Your Free Reverse Mortgage Estimate
— Every Canadian Lender, Side by Side
Most reverse mortgage calculators give you one number from one lender. This one runs your numbers against every major lender's structure at once, showing you the full range side by side — floor and ceiling for each, with a free broker review included. Enter your age, home value, and location below to see where you stand. No personal information required, no commitment, takes under three minutes.
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All Canadian Reverse Mortgage Lenders Compared
Independent Licensed Mortgage Broker
Always Free — Brokers Are Paid by Lenders
The Calculator Gives You a Range. The Report Gives You a Number.
The tool is designed to show you the floor and the ceiling — whether the conversation is worth having. It does that job well.
What it can't do is tell you exactly where you land within that range. Your specific property. Your neighbourhood. Your home's condition. Which lenders are currently running rate specials. How your draw structure affects the approved amount. Which lender's underwriting is most favourable for your file.
That's what the written report does.
Every client who requests a report receives a full analysis — a written document, not a phone call, not a template — that tells you:
Your likely approved amount at each lender — not a range, a number
Which of the four Canadian lenders fits your property, your draw needs, and your long-term cost picture
The renewal rate structure for every product — the question that determines what the mortgage actually costs over 10 or 15 years, and the one most borrowers never think to ask
An equity projection at Year 5, Year 10, Year 15, and Year 20, using the actual historical compounded annual growth rate for your specific property type and neighbourhood — not a national average
A clear recommendation: which lender and product structure fits your situation — or an honest explanation of why a different path may serve you better
It's free. It's written. It's ready within one business day. And if a reverse mortgage isn't the right answer for your situation, the report will say so — clearly, and without pressure to proceed.
Already know you want to talk? →
Is This Tool For You?
It works for any Canadian homeowner with equity — at any age.
If you're 55 or older: you'll see results across all products from all Canadian lenders — reverse mortgages and the no-payment term mortgage side by side.
If you're under 55: you'll see results for the no-payment term mortgage only. It's available on freehold properties in Ontario, Alberta, and BC — but it's a structurally different product from a reverse mortgage. Fixed term. Renewal not guaranteed. Full balance due at term end. No negative equity guarantee. A broker tells you straight whether it suits your situation.
For the reverse mortgage results, you also need to own the home, live in it as your primary residence, and have sufficient equity.
How to Read the Results
The tool gives you a floor and a ceiling for each lender — not a single number. That range is intentional.
The floor is the minimum estimated approval under a conservative reading of your inputs. The ceiling is the maximum under the most favourable interpretation. The gap between them reflects the reality that a formal appraisal — ordered after application — is what actually sets the number. Property condition, precise location, and lender-specific underwriting all play a role that a tool can only approximate.
Use the floor for planning. If what you need falls comfortably above the floor, the conversation is worth having. If not, a broker may still find a path — different lender, different product, different structure.
One more thing: don't let the ceiling drive the decision. The lender with the highest ceiling may not be the right fit once renewal structure, property acceptance, and payment options are factored in.
For the full mechanics — How Reverse Mortgages Work in Canada.
Before You Run the Numbers — What Actually Differs Between Lenders
The results are going to look different by lender. Here's why.
How much they'll lend at your age. Each lender applies their own LTV schedule. Two identical borrowers can get meaningfully different ceilings depending on who's reviewing the file.
Where they lend. Some lenders have restrictions on smaller markets and rural areas. A strong ceiling from a lender that doesn't serve your market isn't a real option — and your results flag this.
How much they'll lend in total. Some lenders cap the loan regardless of home value. A high-value property doesn't automatically mean you get the full LTV percentage.
What product they offer. One lender offers a lifetime rate product. The ceiling is lower than their standard reverse mortgage — but the rate locks at signing and never changes at renewal. Whether that trade-off makes sense depends on your timeline.
Which properties they'll accept. Condos, rural properties, and acreage get assessed differently across lenders. What one lender declines, another may approve.
