This is a Ontario guide to reverse mortgage costs ontario. For the full national picture, see the national guide, and for everything specific to the province, the Reverse Mortgage Ontario hub.
Upfront costs at closing
Appraisal ($300–$600), independent legal advice ($350–$750), and legal/admin/closing ($1,000–$2,000) — roughly $3,000 total, most of it deducted from proceeds. No out-of-pocket cheque is usually required.
The ongoing cost — interest
With no mandatory payment, interest builds on the outstanding balance semi-annually. Interest builds only on what you’ve drawn, and voluntary payments (up to 10% of the balance annually, without penalty) slow the growth. The obligation is gone. The option isn’t.
The renewal-rate cost most people miss
A competing reverse mortgage lender resets to best available rate at renewal; Canada’s longest-established reverse mortgage resets above market; and one lifetime rate product never resets. This renewal structure — not the opening rate — is the single biggest driver of long-term cost.
Property-tax planning in Ontario
Ontario has no broad provincial property tax deferral program — coverage is municipal and varies, so keeping property taxes current is something to plan for directly.
Serving homeowners across Ontario
Matthew Hines works with homeowners throughout Ontario — including Toronto and North York, Ottawa, Mississauga, Hamilton, the Guelph and Kitchener–Waterloo corridor. As a FSRA-licensed mortgage agent, Matthew compares all major Canadian lenders on your specific file rather than steering you toward a single product.
Frequently asked questions
Is there a broker fee for a reverse mortgage in Ontario?
Can closing costs be rolled into the mortgage?
Is there a penalty for early repayment?
Talk to Matthew Hines, the Ontario-licensed agent behind this page — or read the Stanley-Hines story.