Only if you have mortgage life insurance. You should inform your insurer about this so they can process the payment of the mortgage with the bank. Do not forget your discharge documents from the bank stating that the property is free from any mortgage. You have to register the discharge to remove the lien on the title. Bank will not do this for you as this is your responsibility. If spouse have mortgage life insurance, you do not get the money, the bank does. If spouse have ordinary life insurance, insurance pays you and you pay the mortgage and other debts. Again, do not forget the discharge documents -> register the discharge.

ON Canada - the banks have just called in your mortgage as due and you need to pay it. Normally, they give you a grace period to secure another mortgage with another lender to pay off the original mortgage. Why would they not renew your mortgage? email me at victor_catalan@centum.ca and we can see what we can do for you.