reverse mortgage money at closing. Your renewal letter or your lender can tell you the payoff figure, so the timing can be planned around it. **Does it cost anything to have a broker shop the reverse mortgage lenders for you?** No. Your bill from the broker is zero: the brokerage is paid by whichever lender you pick, after the mortgage has funded. Going through a broker also opens doors a phone call to a lender won't. One of the four lenders deals only with brokers, and another saves its highest-lending product for broker clients. On a competitive application, a lower rate than the advertised one or a trimmed set-up fee can come into play. For your Mississauga home, Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada. He then recommends whichever option gives you the best overall value, even if it's not a reverse mortgage. ## Other Ways Mississauga Homeowners Use a Reverse Mortgage [ Condo owners Your condo apartment or condo townhouse can qualify, with no required monthly mortgage payments while you live there. Read more ](/reverse-mortgage-condo-mississauga/)[ Adding a garden suite or apartment Pay for a garden suite or basement apartment from your home's value, for family, a caregiver or a tenant. Read more ](/garden-suite-basement-apartment-mississauga/)[ Paying for care at home Monthly deposits or a lump sum from your home's value can pay for the care hours public home care doesn't cover. Read more ](/paying-for-home-care-mississauga/) --- Free reverse mortgage estimate (no sales pressure): https://reversemortgagebroker.ca/estimate/ Operated by Dominion Lending Centres Homestead Financial, a mortgage brokerage licensed by the Financial Services Regulatory Authority of Ontario, brokerage licence #11711. Independently Owned and Operated. ReverseMortgageMississauga.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.