This is exactly why seeing all of them at once matters more than calling any single one.
For how lender structure affects your long-term picture — Reverse Mortgage Interest Rates Canada.
Age and Loan-to-Value — What to Expect
The older you are, the higher the percentage of your home's value you can access. The loan is statistically expected to be outstanding for a shorter period — which means less risk for the lender and more available for you. As a rough guide on a $700,000 home:
| Age | Approximate LTV Range | Example on $700,000 Home |
|---|---|---|
| 55 | 20–25% | $140,000–$175,000 |
| 60 | 25–30% | $175,000–$210,000 |
| 65 | 35–40% | $245,000–$280,000 |
| 70 | 40–45% | $280,000–$315,000 |
| 75 | 45–50% | $315,000–$350,000 |
| 80+ | 50–55% | $350,000–$385,000 |
These are ranges across all Canadian lenders — each applies slightly different tables, and property type and location both matter. For couples, the approved amount is based on the younger borrower's age.
Three Real Situations
Abstract ranges become easier to plan around when you can see how they play out.
David and Sandra — 68 and 66, Barrie, Ontario Home worth $650,000, no existing mortgage. Based on Sandra's age, the tool returns a floor around $195,000 and a ceiling near $270,000. They draw $180,000 as a lump sum to pay off a HELOC, then set up $800 per month in scheduled deposits to supplement CPP and OAS. Interest builds only on what's been drawn. The monthly payment that used to leave their account every month is gone.
Margaret — 74, Ottawa Condo worth $480,000 with a small existing mortgage. The tool shows a floor of around $170,000 and a ceiling near $235,000 before the existing mortgage is accounted for. A broker reviews the file and identifies which lenders are most favourable for her specific condo building, confirms the net proceeds after payoff, and structures a lump sum draw plus monthly income deposits to match her cash flow needs.
Robert — 57, Calgary Home worth $720,000, no mortgage. At 57, the LTV available is in the lower range — the tool returns a floor around $158,000 and a ceiling near $190,000. He's using the reverse mortgage as a CPP deferral bridge: living on home equity while deferring CPP to 65, when his monthly benefit will be substantially higher for life. His broker modelled both scenarios — the increased CPP income over the remaining years more than offsets the interest accumulated during the bridge period.
Each of these starts with an estimate from the tool. Each ends with a broker conversation that turns a range into a plan.
For how the CPP deferral strategy works alongside RRIF, OAS, and GIS — The Complete Retirement Financial Plan.
Here's the One Thing Most Borrowers Never Ask About
Initial rates aren't the story. Every lender in Canada competes for new business — and on an equivalent file, they'll match each other. You can essentially walk across the street and get approved at the same rate. So don't choose a lender based on rate. Rate is a starting point, not a differentiator.
What actually differentiates them is what happens at renewal.
A reverse mortgage has a rate guarantee period — typically one to five years. When it ends, the rate resets and the loan continues. No new application. No requalification. But the rate you get at that reset? That's where lenders diverge — and where the real long-term cost is determined.
| Product | Rate at Renewal |
|---|---|
| Canada's longest-established reverse mortgage | ⚠️ Resets above best available rate — existing borrowers pay more than new customers |
| A competing reverse mortgage lender | ✅ Always resets to best available rate |
| A more recent market entrant | ❓ Rate-at-reset track record not yet establishedd |
| Another major lender | ✅ Always resets to best available rate |
| Lifetime rate product (same lender as above) | ✅ Rate locked at signing — never changes |
Over a 10 to 15-year horizon, that ⚠️ flag compounds quietly into tens of thousands of dollars on a growing balance — no statement line item, no warning, no action required on your part. Most borrowers never ask about it before signing. That's the most preventable mistake in the Canadian reverse mortgage market.
The full explanation — Post 16: What Nobody Tells You About Renewal Rates.
You're Never Required to Make a Payment. But You Always Can.
