Reverse Mortgage Calculator Canada 2021

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A reverse mortgage allows you to predictably supplement your income during retirement. Use the free reverse mortgage calculator below to see how much you can receive from a reverse mortgage. No personal information is required to calculate your estimate.
Estimated Home Value
You may be eligible to borrow up to
Equitable Bank
75,000
HomeEquity Bank's CHIP
191,500
Calculate your home equity with a reverse mortgage
One-Time Advance Amount:
Choose an interest rate term:
1 Year
Modify your payment by selecting from top lenders:
Equitable Rate
Home Equity Bank Rate
Hide Amortization Schedule
PeriodRemaining equityTotal advances
Year 1
$515,000$504,648$10,000
Year 2
$530,450$519,734$10,000
Year 3
$546,364$535,270$10,000
Year 4
$562,754$551,270$10,000
Year 5
$579,637$567,748$10,000
Download asCSV
Preview your projected equity over time
Your Result After 5 Years
98%2%
After 5 Years
Total Home Values
$579,637
Total Advances:
$10,000
Interest:
$1,889
Remaining Equity:
$567,748

How does a reverse mortgage work?

A reverse mortgage allows you to borrow money from your home’s equity without needing to sell your home. With a reverse mortgage, no monthly mortgage or interest payments are required. You will only have to pay back the reverse mortgage, plus interest, when your reverse mortgage ends, such as when you move out or sell your home.

The money you receive from a reverse mortgage can either be one large amount today, or you can schedule it to receive smaller payments for years. These smaller payments can help to provide income during your retirement.

Are reverse mortgages safe?

Reverse mortgages are offered by Equitable Bank and Home Equity Bank (CHIP in Canada). These two 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 ninth-largest bank and is a publicly-traded company on the Toronto Stock Exchange.

How much can I borrow with a reverse mortgage?

You can use our easy reverse mortgage calculator to estimate how much you can borrow, with no personal information needed. This estimate is based on your location, age, gender, home type, and home value.

Home Value

In Canada, you can borrow up to 55% 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.

Location

Equitable Bank only offers reverse mortgages in Ontario, Quebec, British Columbia, and Alberta. CHIP reverse mortgages are available in all ten provinces.

Gender

Females can generally borrow more than males, owing due to their higher life expectancies.

Home Type

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.

Age

The minimum age to be eligible for a reverse mortgage is 55 years old. The older you are, the more you can borrow.

Maximum Reverse Mortgage Amount (% of Home Value)

AgeEquitable BankCHIP Reverse Mortgage (Male)CHIP Reverse Mortgage (Female)
5515%26% - 35%29% - 38%
5615%27% - 36%30% - 41%
5715%28% - 37%31% - 42%
5815%29% - 38%32% - 43%
5915%30% - 39%33% - 44%
6035%31% - 40%34% - 45%
6135%32% - 41%35% - 46%
6235%33% - 42 %36% - 47%
6335%34% - 43%37% - 48%
6435%35% - 44%38% - 49%
6536%36% - 45%39% - 50%
6636%37% - 46%40% - 51%
6737%38% - 47%41% - 52%
6838%39% - 48%42% - 53%
6939%40% - 49%43% - 54%
7040%41% - 50%44% - 55%
7142%42% - 51%45% - 55%
7243%43% - 52%46% - 55%
7345%44% - 53%47% - 55%
7446%45% - 54%48% - 55%
7548%46% - 55%49% - 55%
7649%47% - 55%50% - 55%
7751%48% - 55%51% - 55%
7852%49% - 55%52% - 55%
7954%50% - 55%53% - 55%
8055%51% - 55%54% - 55%
8155%52% - 55%55%
8255%53% - 55%55%
8355%54% - 55%55%
8455%55%55%
85 or over55%55%55%
The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.