Google is your friend, but for the sake of everyone here I'll save you all some time. You never owe more than the value of the house, mortgage is repaid when you either die or sell the home, collateral is the house, initial expenses for appraisal, legal fees and closing costs are one-time charges (i.e. no ongoing fees apart from interest), interest rates can be fixed at renewable terms from 6 mos. to 5 years or variable (you decide). 

https://www.chip.ca/