No monthly obligation — ever. That's the product. But every reverse mortgage lender in Canada also allows optional payments, and using them changes the long-term picture significantly.
All lenders allow a one-time annual lump sum of up to 10% of the outstanding balance on the anniversary date without penalty. Beyond that, the payment structures differ — from full flexibility to structured arrangements. A borrower who wants to pay a variable amount any time and stop anytime needs a different lender than one who prefers a consistent auto-debit. Ask about this before you choose a lender, not after.
The no-payment term mortgage in your results is different. No optional payments. Full balance due at term end. A broker confirms whether that structure suits your situation before anything is submitted.
The obligation is gone. The option remains — with every reverse mortgage lender in Canada.
For how optional payments affect the balance over time — Reverse Mortgage Costs and Fees Canada.
What a Broker Does That This Tool Can't
The tool gives you an estimated range. A broker reviews your actual file. Those are two different things — and the difference matters.
When a broker sits down with your file, here's what they bring to the table:
The most accurate approval amount available, subject to formal appraisal — with your specific property type, condition, and location factored in against each lender's actual underwriting guidelines
Current rates across Canadian lenders, including any rate discounts or fee specials running at the time
Upfront costs specific to your file and lender
Payment options explained for each lender — which structure works for how you want to receive and manage the funds
An honest analysis of how interest accrual compares to property value growth over your expected timeline — so you understand the real long-term picture, not just the balance column
Renewal policies modelled side by side across all lenders for your specific horizon
A recommendation — not a range, but a specific lender and product matched to your situation
Thirty minutes. Free. And at the end of it, you know which lender is actually right for you — not just which one showed the biggest number in the tool.
Brokers are compensated by the lender upon funding — never by you. This is a condition of every Canadian reverse mortgage lender.
For how optional payments affect the balance over time — Reverse Mortgage Costs and Fees Canada.
What Happens to the Balance Over Time
No monthly payments means interest builds on the outstanding balance. Canada's Interest Act, R.S.C. 1985, c. I-15, s. 6 requires this to compound semi-annually — twice per year, by law. (Academic source: Waldron (1984) 62 Can Bar Rev 146)
Interest builds only on what you've drawn. Approved for $300,000 but only drawing $150,000 — you're building interest on $150,000.
| Scenario | Year 5 Balance | Year 10 Balance |
|---|---|---|
| $150,000 drawn at 6% | ~$201,600 | ~$271,100 |
| $200,000 drawn at 6% | ~$268,800 | ~$361,900 |
| $300,000 drawn at 6% | ~$403,200 | ~$542,900 |
Those numbers stop a lot of people. Here's the other side. While the loan balance grows, so does the home. A $650,000 home at 4% annual appreciation is worth roughly $960,000 at Year 10. Against a $362,000 balance, remaining equity is approximately $598,000. Appreciation isn't guaranteed — but modelled honestly on both sides, the picture is usually far less alarming than the balance column suggests.
For how optional payments affect the balance over time — Reverse Mortgage Costs and Fees Canada.
The Undrawn Limit — It's There, But It's Not a Guarantee {#undrawn}
Approved for $300,000, drawing $150,000 — the remaining $150,000 sits as an available undrawn limit. No interest on undrawn amounts.
What the brochure won't mention: that limit isn't contractually guaranteed. A lender can re-underwrite the file before advancing additional draws. If the property has deteriorated, the draw you were planning on may not come through.
A reverse mortgage typically stays in place for 10 to 15 years. In that time, a roof, a furnace, and a water heater will almost certainly need attention. The more reliable approach is to draw a dedicated reserve at the outset and hold it separately — in a TFSA or high-interest savings account — untouched until you need it. Or redirect the cash flow freed up by any eliminated debt payments into a home maintenance fund from day one.
For the full cost breakdown — Reverse Mortgage Costs and Fees Canada.
Questions People Actually Ask
Is the estimate a guaranteed approval?
