Reverse Mortgage CalculatorOntario · Free Estimate · Homeowners 55+
Estimate how much tax-free equity you can access from your home without monthly payments. Compare CHIP, Equitable Bank, and private reverse mortgage alternatives with an independent FSRA-licensed Ontario mortgage broker.
Senior Financing Calculator
Reverse mortgage limits use the youngest age on title.
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Our senior financing specialists are here to help with personalized guidance
Educational information only — subject to approval
This website provides general educational information only and does not constitute financial, mortgage, legal, or tax advice. All rates, products, scenarios, and calculator results are illustrative and subject to lender approval, credit qualification, property valuation, and current market conditions. Mortgages are arranged by Saminder Juneja, Mortgage Broker — Mortgage Centre Canada / Get A Better Mortgage Inc. (FSRA #10874). Nothing on this site constitutes an offer to lend.
Estimates only. Actual reverse mortgage advances depend on your age, home appraisal, location, lender, and current interest rates. Book a call for a formal quote.
15%–55% Based on Age
Access significant tax-free equity without selling — older borrowers qualify for more.
No Monthly Payments
Interest accrues; nothing repaid until you sell or move.
No Negative Equity
Your estate will never owe more than the home is worth.
Speak With a Licensed Reverse Mortgage Professional
Share a few details and an FSRA-licensed Ontario mortgage agent will contact you within one business day with a personalized quote comparing CHIP, Equitable Bank, Bloom, and private alternatives. No credit check. No obligation.
Step 1 of 4: Financials
Enter your property value, loan amount, income, and credit range.
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Tell us roughly what you need
Estimates are fine — nothing here is binding. Typical range: 4.99% (amortized)
Max LTV 50% for senior
Your Financial Profile — all optional
Skip anything you're unsure about. Sharing it just helps us match you to the right lender program faster — no credit check is run at this stage.
Credit cards, car loans, student loans, lines of credit.
Educational information only — not financial advice. All results and offers are subject to lender approval, credit qualification, and property valuation. Mortgages arranged by Saminder Juneja (FSRA #10874).
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Book a Free 15-Minute CallHow the Reverse Mortgage Calculator Works
A reverse mortgage lets Ontario homeowners 55 and older convert home equity into tax-free cash without selling or making monthly payments. The calculator above uses your age, home value, and existing mortgage balance to estimate how much you may qualify for under 2026 Ontario lending norms (CHIP, Equitable Bank, Bloom, and private alternatives).
- Minimum age 55 (youngest homeowner on title)
- Home must be your primary residence in Ontario
- Typical maximum advance: 15%–55% of appraised value (age-dependent)
- No income verification, no credit stress test
- Interest accrues; loan repaid on sale, move, or estate
- No negative equity guarantee — never owe more than the home is worth
Reverse Mortgage FAQs (Ontario)
How much can I borrow with a reverse mortgage in Ontario?
Ontario homeowners aged 55+ can typically access 15% to 55% of their home's appraised value through a reverse mortgage. The exact amount depends on your age (older borrowers qualify for more), the lender (CHIP, Equitable Bank, or private alternatives), the home's location and type, and current interest rates.
Do I have to make monthly payments on a reverse mortgage?
No. A reverse mortgage requires no monthly principal or interest payments. Interest accrues and is repaid when you sell the home, move out permanently, or pass away. This is the core benefit — it preserves monthly retirement cash flow.
Is the money from a reverse mortgage taxable?
No. Reverse mortgage proceeds are considered a loan advance, not income. They are 100% tax-free and do not affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) eligibility.
What is the interest rate on a reverse mortgage in Ontario?
As of 2026, Ontario reverse mortgage rates typically range from 6.99% to 9.49% depending on the lender, term (variable, 1-year, 3-year, or 5-year fixed), and the amount advanced. Rates are higher than a conventional mortgage because the lender defers all payments until the loan is repaid.
Will my heirs still inherit the home?
Yes. You retain full ownership of the home for life. When the home is eventually sold, the reverse mortgage balance is repaid from the sale proceeds and any remaining equity passes to your estate. Ontario reverse mortgages carry a 'no negative equity' guarantee — your heirs will never owe more than the home's fair market value.
Is CHIP the only reverse mortgage in Canada?
No. HomeEquity Bank's CHIP program is the largest, but Equitable Bank offers a competing reverse mortgage (often at lower rates for qualifying borrowers). Independent brokers can also structure private reverse mortgage alternatives — including 1st or 2nd private mortgages with interest reserves — that may be a better fit depending on your equity, age, and timeline.
Want a real quote instead of an estimate?
We compare CHIP, Equitable Bank, and private reverse mortgage alternatives across 80+ lenders. FSRA Brokerage #10874.
Talk to an Independent Ontario Broker
Compare every reverse mortgage option — not just one lender's product.
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