Reverse Mortgage Calculator Canada 2026 (No Email Required)
Enter age, home value, and province. See your estimated maximum reverse mortgage amount in under 60 seconds. No name, no email, no credit check, no follow-up calls unless you ask for one.
Where is your home located?
Reverse mortgages in Canada are available in all provinces.
Is the youngest homeowner 55 or older?
Reverse mortgages in Canada require the youngest borrower to be at least 55 years old.
Not quite yet
Reverse mortgages require the youngest homeowner to be at least 55. There are other ways to access home equity before then. Our reverse mortgage guide covers HELOC, refinance, and other alternatives that work pre-55.
Read the guide on alternatives →Tell us about your home
These details produce your estimate. Best guess is fine.
Calculating your estimate...
You may qualify for up to
- Your numbers at 5, 10, and 15 years with voluntary-payment scenarios that change the math
- HELOC vs reverse mortgage side-by-side using your specific home value and age
- The 4 alternatives ranked for your profile (HELOC, refinance, downsize, family loan)
- The 5 things CHIP and Equitable Bank advisors do not volunteer as a printable checklist
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Disclaimer: This estimate is for illustrative purposes only and does not constitute a mortgage commitment, pre-approval, or guarantee of financing. Actual amounts depend on a formal appraisal, lender guidelines, and your complete financial profile. Jenny Tate, Mortgage Agent Level 1, FSRA #M22002086, Tango Financial Inc. FSRA #13691.
How this calculator works (the age-based LTV table)
The calculator uses the standard Canadian reverse mortgage loan-to-value (LTV) table by age of the youngest borrower. This is the structure HomeEquity Bank (CHIP), Equitable Bank, Bloom Financial, and Home Trust each use as their starting point. The exact percentages each lender offers will vary by a few points, and property location and type adjust the maximum further, but the table below is broadly representative of what you can expect on a clean urban detached file in 2026.
| Youngest borrower age | Approximate LTV | Example on $800,000 home |
|---|---|---|
| 55-59 | ~20% | $160,000 |
| 60-64 | ~27% | $216,000 |
| 65-69 | ~33% | $264,000 |
| 70-74 | ~40% | $320,000 |
| 75-79 | ~45% | $360,000 |
| 80 and older | ~55% | $440,000 |
The reason LTV scales with age is structural. The lender's expected hold period is shorter for older borrowers (the loan typically ends when the last borrower sells, moves out, or dies), and the compounding interest has less time to erode the equity buffer that supports the no-negative-equity guarantee. A 75-year-old's reverse mortgage is much more likely to be repaid within 10 to 15 years than a 55-year-old's, which is why lenders extend a larger percentage to older borrowers.
Two adjustments worth knowing about. First, condos and rural properties typically run 5 to 10 percentage points below the table because the lender's worst-case resale scenario is slower and less predictable. Second, urban Toronto, Vancouver, and Calgary properties sometimes get a small premium because the resale market is fastest and tightest there.
How to interpret your estimate (gross vs net)
The calculator returns four numbers that matter.
- Max LTV. The percentage of your home value that a Canadian reverse mortgage lender will typically advance against the property at your age.
- Gross available. Home value multiplied by max LTV. This is the lender's maximum exposure on your file.
- Existing mortgage payoff. If you have an existing first mortgage, the reverse mortgage proceeds pay it off first at closing. This is automatic and non-negotiable in every Canadian reverse mortgage closing.
- Net cash to you. Gross available minus the mortgage payoff. This is the actual cash that hits your bank account.
What the calculator does NOT show: the long-term cost of carrying the loan. As of 2026, Canadian reverse mortgage rates run approximately 7% to 7.5% fixed on a 5-year term. Because there are no required monthly payments, the interest compounds on the full balance. A $200,000 reverse mortgage at 7% grows to roughly $393,000 over 10 years if no voluntary interest payments are made. The estimate is a starting point for understanding what you can borrow, not a forecast of total interest cost.
The calculator also does not include setup costs (typically $2,500 to $4,200 across legal fees, appraisal, and lender fees), which come out of the proceeds at closing. On a $200,000 gross reverse mortgage, the cash to you after setup costs and any existing mortgage payoff might be closer to $195,000 than the headline number.
Why we do not ask for your email
Most reverse mortgage calculators online require you to enter your name, email, phone number, and sometimes address before you can see a single number. The reason is straightforward and not malicious: calculators are an effective lead generation tool, and the businesses behind them want to follow up.
The honest reason we built this one without a gate is simpler. If you are 65 years old and trying to figure out whether a reverse mortgage even makes sense for your situation, you should not have to trade your contact information to do the basic math. The numbers should be available the way a regular calculator is available, without negotiation.
