The Reverse Mortgage Deed is a specialized legal instrument used in Canadian financial transactions that allows senior homeowners to access their home equity without selling their property or making regular payments. This document is essential when arranging a reverse mortgage for individuals aged 55 and older who wish to maintain ownership of their primary residence while accessing its value. The deed must comply with various Canadian federal regulations, including the National Housing Act and Bank Act, as well as provincial property and consumer protection laws. It contains crucial provisions regarding property rights, loan terms, interest calculations, and triggering events for repayment. The document is particularly important in protecting both the lender's security interest and the borrower's rights, incorporating mandatory consumer protection elements and requiring independent legal advice. Use of this deed is restricted to approved financial institutions offering reverse mortgages in Canada and must adhere to specific provincial registration requirements.

1. Parties: Identification of the lender and borrower(s), including full legal names and addresses

2. Background: Context of the reverse mortgage arrangement, including confirmation of borrower's age qualification and property ownership

3. Definitions: Detailed definitions of key terms used throughout the deed, including 'Principal Residence', 'Reverse Mortgage', 'Term', and 'Maturity Date'

4. The Property: Legal description of the mortgaged property and confirmation of title

5. Loan Amount and Interest: Details of the initial advance, potential future advances, interest rate, and compound period

6. Term and Repayment: Explanation of when the loan becomes due, including triggering events and repayment obligations

7. Security: Declaration of the charge on the property and its priority

8. Borrower Covenants: Obligations of the borrower including property maintenance, insurance, and continued use as principal residence

9. Property Obligations: Requirements for property maintenance, payment of taxes, and insurance

10. Default Events: Comprehensive list of events that constitute default under the mortgage

11. Lender's Remedies: Rights and remedies of the lender upon default

12. Independent Legal Advice: Confirmation that the borrower has received independent legal advice

13. Representations and Warranties: Borrower's confirmations regarding property ownership, age, and understanding of the agreement

14. General Provisions: Standard clauses including severability, governing law, and amendment procedures