# Printable Reverse Mortgage Checklist for Milton

> A free, printable checklist for Milton homeowners 55+: papers to gather, Halton and Ontario programs to check, questions to ask, and the seven steps to closing.

URL: https://reversemortgagemilton.ca/resources/

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# A Printable Reverse Mortgage Checklist for Milton Homeowners

Everything on one page: the papers to have ready, the programs to look at first, the questions worth asking and what stays your job after closing. Print it, or send the link to a family member who is helping.

[Get My Free Estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagemilton&utm_medium=satellite&utm_campaign=resources)

Your free Milton estimate: No cost · No credit check · No sales pressure

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## 1\. Papers to have ready

-   ☐ For each owner on title: two pieces of ID, ideally a driver's licence and a passport.
-   ☐ Your latest mortgage statement, and one for any line of credit secured on the house.
-   ☐ Your property tax bill from the Town of Milton.
-   ☐ If you own a condo, your most recent condo fee statement.
-   ☐ Your monthly income: telling Richard is usually enough, with no paperwork.

## 2\. Programs to check first

-   ☐ The Halton Region older adults property tax deferral: are all owners 65 or older, with combined owners' income under $69,500, and in the home for at least four years? The next application form comes out in spring 2027.
-   ☐ The Ontario Senior Homeowners' Property Tax Grant of up to $500 a year: it is claimed on your income tax return.
-   ☐ You can have a Halton deferral or a reverse mortgage, but not both at once: the reverse mortgage repays the deferred tax at closing.
-   ☐ Snow at the end of the driveway: the Town of Milton's windrow removal program for people 65 and older opens for registration each October.

## 3\. Questions worth asking before you sign

-   ☐ What kind of rate is it, and how long is it set for?
-   ☐ All together, what will the appraisal, set-up fee and lawyer cost?
-   ☐ For the amount you plan to take, what could the balance be after 5 years and after 10?
-   ☐ What would it cost to repay the whole mortgage in each of the first five years?
-   ☐ How much can you pay back each year without a charge? At some lenders it is up to 10% of what you owe.
-   ☐ How is the rate set when the first term ends?
-   ☐ What changes if one of you moves into long-term care?
-   ☐ Can a family member be copied on every email?

## 4\. The seven steps

1.  **Your free estimate.** Tell the short form your age and a little about your Milton home. It takes about 90 seconds, doesn't affect your credit, and a first figure shows on screen.
2.  **Every lender compared.** Within a business day, Richard emails you the most you could borrow and the lenders that suit your house, and asks what amount you have in mind. You never have to take it all.
3.  **A 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.  **The lender approves.** The lender usually sends its mortgage commitment letter within a day or two.
5.  **The appraisal.** A professional appraiser comes to the house once and reports its value to the lender.
6.  **Your own lawyer.** You sit down with a lawyer who works for you alone, for your independent legal advice appointment. In Ontario that usually costs about $800 to $1,200.
7.  **Closing day.** 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.

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

-   ☐ Pay each Town of Milton tax instalment on time.
-   ☐ Keep your home insurance in force.
-   ☐ Keep the house in good repair.
-   ☐ Keep living in the home as your main residence, and tell the lender if you will be away for a long stretch.
-   ☐ Keep the lender's details with your will so your executor can find them.

Program details on this checklist were confirmed on October 16, 2026. It is general information only.

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Free reverse mortgage estimate (no sales pressure): https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagemilton&utm_medium=satellite&utm_campaign=md-mirror

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