Take it all now, or as you need it?

The same total money, three ways. Interest only runs on what you've taken.

The rest comes monthly.
Default: HomeEquity Bank CHIP 5-year special rate, 6.49% as of October 29, 2026
Default: EQ Bank Flex scheduled advances, adjustable at prime + 2.34% = 7.04% (from $500 a month, up to 20 years). HomeEquity Bank Income Advantage: 7.36% variable, at least $1,000 a month. CHIP itself pays lump sums only.
Interest avoided by age 90$78,803Monthly advances instead of taking it all up front
Owed at 82: all up front
$227,280
Owed at 82: monthly
$172,504
$1,000 a month
Owed at 82: mix
$181,634
$20,000 now + $833/month
Monthly money costs a higher rateOnly some products pay scheduled advances, and they price them at an adjustable rate above the fixed lump-sum specials. Monthly advances still usually win, because interest only runs on what you've taken. Products compared.

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.

Taking $120,000 up front leaves $378,849 owed at 90; monthly advances leave $300,046.

Owed by ageBalance under each way of taking the money.$0$125K$250K$375K$500K72747678808284868890
Show the numbers
Owed by age
All up frontMonthly advancesMix
72$120K$0$20K
73$128K$12K$32K
74$136K$26K$44K
75$145K$40K$57K
76$155K$55K$72K
77$165K$71K$87K
78$176K$89K$103K
79$188K$108K$121K
80$200K$128K$140K
81$213K$149K$160K
82$227K$173K$182K
83$242K$185K$194K
84$258K$198K$208K
85$275K$212K$223K
86$293K$228K$238K
87$313K$244K$255K
88$333K$261K$273K
89$355K$280K$293K
90$379K$300K$313K
Assumptions & sources

Assumptions

  • Up-front money at the lump-sum rate and monthly advances at the scheduled-advance rate, each compounding semi-annually; adjustable rates are held flat.
  • All three ways give you the same total over the same years. After the last advance, balances keep growing to age 90.
  • Money taken up front but not yet spent could earn interest elsewhere; at today's savings rates that rarely matches the loan rate.

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) — Reverse mortgage advances. Checked .
  3. EQ Bank (Equitable Bank) — Reverse mortgage comparison and rates (prime 4.70% as of October 29, 2026) (effective October 29, 2026). Checked .
  4. HomeEquity Bank — Income Advantage rates and closing cost. Checked .
  5. Financial Consumer Agency of Canada — Reverse mortgages (effective October 15, 2025). Checked .
Want a person to check these numbers?

Get help with your numbers

Free. A person from the MITEY network team replies by email; your message doesn't go to the site you're on.

Sent to the MITEY network team at ReverseMortgaged.ca. We use it only to answer you. See the privacy notice.

Lump sum or monthly advances? · Powered by ReverseMortgaged.ca · MITEY