This paper introduces a time-variant reverberation algorithm as an extension of the feedback delay network (FDN). By modulating the feedback matrix nearly continuously over time, a complex pattern of concurrent amplitude modulations of the feedback paths evolves. Due to its complexity, the modulation produces less likely perceivable artifacts and the time-variation helps to increase the liveliness of the reverberation tail. A listening test, which has been conducted, confirms that the perceived quality of the reverberation tail can be enhanced by the feedback matrix modulation. In contrast to the prior art time-varying allpass FDNs, it is shown that unitary feedback matrix modulation is guaranteed to be stable. Analytical constraints on the pole locations of the FDN help to describe the modulation effect in depth. Further, techniques and conditions for continuous feedback matrix modulation are presented.