Reverse Mortgage Calculator
See the most you could borrow, the rate each lender publishes, how the balance compounds with no payments, and the home equity left at the end.
A 70-year-old with a $900,000 Ontario home who takes $200,000 from a CHIP reverse mortgage at its published 5-year rate would owe about $525,995 after 15 years, with no payments. If the home grows 2.5% a year, about $777,474 of equity is left.
Figures as of 2026-11-02.Reverse mortgage calculator (CHIP, Income Advantage, EQ Flex, Home Trust)
Rules as of
- Rate used
- 6.49%
- 5-year fixed, as published
- Product ceiling
- $495,000
- 55% of home value
- Set-up fees
- $1,795
- Loan balance at the end
- $525,995
- Home value at the end
- $1,303,468
Equity left at the end: $777,474
Show the numbers
| Loan balance | Home value | |
|---|---|---|
| 1 | $215,104 | $922,500 |
| 2 | $229,291 | $945,562 |
| 3 | $244,413 | $969,202 |
| 4 | $260,533 | $993,432 |
| 5 | $277,716 | $1,018,267 |
| 6 | $296,032 | $1,043,724 |
| 7 | $315,556 | $1,069,817 |
| 8 | $336,368 | $1,096,563 |
| 9 | $358,553 | $1,123,977 |
| 10 | $382,200 | $1,152,076 |
| 11 | $407,408 | $1,180,878 |
| 12 | $434,277 | $1,210,400 |
| 13 | $462,919 | $1,240,660 |
| 14 | $493,450 | $1,271,676 |
| 15 | $525,995 | $1,303,468 |
| Product | For you | Rate | Equity left |
|---|---|---|---|
| EQ Bank Flex Lite (one-time advance) | Available | 6.23% | $798,992 |
| Home Trust EquityAccess | Available | 6.23% | $798,992 |
| EQ Bank Flex (lump sum, ad-hoc or scheduled advances) | Available | 6.28% | $795,310 |
| Home Trust EquityAccess+ (lump sum and scheduled advances) | Available | 6.29% | $794,570 |
| HomeEquity Bank CHIP Reverse Mortgage (lump sum) | Available | 6.49% | $777,474 |
| HomeEquity Bank Income Advantage (planned monthly advances) | Available | 7.09% | $727,646 |
| EQ Bank Flex Plus (70+, more equity) | Available | 7.43% | $703,080 |
| Home Trust EquityAccess Boost (70+) | Available | 7.44% | $702,211 |
| Bloom Finance Bloom reverse mortgage | No published 5-year rate published for Bloom reverse mortgage; enter the rate you were quoted. | 0.00% | $0 |
Assumptions & sources
Assumptions
- Engine: MITEY calc engines, tool “reverse-mortgage”, rules as of 2026-11-02.
- This question's home in the MITEY network is reversemortgaged.ca.
- Estimates for education, not advice. Confirm with your lender, lawyer or the agency named in the sources.
Sources
- Financial Consumer Agency of Canada — Reverse mortgages. Checked .
- HomeEquity Bank (chip.ca) — CHIP special rates as of 2026-10-29 (read by the ydoc reviewer) (effective October 29, 2026). Checked .
- HomeEquity Bank (chip.ca) — CHIP products, minimums and maximum share. Checked .
- HomeEquity Bank — CHIP Reverse Mortgage interest rates (posted, on reset). Checked .
- HomeEquity Bank — Income Advantage interest rates. Checked .
- EQ Bank (Equitable Bank) — Reverse mortgage comparison and rates (prime 4.70% as of 2026-10-29) (effective October 29, 2026). Checked .
- EQ Bank (Equitable Bank) — Reverse mortgage advances and fees. Checked .
- Home Trust — EquityAccess reverse mortgage (rates, set-up fee, provinces). Checked .
- Bloom Finance — Bloom reverse mortgage fees. Checked .
Your saved scenarios
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| Product | HomeEquity Bank — CHIP Reverse Mortgage (lump sum) |
|---|---|
| Youngest owner's age | 70 |
| Home value | $900,000 |
| Lump sum now | $200,000 |
| Years | 15 years |
| Rate used | 6.49%5-year fixed, as published |
| Product ceiling | $495,00055% of home value |
| Set-up fees | $1,795 |
| Loan balance at the end | $525,995 |
| Equity left at the end | $777,474 |
Open this example in the calculator →Computed 2026-11-02.
Compare it with downsizing and a HELOC before you decide, and bring family into the conversation. The lenders require independent legal advice before closing.
What this means for you
- The balance roughly doubles every 11 years at a 6.5% rate, so the equity left depends on how long you stay.
- Set-up fees and prepayment charges vary by lender; they are in the assumptions drawer.
Go deeper on a MITEY specialist site
Frequently asked questions
How much can I borrow with a reverse mortgage?
Up to 55% of the home's value in Canada, depending on your age, the home, its location and the lender. You must be at least 55, and the youngest borrower's age matters most.
Do I have to make payments?
No. Interest is added to the balance and the loan is repaid when the home is sold or the last borrower moves out or dies. That is why the balance grows quickly.
Can I owe more than my home is worth?
The lenders shown offer a no-negative-equity guarantee as long as you meet the loan terms: you or your estate won't owe more than the home's fair market value at sale.
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