my father has asked me to find out more about a reverse mortgage to see if it is something he wants to consider. he is 85 yrs old, and lives in etobicoke. a few months ago i asked a realtor friend what the value of his house might be, and she said $425,000 to $450,000.

Questions: what would be the minimum amount? (Example, could he get $40,000?) could he get this in a lump sum?
what is the interest rate? and how is it calculated?
is there a minimum period of time?
After he passes away, how much time is allowed to sell the house and repay the mortgage?
what costs are associated with getting a reverse mortgage, such as appraisal, etc, and can they be deducted from the mortgage amount?
are there more costs at the time of repayment?
and is there anything else to consider?

Much appreciated, joe.
sandy