After your estimate displays, an optional "email me my results" button appears. Click it if you want a copy sent to you and want Jenny to follow up by email. Skip it if you do not. The calculator is fully usable either way. Either decision is fine.
Reverse mortgage rates in Canada 2026
Canadian reverse mortgage rates in 2026 run approximately 7% to 7.5% fixed on the most common 5-year term, depending on the lender (HomeEquity Bank, Equitable Bank, Bloom Financial, or Home Trust) and the disbursement structure (lump sum, scheduled drawdowns, or combination). The rate is roughly 2 to 2.5 percentage points higher than a comparable regular 5-year fixed mortgage (high-4s to low-5s in 2026). On a $250,000 reverse mortgage versus a $250,000 regular mortgage, the rate gap is roughly $5,500 to $6,800 of additional interest in year one alone.
Three structural reasons the rate is higher, not greed: there are no required monthly payments, so the lender's exposure grows over time as interest compounds; the hold period is unpredictable and often long, so lenders price for the average expected term plus a margin; and the no-negative-equity guarantee (which means you or your estate never owe more than the home sells for) is essentially insurance the lender writes into the rate.
The practical implication: rate-shopping a reverse mortgage matters less than rate-shopping a regular mortgage. The gap between the four Canadian lenders on the same file is typically 0.20% to 0.40%, not the 1% gap you see between bank branches and broker pricing on regular mortgages. What does move the needle is choosing between lump sum, scheduled drawdowns, and combination products. A lump sum starts compounding immediately on the full amount; scheduled drawdowns compound only on what has actually been advanced. The structure can change total interest paid by tens of thousands of dollars on a 15-year hold.
The 4 alternatives most retirees do not hear about
Before committing to a reverse mortgage, every Canadian retiree should have explicitly ruled out the four alternatives below. The order matters: cheaper options first, more expensive last. Our honest reverse mortgage guide covers each in depth; the short version is below.
- HELOC (home equity line of credit). About prime + 0.5% (around 4.95% in 2026), roughly half the rate of a reverse mortgage. Requires income that services the stress-test rate. If you can qualify, almost always cheaper.
- Mortgage refinance. If you have a paid-off or nearly-paid-off home, refinancing into a regular mortgage at high-4s to low-5s releases equity at much lower cost. Same income qualification challenge applies.
- Downsize. Selling a $1.1M family home and buying a $650K townhome releases roughly $400K of tax-free cash after transaction costs, with no debt against the new home. The math is almost always better; the emotional cost of moving is significant.
- Family loan or co-ownership. Adult children with strong income can sometimes co-borrow or extend a registered second-position loan at materially lower cost than a reverse mortgage. Requires the family conversation and proper legal structure.
The reason these alternatives matter is that the reverse mortgage marketing tends to present the choice as "reverse mortgage vs. selling your home." It is almost never that binary. The real choice for most retirees is among five paths, and a licensed agent should walk you through all of them honestly, including the options that pay the agent no commission.
Three worked examples from the calculator
To make the numbers concrete, here are three example scenarios that the calculator above would produce.
Example 1: 68-year-old in Ontario, $750,000 detached, paid-off
Max LTV at age 68: approximately 33%. Gross available: $247,500. Existing mortgage: $0. Net cash: approximately $247,500. After estimated setup costs of $3,500, cash to you: approximately $244,000. At 7.25% compounding for 10 years (with no voluntary payments), this balance would grow to roughly $487,000. The home would need to be worth at least that much in 10 years for the estate to net any equity from this property.
Example 2: 75-year-old in BC, $1.2M detached, $80,000 existing mortgage
Max LTV at age 75: approximately 45%. Gross available: $540,000. Existing mortgage payoff: $80,000. Net cash: approximately $460,000. After estimated setup costs of $4,000, cash to you: approximately $456,000. The existing $80K mortgage is paid off automatically at closing, so you go from making mortgage payments to making none.
Example 3: 60-year-old in Quebec, $550,000 condo, $90,000 existing mortgage
Max LTV at age 60: approximately 27%, minus 5-10% for condo property type, so approximately 18-22%. Gross available: $99,000 to $121,000. Existing mortgage payoff: $90,000. Net cash: $9,000 to $31,000. After setup costs, this scenario likely produces net cash under $30,000, which is rarely enough to justify the 7%+ rate and the long-term compounding. The Example 3 family should usually be looking at a HELOC or a refinance first, not a reverse mortgage.
When this calculator's number is a green light, and when it is a yellow flag
A reverse mortgage estimate that comes out high is not by itself a reason to take a reverse mortgage. The calculator answers "how much can I borrow." The harder question is "should I." Two quick rules of thumb that hold up well in practice.
