What FSRA Licensing Means, and Why It Protects You

FSRA stands for the Financial Services Regulatory Authority of Ontario. It's the provincial regulator that oversees a handful of sectors, including credit unions, insurance, pensions, and mortgage brokering. For mortgages specifically, FSRA administers the Mortgage Brokerages, Lenders and Administrators Act, the provincial law that sets education standards, licensing requirements, and disciplinary rules for anyone arranging a mortgage in Ontario. If you've ever wondered who makes sure the person sitting across from you (or on the other end of the phone) actually knows what they're doing, it's FSRA.

That matters more with a reverse mortgage than with most financial products, because the decision is usually irreversible in practice, involves your single largest asset, and often gets made later in life when trust matters even more. Licensing is the mechanism that's supposed to protect you. Here's how it actually works.

The four license types, and what each one can actually do

Ontario's mortgage licensing has four tiers, each with a different scope of what the person is allowed to arrange:

• Mortgage Agent Level 1. The entry-level license. A Level 1 agent can arrange mortgages only with institutional lenders, banks, credit unions, trust companies, and lenders approved under the National Housing Act. They cannot arrange private or syndicated mortgages, and they cannot supervise other agents.
• Mortgage Agent Level 2. A step up, requiring at least 12 of the previous 24 months already licensed at Level 1, plus a FSRA-approved Private Mortgages Course. A Level 2 agent can do everything a Level 1 agent does, plus arrange mortgages with private lenders, mortgage investment corporations, and syndicated investors. I hold a Level 2 license, which is the level most reverse mortgage specialists carry, since reverse mortgages involve institutional lenders but the added scope reflects a meaningfully deeper level of education and experience.
• Mortgage Broker. Requires 24 of the previous 36 months as a Level 2 agent plus a Broker Course. A broker can supervise other agents and can act as the Principal Broker, the individual legally responsible for a brokerage's compliance with FSRA.
• Mortgage Brokerage. The company itself is licensed separately from any individual working there, and every licensed brokerage must have a Principal Broker accountable for its compliance.

I'm licensed as a Mortgage Agent Level 2, working under BRX Mortgage Inc. (FSRA #13549). That structure isn't decorative: the brokerage carries accountability for how I conduct business, on top of my own individual licensing obligations.

Why the brokerage matters as much as the individual

Every licensed mortgage brokerage in Ontario is required by law to carry errors and omissions insurance, in a form FSRA has approved, covering a minimum of $500,000 per occurrence and $1,000,000 in total per year. That policy covers every agent and broker working under the brokerage, so you're never relying on one person's personal coverage; the brokerage's insurance stands behind the whole team, at all times, whether or not the brokerage happens to be actively closing deals that month. If a brokerage lets that coverage lapse, it's required to notify FSRA immediately, and failing to maintain it can mean penalties or losing the license entirely.

This is part of why I always encourage people to check both the individual and the brokerage, not just the name on a business card. You want to know that the person you're speaking with has an active, current license, and that the company behind them does too.

How to check the registry yourself

You don't need to take my word, or anyone else's, for this. FSRA's public registry is free and searchable, and confirming someone's license takes about two minutes:

1. Go to fsrao.ca, FSRA's official website.
2. Find "Licensing Link", usually reachable from the industry or licensing section of the site.
3. Select the Mortgage Brokers Sector, since FSRA also licenses other sectors that use the same portal.
4. Open the Searchable Listing, and search by the individual's name or the brokerage's name.
5. Confirm the license is active, check the license number, and see which brokerage the individual is currently attached to.

Try it with me: search "Ragini Domenichini" or "BRX Mortgage Inc." and you'll be able to confirm my license is active, see the brokerage I'm attached to, and match the license number, #13549, against what's printed on every page of this site. I'd genuinely rather you do that before our first call than take my word for it. It's exactly the same step I'd want my own mother to take before trusting anyone with a decision this size.

Licenses expire, and renewal isn't automatic

A license isn't a one-time credential you earn and keep forever. Agents and brokers renew on a set cycle, and renewal isn't a formality, it requires continuing education and confirming the agent is still in good standing, with no unresolved compliance issues. This is part of why checking the registry yourself matters even if you've worked with the same agent for years: it confirms the license is current today, not just that it existed at some point in the past. If an agent's license has lapsed, expired, or been suspended, the registry will show that too, and it's a clear signal to look elsewhere.

It's also worth knowing that licensing requirements have gotten more rigorous over time, not less. The Level 2 tier itself is a relatively recent addition to Ontario's licensing structure, introduced specifically to recognize that agents who arrange more complex mortgage products, private lending, syndicated mortgages, and by extension the kind of specialized knowledge that reverse mortgages require, should be held to a higher bar than an entry-level agent fresh out of the licensing course. That's a meaningful distinction if you're comparing two agents who both call themselves "reverse mortgage specialists."

What to do if something feels wrong

If you ever have a concern about how an agent or broker has treated you, there's a defined process, and it starts with the brokerage, not FSRA directly. Raise the issue with the brokerage first and ask for a written response, sometimes called a final position letter. Keep notes: dates, names, and what was said. If the brokerage doesn't respond, or the issue isn't resolved to your satisfaction, you can then file a complaint with FSRA's Contact Centre, which reviews complaints and decides whether regulatory action is warranted. It's a real process with real consequences for agents and brokerages who don't meet their obligations, which is exactly the point of the whole system.

What licensing does not promise

Being licensed means an agent has met education, experience, and suitability standards, and that a regulator has recourse if they don't act properly. It doesn't mean every licensed agent is the right fit for you, or that every product they offer is automatically your best option. That part is still on you: ask questions, compare, and take your time. My guide to what actually happens at a first meeting walks through exactly what a properly run initial conversation should look like, licensing included.

If you're weighing whether a reverse mortgage makes sense at all before you get to the question of who arranges it, my full explanation of how reverse mortgages work is a good place to start, and the About Ragini page has my full licensing and background details in one place.

Questions people ask about this

This article is general education for Ontario residents, current to July 10, 2026, and is not legal, tax, or investment advice. Reverse mortgage features vary by lender; approval, rates, and amounts are never guaranteed. Please consult an independent legal or financial advisor about your personal situation.