Education

Am I Ready for a Reverse Mortgage?

Use this checklist to assess decision readiness before you apply.

Reverse Mortgage Readiness Checklist

Answer 10 questions to see whether you are ready now, almost ready, or should spend more time comparing options first.

1. I have a clear reason for accessing home equity (cash flow, debt payoff, renovations, care costs, etc.).

A clear use-case makes lender and product selection easier.

2. I know my timeline (just researching, 3-6 months, or soon).

Your timeline affects whether a short-term or longer-term option fits best.

3. I plan to keep this home as my primary residence.

Reverse mortgages are designed for principal residences.

4. I have discussed this option with my spouse/family or know how I want to handle that conversation.

Early family alignment reduces stress later in the process.

5. I can continue paying property taxes, insurance, and home maintenance.

These are ongoing borrower obligations with any reverse mortgage.

6. I understand how this compares with RRIF withdrawals, HELOCs, or downsizing.

Good decisions come from comparing multiple options.

7. I understand setup fees, legal costs, and how interest compounds over time.

A lower rate or lower fee can matter significantly over 10+ years.

8. I understand how this could affect future estate value or inheritance.

Estate planning should be part of your decision, not an afterthought.

9. I know which lenders are available in my province.

Lender availability varies meaningfully across Canada.

10. I am comfortable speaking with a licensed specialist to confirm fit before applying.

A short no-obligation call can avoid costly assumptions.

How to Use This Checklist

This checklist is a decision-readiness tool, not a lender approval tool. It helps you identify where you are strong and where you should gather more information first.

If your score is lower, that is normal. Most homeowners start there. Work through the recommended next steps, then retake the checklist after reviewing the relevant guides.

Helpful Next Reads

Ready to See What You Qualify For?

Get a free, no-obligation estimate. Or speak with a licensed broker who specializes in reverse mortgages.

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