- Green light: you are 70 or older, the alternatives have been honestly ruled out (HELOC declined for income, downsize not viable, no family loan available), you need ongoing supplemental income rather than a short bridge, and you have had the family conversation with adult children about the implications for the estate.
- Yellow flag: you are 55 to 64, the cash need is short-term (under 5 years) and you expect to sell or refinance to pay it off, or you have not yet had a frank conversation with your adult children. In each case the alternatives or the timing usually argue against a reverse mortgage even if the calculator number is attractive.
Here is what I would want my sister to know
The maximum the calculator shows is not the same as the amount you should take. Compounding does not care what you intended; it only cares about the principal. Take the smallest amount you actually need, not the maximum the lender will offer. A $150,000 reverse mortgage compounding at 7% for 15 years grows to about $414,000. The same loan at $250,000 grows to $690,000. The difference is significant.
And before you commit, run a HELOC application in parallel. If you qualify, the HELOC is almost always the better answer. If you do not qualify (because of retirement income), the reverse mortgage becomes more reasonable, and you signed the right product for the right reason.
Frequently Asked Questions
Is this reverse mortgage calculator really free and without personal information?expand_more
Yes. The calculator runs entirely in your browser. We do not require your name, email, phone, address, or credit information to use it. The only inputs are province, age, home value, property type, and any existing mortgage balance. You can run it as many times as you want, anonymously. An optional "email me my results" button is shown after the calculation if you choose to opt in, but it is never required.
How accurate is this calculator?expand_more
The calculator uses the standard Canadian reverse mortgage LTV table by age, which is broadly representative of what the four Canadian reverse mortgage lenders will offer on a clean file. Actual offers depend on a formal appraisal, property type and location, and the specific lender. Rural properties and condos typically run 5-10% below the table. The estimate is a starting point, not a commitment.
What is the maximum LTV on a Canadian reverse mortgage?expand_more
Approximately 55% of home value at age 80 or older, on a clean urban detached file. By age (youngest borrower): 55-59 around 20%, 60-64 around 27%, 65-69 around 33%, 70-74 around 40%, 75-79 around 45%, 80 and older around 55%.
Does the calculator factor in my existing mortgage?expand_more
Yes. If you have an existing mortgage balance, the calculator subtracts it from your gross available amount and shows the net cash you would receive. Every Canadian reverse mortgage closing works this way: the new reverse mortgage pays off any existing first mortgage first, then the remainder funds to you.
What rate does the calculator assume?expand_more
The calculator estimates the maximum borrowing amount, not the long-term interest cost. As of 2026, Canadian reverse mortgage rates run approximately 7%-7.5% fixed on a 5-year term. To estimate the long-term cost, multiply your starting balance by approximately 1.07 per year of expected hold; the balance compounds because there are no required monthly payments. A $200,000 reverse mortgage at 7% grows to roughly $393,000 over 10 years if no voluntary payments are made.
Can I email myself the calculator results?expand_more
Yes, but it is optional. After your results display, an "Email me my results" button appears. Click it to enter your name and email if you want a copy sent to you and want Jenny to follow up. The calculator is fully usable without ever clicking that button.
Should I get a reverse mortgage or a HELOC?expand_more
Usually a HELOC, if you can qualify for it. A HELOC charges about prime + 0.5% (around 4.95% in 2026) versus 7%-7.5% for a reverse mortgage. The catch is income qualification: HELOCs require verifiable income that services the stress test, and many retirees on CPP, OAS, and modest pensions cannot meet this. Apply for a HELOC first; if declined for income reasons, the reverse mortgage becomes more reasonable. Our reverse mortgage guide covers all four alternatives in detail.
Why is the reverse mortgage rate so much higher than a regular mortgage?expand_more
Three structural reasons: there are no required monthly payments, so the lender's exposure grows over time as interest compounds; the hold period is unpredictable and often long, so the lender prices for the average expected term plus a margin; and the no-negative-equity guarantee (you or your estate never owe more than the home sells for) is essentially insurance written into the rate. The result is approximately 2 to 2.5 percentage points above a comparable regular mortgage.
Related guides
Reverse Mortgage Canada: The Honest Guide
The full 2026 walkthrough: how it works, the 4 alternatives, the horror story patterns, and what CHIP advisors do not volunteer.
Free ToolRefinance & Renewal Calculator
For regular mortgage scenarios: model your renewal or refinance with the rate your broker quotes.
AlternativeHELOC vs Refinancing in Toronto
If you qualify for a HELOC, it is almost always cheaper than a reverse mortgage. Here is how to know.
AlternativeSecond Mortgage Toronto vs HELOC vs Refinance
A shorter-term equity-release option for borrowers who do not yet need the long-term structure of a reverse mortgage.
