Reverse Mortgage Calculator Canada 2026

WOWA Simply Know Your Options

A reverse mortgage lets you borrow against your home equity without selling your home. You usually do not have to make regular mortgage payments, and the balance is typically repaid later when you sell the home, move out, or the last borrower dies. Reverse mortgage proceeds are generally tax-free and do not usually affect OAS or GIS benefits.

Depending on the lender, you may be able to receive the money as a lump sum, as regular advances, or as a combination of both. Since interest is added to the reverse mortgage balance over time, the total amount owing increases as time passes. For a full list of rates for various terms and products, visit our reverse mortgage rates page.

Usually, you can borrow up to 55% of your home's value, though some lenders allow up to 59% or more. The amount you may qualify for with a reverse mortgage depends on several factors, including:

• The age of the youngest borrower or title holder
• Your home’s value
• Your property type and condition
• Your location
• The lender
• Whether the home is your primary residence
• The amount of existing home-secured debt that needs to be paid off

In general, older homeowners with higher-value homes and stronger equity positions may qualify for larger reverse mortgage amounts. Reverse mortgages in Canada usually allow borrowing up to 55% of the home’s value, although lender-specific products may structure eligibility differently.

In Canada, you can borrow up to 55% or more of your home’s value with a reverse mortgage. Your home will need to be appraised when applying for a reverse mortgage. The percentage of your home value that you will be able to borrow will be affected by the items listed below.

Equitable Bank reverse mortgages are only available in cities or towns located in Ontario, Quebec, British Columbia, and Alberta. CHIP reverse mortgages are available in all ten provinces. Home Trust reverse mortgages are available through mortgage brokers in Ontario, Alberta, British Columbia, and Nova Scotia.

You can borrow more if you live in a single-family home, semi-detached, detached duplex, triplex, or quadruplex. You will be able to borrow a slightly lower amount if you live in a townhouse or condo apartment.

The minimum age to be eligible for a reverse mortgage is 55 years old. The older you are, the more you can borrow. Some reverse mortgage lenders allow you to borrow more than 55% of your home’s value, depending on your age. For example, Home Trust’s EquityAccess Boost allows for a higher limit for those 70 years of age and older.

Reverse mortgages are offered by Equitable Bank, Home Equity Bank (CHIP in Canada), and Home Trust, a subsidiary of Fairstone Bank. These banks are federally regulated and licensed, which ensures that they are safe to use. You will never owe more money than your home is worth with a reverse mortgage.

CHIP is endorsed by the Canadian Association for Retired Persons and The Royal Canadian Legion. Equitable Bank is Canada’s seventh-largest bank and is a publicly traded company on the Toronto Stock Exchange.

This means that reverse mortgages can be a legitimate retirement-financing tool, but they are not right for everyone. Before getting one, borrowers should understand the costs, how interest accumulates, how the loan may affect future home equity, and how it could reduce the value of their estate. You should compare alternatives such as a HELOC, a traditional mortgage, downsizing for retirement, or selling.