Most Canadian reverse mortgages lend up to 55% of your home's value if you are 55 or older; the exact share depends on your age, the home and where it is. Any existing mortgage is usually paid off first, and set-up costs come off the top. On a $900,000 home at 40%, that is $360,000; with $100,000 still owing and a $1,795 set-up fee, about $258,000 reaches you. With no payments, the balance grows: at 7.09% it roughly doubles in 10 years.

Reverse mortgage calculator

Move the sliders. Pick a lender to use its posted 5-year fixed rate and set-up cost.

Home value ($)

Mortgage or line of credit owing ($)

Lender (5-year fixed, set-up)

Lender's offer:

Look ahead:

Reverse mortgage amount

Cash to you, after paying off what you owe and set-up

You would owe later

Equity left, if the value doesn't change

Estimate only. The lender sets your percentage after an appraisal, based on your age, the home and its location. Rates are each lender's posted 5-year fixed rate (5-6 November 2026), held fixed and compounded twice a year. Appraisal and legal advice costs are extra for some lenders.

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How much can you borrow with a reverse mortgage?

Up to 55% of your home's value with most products. Lenders set your exact amount after an appraisal, using your age (and your spouse's), the type of home and where it is. Older borrowers can usually get more. EQ Bank's Flex Plus, for borrowers 70 and older, lends 45-59%; its Flex Lite lends 15-40% as one lump sum. EQ Bank also needs a home worth at least $250,000.

What does a reverse mortgage cost in 2026?

Lender	5-year fixed	Variable or other	Set-up costs	Early repayment
HomeEquity Bank (CHIP)	7.09%	Variable 7.36%	$1,795 closing fee, plus appraisal and legal advice	5% / 4% / 3% of the amount repaid in years 1-3, then 3 months' interest
EQ Bank (Flex)	6.28%	Adjustable prime + 2.34%	$995, plus appraisal and legal	5 / 4 / 3 months' interest in years 1-3, then 3 months' to year 10
Bloom Finance	6.33%	Lifetime fixed 6.69%	$2,300 (processing, appraisal, legal certificate)	Ask for the schedule in writing

As posted on each lender's site, 5-6 November 2026. Rates change often.

Advisor walking a client through numbers on a tablet at a boardroom table — Bring your family to the meeting. Everyone hears the same numbers, and the estate isn't surprised later.

Is there a cheaper option than a reverse mortgage?

Often, yes. If property tax is the main problem, BC's Property Tax Deferment program charges 6.45% (from age 55) and Alberta's Seniors Property Tax Deferral charges 4.45% simple interest (from age 65). A HELOC costs less if you still qualify. Downsizing clears the debt entirely. For a gap of a few months, a private bridge can work. What goes wrong with reverse mortgages · Reverse mortgage vs private mortgage.

Reverse mortgage calculator questions

Do I have to pay off my current mortgage first?

Usually, yes. The reverse mortgage must be the only mortgage on the home, so any existing mortgage or secured line of credit is paid from the reverse mortgage at closing. That is why the calculator subtracts it.

Can I take the money in instalments?

Yes, with most lenders you can take a lump sum, planned advances, or a mix. Interest is charged only on what you have taken.

Does the calculator include rate changes?

No. It holds the rate fixed for the whole period. In reality the rate resets at the end of each term, so the real balance could be higher or lower.

What age do I need to be?

55 or older for most products, and every owner on title usually must meet the minimum. EQ Bank's Flex Plus requires 70 or older.

Sources. HomeEquity Bank CHIP rates · CHIP FAQ · EQ Bank reverse mortgage rates and terms · Bloom rates and fees · FCAC, reverse mortgages · BC Property Tax Deferment · Alberta Seniors Property Tax Deferral. Checked 5-12 November 2026.

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