The reverse mortgage application process: from the first call to funds in your account, how long it takes and what to prepare

The process is roughly these 7 steps — the business page's one-line summary, expanded

Initial conversation: start by being clear about roughly how much you need and what it's for. A specialist will tell you approximately what you could qualify for and which products fit your situation. This step involves no cost and no commitment.

Home appraisal: a third-party appraiser visits to establish your home's fair market value. The appraiser has no financial stake in the lender's outcome — this step is what ultimately determines how much you can access.

Confirming your qualified amount: once the appraisal is in, the specialist combines your age, property type, location, and condition to confirm exactly how much you qualify for.

Confirming the loan amount and rate term: from the qualified amount, you choose how much you actually want to use (not necessarily the full amount), and a rate term — common options include 6 months, 1, 3, or 5 years, or variable.

Choosing a lawyer for independent legal advice and going through the legal process: covered on its own in the next section, since this is usually the first question people ask — "why do I need a lawyer for this?"

Funding: once the legal documents are signed, the funds are released and the specialist lets you know the money is available.

How long does the whole thing take

There's no single official timeline, since every step can run faster or slower depending on how quickly you can book the appraiser and your lawyer.

From what brokers commonly see, with complete documentation and good responsiveness, the process usually takes 2 to 4 weeks, and can move as fast as roughly 10 business days when everything lines up. This is a working estimate, not a guarantee — it varies by situation.

The two things most likely to add time are appraiser availability (tighter during busy seasons) and scheduling with the lawyer you choose — booking both early tends to save real time.

What independent legal advice (ILA) is, and why it's required

This is a lawyer you choose — not one assigned by the lender or the broker — and you pay for it yourself. Their job is to sit on your side of the table and confirm you actually understand what you're signing: how the interest compounds, what the no-negative-equity guarantee does and doesn't cover, and what triggers repayment.

Both of Canada's main reverse mortgage lenders (HomeEquity Bank and Equitable Bank) require this step — it isn't one lender's individual policy, it's standard practice across this category of product.

Looked at another way, this is a safeguard built in for you: before you sign, someone with no financial stake in the transaction confirms you're making an informed decision, without pressure. It's the same spirit behind the business page's advice to bring your kids to the table and look at the numbers together.

What it costs, and whether you need to pay out of pocket

Appraisal fee: roughly $300–600, paid to the appraiser.

Independent legal advice: roughly $300–700, paid to the lawyer you choose.

There's also an administrative/closing fee charged by the lender, and the amount varies by product; this one is typically financed out of the loan proceeds rather than paid upfront. The appraisal and legal fees are usually paid out of pocket as they come up.

These are reference ranges only — confirm the actual fee breakdown with your specialist before you sign anything.

A few things that make the process go more smoothly

Get clear on how much you need and what it's for first. As the business page notes, a lot of people start with just "I want to access some money" — once the purpose and amount are clear, about half find a cheaper option fits better. Sorting this out first makes the initial conversation more productive.

ID documents: have identification ready for yourself and your spouse (if applying together).

Property documents: your property tax statement and home insurance information, ready before the appraisal.

Line up your lawyer early rather than waiting until that step arrives — it can run in parallel with the appraisal, which saves waiting time.

Bring your family into the conversation. It's not required, but the business page recommends it too — laying the numbers out together up front is easier than explaining after the fact.

Common questions