Reverse mortgage eligibility, and how much you can get by age
To qualify in Canada, every owner on title must be at least 55, the home must be your principal residence (lived in at least 6 months a year at HomeEquity Bank) and usually worth at least $250,000. Each lender also limits where it lends; no income test applies.
Figures as of November 1, 2026.To qualify for a Canadian reverse mortgage, every owner on title must be at least 55, the home must be your principal residence, and it must usually be worth at least $250,000. Income and credit score matter far less than for a regular mortgage. The amount rises with the youngest owner's age, up to 55% of value (59% for some products at 70+).
The eligibility rules
| Rule | HomeEquity Bank (CHIP) | EQ Bank | Bloom |
|---|---|---|---|
| Minimum age | 55, you and your spouse | Youngest owner 55 (70 for Flex Plus) | 55 |
| Home | Principal residence | Principal residence | Principal residence |
| Minimum value | $250,000 ($300,000 CHIP Max, Open) | $250,000 | Not stated |
| Where | All ten provinces, not the territories | Eligible cities and towns in ON, AB, BC, QC | ON, BC, AB (area limits apply) |
| Maximum | Up to 55% (59% via Custom Solutions) | 15–40%, 15–55%, or 45–59% at 70+ | Up to 55% |
How much by age
No Canadian lender publishes an age table. They say older borrowers qualify for more and that age, value, location and type all matter. The one worked example we found, on HomeEquity Bank's calculator page, is a 65-year-old with a $300,000 semi-detached home in Halifax estimated at $108,495, about 36%. Our estimate builds a curve through that point up to the 55% maximum:
| Youngest owner's age | City house | City condo | Rural house |
|---|---|---|---|
| 55 | 20% · $140,000 | 17% · $119,000 | 15% · $105,000 |
| 60 | 28% · $196,000 | 25% · $175,000 | 23% · $161,000 |
| 65 | 36% · $252,000 | 33% · $231,000 | 31% · $217,000 |
| 70 | 42% · $294,000 | 39% · $273,000 | 37% · $259,000 |
| 75 | 47% · $329,000 | 44% · $308,000 | 42% · $294,000 |
| 80 | 51% · $357,000 | 48% · $336,000 | 46% · $322,000 |
| 85 | 54% · $378,000 | 51% · $357,000 | 49% · $343,000 |
| 90 | 55% · $385,000 | 52% · $364,000 | 50% · $350,000 |
Why age matters: the lender is repaid when the home is sold, so a younger borrower means more years of compounding. Lenders size the loan so the balance is unlikely to outgrow the home. EQ Bank's Flex Plus shows the effect openly: 45–59% of value, but only when the youngest borrower is 70.
Your home: type, value and location
HomeEquity Bank accepts detached, semi-detached, townhouse and condo homes, including apartments, and says the type affects the estimate. EQ Bank lists detached, semi-detached, townhomes and condos. Neither lends in the territories, and HomeEquity Bank notes First Nations reserve land as an exception. Lenders don't publish rural rules; our estimate sets rural homes 5 points lower because appraisals and resale are less certain, and condos 3 points lower.
Spouses and co-owners
Every owner on title has to be a borrower and meet the age rule. HomeEquity Bank says both you and your spouse must be 55+. EQ Bank uses the youngest owner's age and says a surviving spouse who was a joint tenant continues as the borrower. A spouse who isn't on title may have to leave when the loan becomes due, so read spouses and reverse mortgages before you apply.
Quick self-check
- Every owner on title is 55 or older (70 for EQ Flex Plus).
- The home is where you live at least 6 months a year.
- It's worth at least $250,000 and is in a province (not a territory), in an area the lender serves.
- The estimated maximum covers any mortgage you owe plus about $3,070 of set-up costs.
- You can keep paying property tax, insurance and upkeep.
