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ReverseMortgaged.caCanadian reverse mortgages, followed to the endAsk Mitey
Tool

Reverse mortgage calculator: how much could you get?

Short answer

Canadian lenders advance up to 55% of the appraised value (59% for some products at 70+), and older borrowers get more. Enter your age, home value, type and area for our estimate of the maximum, then subtract any mortgage and set-up costs to see the cash left.

Figures as of November 1, 2026.

Canadian reverse-mortgage lenders advance up to 55% of a home's appraised value (59% for some products at 70+), and older borrowers get more. Our estimate for a 70-year-old with a city house is about 42% of value, so $315,000 on a $750,000 home, before paying off any mortgage and about $3,070 of set-up costs.

Facts checked How we check facts

How much could a reverse mortgage give you?

An estimate before you call a lender: by age, home value, location and type.

Every owner on title must be at least 55.
Property type
Area
Must be repaid from the reverse mortgage first.
Lender maximum
Each lender publishes its own top percentage.
Estimated maximum reverse mortgage$315,00042% of $750,000 · CHIP, EQ Flex and Bloom: up to 55%
Pays off your mortgage
$0
Set-up costs (estimate)
$3,070
Lender fee, appraisal, independent legal advice
Left for you
$311,930
If you wait to 75
47%
of value: $352,500 at today's price
This is an estimateLenders publish only their maximum and say the amount depends on your age, the home's appraised value, its location and type. Our age curve is a planning estimate; a lender's quote replaces it. How we built it.

Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.

Estimated maximum $315,000 (42% of value); about $311,930 in hand after the mortgage and set-up costs.

Estimated maximum by age, for this homeShare of today's value a lender may advance at each age (our estimate, capped at the lender's maximum).$0$125K$250K$375K$500K5560657075808590
Show the numbers
Estimated maximum by age, for this home
Estimated maximum
55$150K
60$210K
65$270K
70$315K
75$353K
80$383K
85$405K
90$413K
Assumptions & sources

Assumptions

  • Age curve (our estimate): 55: 20% · 60: 28% · 65: 36% · 70: 42% · 75: 47% · 80: 51% · 85: 54% · 90: 55% for a city house, capped at the lender's published maximum.
  • Condos 3 points lower and rural homes 5 points lower (estimates; lenders say location and property type matter but publish no adjustment).
  • Set-up costs: lender fee $1,795, appraisal about $425, independent legal advice about $850.

Sources

  1. HomeEquity Bank — CHIP Reverse Mortgage rates (special rates as of October 29, 2026) (effective October 29, 2026). Checked .
  2. EQ Bank (Equitable Bank) — EQ Bank Reverse Mortgage. Checked .
  3. Financial Consumer Agency of Canada — Reverse mortgages (effective October 15, 2025). Checked .

How this tool works

Lenders don't publish how the maximum changes with age, only the top percentage and the factors (age, appraised value, location, type). We built an age curve that reaches the published maximum for the oldest borrowers and matches HomeEquity Bank's own example: a 65-year-old with a $300,000 semi-detached home in Halifax was estimated at $108,495, about 36%. Condos and rural homes are set a few points lower. All of these adjustments are our estimates.

The tool then subtracts any mortgage (it must be paid off first so the reverse mortgage is registered first) and the set-up costs: HomeEquity Bank's $1,795 closing fee, an appraisal of about $425 and independent legal advice of about $850. To see what you'd owe later, use the balance calculator; to compare with a HELOC or downsizing, use the comparison engine.

Mitey the yeti holds a clipboard with a checklist.
Mitey estimates the maximum from age, value, type and area.
An 80-year-old with a $400,000 Winnipeg condo
An 80-year-old with a $400,000 Winnipeg condo: inputs, steps and result
Home$400,000condo, city
Age80
Our estimated share48%
Most CHIP may advance$192,000
Less set-up$3,070
Cash available$188,930

Open this example →Computed by our engine with the lender terms and rules on the methodology page.Computed November 1, 2026.

Frequently asked questions

How much can I borrow with a reverse mortgage in Canada?

Up to 55% of the appraised value with HomeEquity Bank's CHIP, EQ Bank's Flex or Bloom, and up to 59% with EQ Bank's Flex Plus (youngest borrower 70+) or HomeEquity Bank's Custom Solutions. Most people get less: the amount rises with age.

Why do older borrowers get more?

The lender expects to be repaid sooner, so less interest builds up before the home is sold. Lenders set the amount so the balance is unlikely to pass the home's value.

Is there a minimum home value?

Yes: $250,000 for CHIP, Income Advantage and EQ Bank's products, and $300,000 for CHIP Max and CHIP Open. Bloom doesn't state one on its website.

Do I need to pay off my mortgage first?

Yes. Any existing mortgage or HELOC is paid off from the reverse-mortgage proceeds at closing so the reverse mortgage is registered in first position.

Primary sources

  1. HomeEquity Bank — Reverse mortgage calculator (age 65, Halifax example). Checked .
  2. HomeEquity Bank — CHIP frequently asked questions. Checked .
  3. HomeEquity Bank — CHIP products: CHIP, Income Advantage, CHIP Max, CHIP Open. Checked .
  4. HomeEquity Bank — Custom Solutions (up to 59%). Checked .
  5. EQ Bank (Equitable Bank) — Reverse mortgage comparison and rates (prime 4.70% as of October 29, 2026) (effective October 29, 2026). Checked .
  6. Bloom Finance Company — Bloom reverse mortgage. Checked .
  7. HomeEquity Bank — HEB Advantage rates (APR example with $850 ILA and $425 appraisal). Checked .
Who qualifiesAge, home, location and the 6-month residence rule.Open →What you'll owe laterThe balance at 80, 85 and 90.Open →Compare your optionsReverse mortgage vs HELOC vs downsizing vs selling.Open →