No. It's a range based on general lender guidelines for your age, home value, and location. The actual approved amount comes from a formal independent appraisal and full lender underwriting. The estimate is accurate enough to tell you whether the conversation is worth having. The report is what confirms the number.
Does using the tool trigger a credit check or lender contact?
No. The tool isn't affiliated with any lender. No credit check, no application, no lender contact — unless you choose to book a broker consultation.
Why is the estimate lower than I expected?
Most commonly: age (younger borrowers get a lower LTV percentage), location (rural and lower-demand markets attract more conservative assessment), or property type restrictions at certain lenders. The written report often produces a stronger result than the general estimate — particularly for properties that one lender declines and another approves.
What's the additional product in my results if I'm 55 or older?
The no-payment term mortgage. Available at any age on freehold properties in Ontario, Alberta, and BC. Can offer a higher loan amount on shorter fixed terms. But it's a full recourse loan — no negative equity guarantee, renewal not guaranteed, full balance due at term end. Your report will compare it directly against your reverse mortgage options.
Should I wait until I'm older to apply?
Waiting generally increases the LTV available — but it also means more time without the benefit of the funds. Whether that trade-off works in your favour depends on your specific situation. The report models both scenarios.
What's the minimum draw?
$25,000 — across all Canadian reverse mortgage lenders.
Why use a broker instead of going directly to a lender?
A lender shows you one product. A broker shows you all of them — and tells you which one actually fits. It costs you nothing either way. Brokers are paid by the lender upon funding.
Why does it matter that this tool is independent?
Most reverse mortgage tools in Canada are built by a single lender. The result reflects that lender's LTV schedule and nothing else. This tool isn't affiliated with anyone. The results show the full range so you can see where each lender fits for your profile — and where each one falls short.
Ready to Find Out Which Lender Is Actually Right for You?
The next step is the written report — a full analysis of your specific file across the major Canadian lenders, with an approved amount estimate
→ Get Your Free Report → Or if you're ready to talk — Book Your Free Call
Keep reading:
Reverse Mortgage Canada — The Complete Guide· Post 33: What Determines How Much You Can Borrow
How Reverse Mortgages Work in Canada · Post 16: What Nobody Tells You About Renewal Rates
Reverse Mortgage Eligibility Canada · Post 33: What Determines How Much You Can Borrow
Reverse Mortgage Costs and Fees Canada · Post 15: 12 Questions to Ask Before Signing
Your Retirement. Your Equity. Your Options
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Canada's trusted plain-language resource for reverse mortgage information. Helping Canadian homeowners 55+ unlock the value in their homes with confidence, clarity and a plan for a better retirement.
Two experienced professionals. One common goal: Helping you make informed decisions with confidence.
Matthew Hines CRMS, CSEC
Mortgage Agent Level 2
Matthew has spent two decades helping Ontario homeowners navigate the decisions that matter most in retirement. He holds the Canadian Reverse Mortgage Specialist (CRMS) designation, works with Canadian reverse mortgage lenders, and co-authored the Canada Reverse Mortgage Guide. His approach is simple: understand the whole picture first, then find the structure that actually fits — even if that structure isn't a reverse mortgage.
647-372-0762 | Mon – Fri: 9am – 6pm EST
Gregory Stanley CFP, CSEC
Mortgage Broker
Gregory has spent decades helping homeowners across BC and Alberta build retirement plans that actually hold up under pressure. As a Chartered Financial Planner and co-author of the Canada Reverse Mortgage Guide, he brings a planning lens most mortgage brokers don't have — which means the reverse mortgage conversation always happens inside the bigger picture, not instead of it.
236-300-3439 | Mon – Fri: 9am – 6pm PT
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Reverse mortgage loans are provided by Canadian lenders. Terms, conditions and rates apply. This site is for educational purposes only and does not constitute financial or legal advice. Please speak with a qualified professional to discuss your specific situation.
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