You can still take this out if you have an existing mortgage and/or monthly mortgage payments on your property. It would be the exact same process that you'd go through in taking your mortgage to another lender - they will simply replace your existing loan (essentially moving it to another lender). Like moving any mortggae, an appraisal will be ordered to confirm the home value. You'd then get to keep any excess funds & money available (as tax free cash). Check out this article on the top misconceptions for more like this: the top 8 misconceptions about reverse mortgages in Canada.