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# Printable Reverse Mortgage Checklist | ReverseMortgageBarrie.ca

> Free printable reverse mortgage checklist for Barrie homeowners: what to gather, what to ask before you sign, the seven steps and your jobs after closing.

URL: https://reversemortgagebarrie.ca/resources/

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# Printable Reverse Mortgage Checklist for Barrie Homeowners

This reverse mortgage checklist puts it all on one printout for a Barrie kitchen table: what to gather, what to ask, the seven steps in order, and what stays your job after the money arrives. Print a copy for the fridge door, or send the link to whoever helps you with paperwork.

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Print the Barrie checklist

## 1\. Gather these first

-   ☐ ID: two pieces for each owner on title, ideally a driver's licence and a passport.
-   ☐ A recent statement for any mortgage or line of credit on the house.
-   ☐ This year's City of Barrie property tax bill.
-   ☐ Condo owners: a statement showing your monthly condo fee.
-   ☐ Income: tell Richard what comes in each month. He rarely needs proof.

## 2\. Questions to ask before you sign

-   ☐ Which rate am I getting, and is it locked for 5 years or does it move?
-   ☐ Added up, what do the appraisal, set-up fee and legal fees come to?
-   ☐ Taking this amount, about how much would the loan be after 5 years? After 10?
-   ☐ If I sold in year one, two, three, four or five, what would the penalty be?
-   ☐ How much may I repay each year with no penalty?
-   ☐ At renewal, how does the lender decide my next rate?
-   ☐ Suppose one of us needs long-term care: does the loan come due?
-   ☐ Can you copy my son or daughter on everything you send?

## 3\. The seven steps

1.  **Free estimate.** Start with the free estimate form: a handful of questions, about 90 seconds of your time. Nobody looks at your credit at this stage.
2.  **Your options by email.** Working for you, Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada. You get an email with the amount your home could give you and the lenders that suit it, and he asks what amount you have in mind. You never have to take the most.
3.  **Quick 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.  **Approval.** The lender usually sends its mortgage commitment letter within a day or two.
5.  **Appraisal.** Richard arranges the appraisal. An appraiser visits your home once to confirm what it's worth.
6.  **Independent legal advice.** You sit down with a lawyer you pick, who works for you alone and takes you through the mortgage line by line.
7.  **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\. Your own lawyer

Every reverse mortgage in Canada needs independent legal advice. The lawyer represents you, not the lender, and reviews each document with you. Budget roughly $800 to $1,200 in Ontario, and take photo ID: most lenders want this appointment held in person.

## 5\. After closing: what stays your job

-   ☐ City of Barrie property tax: pay each instalment by its due date.
-   ☐ Home insurance: renew before the policy ends, every year.
-   ☐ Upkeep: roof, furnace, eavestroughs and whatever a Barrie winter breaks.
-   ☐ Living there: the house stays your principal residence. Going south for the winter? Read the lender's rules on time away first, and ask someone to check on the house.
-   ☐ Paperwork: file the lender's details beside your will, and show your executor.

## 6\. For your family

-   Time to settle: once the last borrower has died or moved out permanently, lenders give the estate roughly half a year to a year, depending on the lender, to sell or pay off the loan. Interest still runs in the meantime.
-   An empty house: call the insurer. Coverage on a vacant home often shrinks after about a month.
-   What's left over: any sale money above the loan belongs to the estate, never to the lender.

Checklist from ReverseMortgageBarrie.ca, checked October 16, 2026. General information only, not advice for your situation.

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Free reverse mortgage estimate (no sales pressure): https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagebarrie&utm_medium=satellite&utm_campaign=resources

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. ReverseMortgageBarrie.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.