Reverse Mortgage Calculator for Ontario Homeowners 55+

How this estimate works

Canadian reverse mortgage lenders publish the most they'll lend as a share of your home's appraised value. HomeEquity Bank and Bloom Finance say up to 55%. Equitable Bank publishes a range of 15% to 55% for owners 55 and older, and up to 59% on its plan for owners 70 and older.

The calculator takes your home value, applies that published range for your age, and then subtracts what you still owe on a mortgage or HELOC, because that has to be paid off first. What's left is the estimated cash you could have.

Where you land in the range depends mostly on the age of the youngest owner. Lenders lend less at 55 than at 75 on the same home, because the loan is expected to run longer. So if you're in your 50s or early 60s, plan on the lower part of the range.

What changes the real number

The calculator can't see your home. The lender's offer depends on:

• the appraised value, which can be higher or lower than your own estimate
• the age of everyone on title
• the type of home (detached, semi, townhouse or condo) and its condition
• where it is: lenders prefer cities and large towns
• the lender and the product you choose

Most lenders also need a home worth at least $250,000, and some products ask for more. Fees, including the appraisal, the lender's closing or set-up fee and your lawyer's fee for independent legal advice, come out of the proceeds or are paid up front, so your cash in hand is a bit less than the loan amount.

Example: how the estimate reads (illustrative)

Example only, not a real client. A couple, 74 and 71, own a home in Scarborough they think is worth about $1,000,000 and still owe $90,000 on a HELOC. The youngest owner is 71, so the calculator shows a range of about $150,000 to $590,000 before the HELOC, and roughly $60,000 to $500,000 after paying it off.

That's a wide range on purpose. When we talk, we narrow it with real lender quotes for their age and home, and we check whether a HELOC, a refinance or a City tax program would cost them less.

Why we don't show interest rates here

Reverse mortgage rates change often and depend on the lender, the product and the term you choose, so any number we put on a calculator would be out of date or wrong for you. Interest is added to the balance over time, which is why the amount you owe grows. We'll show you real quotes, side by side, before you decide anything.

Next step: a real number for your home

If the estimate looks useful, send us the form or call. We'll ask a few questions, get indicative figures from the lenders that fit your home, and walk you and your family through them. Independent legal advice is required in Ontario before a reverse mortgage closes, and we'll explain how that works too.

Want more background first? Read how CHIP reverse mortgages work or our guide to reverse mortgage vs HELOC in Ontario.