What does each lender require?
| Product | Minimum age | Minimum home value | Where it lends |
|---|---|---|---|
| HEB CHIP (lump sum) | 55+ | $250,000 | All ten provinces |
| HEB Income Advantage (monthly) | 55+ | $250,000 | All ten provinces |
| EQ Flex (monthly or lump) | 55+ | $250,000 | ON, AB, BC, QC |
| EQ Flex Lite (lump sum) | 55+ | $250,000 | ON, AB, BC, QC |
| EQ Flex Plus (70+, lump sum) | 70+ | $250,000 | ON, AB, BC, QC |
| Bloom (lump sum) | 55+ | not stated | ON, BC, AB |
| Home Trust EquityAccess (lump sum) | 55+ | not stated | ON, NS, AB, BC |
| Home Trust EquityAccess+ (monthly or lump) | 55+ | not stated | ON, NS, AB, BC |
Do I need income or good credit?
No minimum income applies the way it does for a regular mortgage: the amount is set by the youngest owner's age, the home's appraised value, its type and location. Lenders still check title, that property tax and insurance are paid, and that the home is your principal residence. That's the key difference from a HELOC, which a lender approves only if your income passes the stress test.
| Home | $320,000condo, Nova Scotia |
|---|---|
| Youngest owner | 66 |
| Wants | $40,000up front |
| HEB CHIP (lump sum) | $109,440about 34% of value |
| HEB Income Advantage (monthly) | $109,440about 34% of value |
| EQ Flex (monthly or lump) | Not availableEQ Bank doesn't lend Flex in NS (it lends in ON, AB, BC, QC). |
| EQ Flex Lite (lump sum) | Not availableEQ Bank doesn't lend Flex Lite in NS (it lends in ON, AB, BC, QC). |
| EQ Flex Plus (70+, lump sum) | Not availableFlex Plus needs every borrower to be 70 or older. |
| Bloom (lump sum) | Not availableBloom doesn't lend Bloom reverse mortgage in NS (it lends in ON, BC, AB). |
| Products that fit | 4CHIP, Income Advantage, EquityAccess, EquityAccess+ |
Open this example in the calculator →Computed by our engine with the lender terms and rules on the methodology page.Computed November 1, 2026.
What this means for you
Age and home are the gates; income isn't. In Atlantic Canada the choice is narrower, because EQ Bank and Bloom don't lend there, while HomeEquity Bank and Home Trust (in Nova Scotia, through brokers) do.
If you're under 55, or your home is below a lender's minimum, look at a HELOC or downsizing instead; the comparison shows both.
Frequently asked questions
Can I get a reverse mortgage at 55?
Yes, if every owner on title is 55 or older. You'll qualify for a smaller share of the home's value than an older borrower; our estimate is about 20% at 55.
Do I need good credit or income?
Lenders do check your credit with your consent, but qualification rests mainly on age, the home and its location. There's no payment to qualify for, so no income stress test.
Can I get a reverse mortgage on a cottage or rental?
No. The home must be your principal residence. HomeEquity Bank allows month-to-month renting only if you live there at least 6 months a year, with no long-term leases.
Primary sources
- HomeEquity Bank — CHIP Reverse Mortgage: eligibility and closing fee. Checked .
- HomeEquity Bank — CHIP products: CHIP, Income Advantage, CHIP Max, CHIP Open. Checked .
- HomeEquity Bank — CHIP frequently asked questions. Checked .
- HomeEquity Bank — Reverse mortgage calculator (age 65, Halifax example). Checked .
- HomeEquity Bank — Client FAQs (repayment, estate, default). Checked .
- EQ Bank (Equitable Bank) — EQ Bank Reverse Mortgage. Checked .
- EQ Bank (Equitable Bank) — Reverse mortgage comparison and rates (prime 4.70% as of October 29, 2026) (effective October 29, 2026). Checked .
- EQ Bank (Equitable Bank) — Reverse mortgage FAQ. Checked .
- Bloom Finance Company — Bloom reverse mortgage. Checked .
- Financial Consumer Agency of Canada — Reverse mortgages (effective October 15, 2025). Checked .