Reverse mortgage blog
CHIP Reverse Mortgage Calculator for Canada (2026)
General information for Canadian homeowners, not personal financial, legal, or tax advice.
Key takeaways
- CHIP itself is advertised at up to 55% of the home's value, and CHIP Max reaches up to 59% through the broker channel. The calculator here shows the whole market's ceiling at each age — up to 60% for the oldest borrowers — because it compares all four lenders, not one (HomeEquity Bank).
- CHIP is HomeEquity Bank's product — searching for a HomeEquity Bank reverse mortgage calculator lands in the same place, because the bank behind CHIP is the same bank (HomeEquity Bank).
- CHIP's own calculator shows an eligibility range after two steps of questions, including gender and postal code — and the equity-over-time view is a separate second tool (chip.ca).
- No monthly mortgage payments are ever required. Some lenders allow voluntary interest payments — at an illustrative 6.5%, holding a $150,000 balance still runs roughly $800 a month (how a reverse mortgage works).
A CHIP reverse mortgage calculator should show two things: the most you could get, and what happens to the home’s equity over the years. The one below shows both — with no name, phone number, or email.
Most people trying a CHIP calculator want two numbers before they talk to anyone: the most they could get, and what borrowing would do to the home’s equity over the years. The difficulty is not finding a calculator — HomeEquity Bank has one on chip.ca. It is that the lender’s tool covers only its own products, shows a single range of dollars rather than what happens over the years, and follows the result with a consultation form.
The amount itself moves with three things: the youngest owner’s age, the home’s value and location, and which CHIP product is being considered. Each one shifts what a lender will offer. This page puts the calculator first — it is directly below — and then explains what the results mean, how fast interest grows, and what voluntary payments would look like.
Enter your home’s value, the youngest owner’s age, and the amount you’d like. The calculator shows the maximum available at that age, then charts the balance and the remaining equity side by side over fifteen years — using a built-in illustrative rate, with the home’s value growing alongside.
Here's What Happens to Your Equity
Adjust the sliders below to see how your equity can change over time.
Need more than this estimate?In some situations we can structure additional financing to unlock more of your equity — contact us to see if it fits your situation.
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Your 15-Year Forecast
In 15 years, your home is projected to be worth $1,935,282 (at 4.5% growth). Even with the growing loan balance, you would still have$1,288,355in remaining equity!
*Disclaimer: These projections are for illustration purposes only and should not be considered financial advice. Projections assume 4.5% annual appreciation and 6.44% interest rate. Actual results may vary based on market conditions and individual circumstances.
Your 15-Year Forecast
In 15 years, your home is projected to be worth $1,935,282 (at 4.5% growth). Even with the growing loan balance, you would still have$1,288,355in remaining equity!
This calculator is for illustration only. Real numbers depend on the lender, rate, product, and home — which is exactly what a free estimate works out.
The calculator gives a number. Whether CHIP is the right lender to get it from is the question the full CHIP reverse mortgage review answers.
How does this CHIP reverse mortgage calculator work?
Three inputs set the number: the home’s value, the age of the youngest owner, and the amount you’d want.
Age matters most — and the product matters with it. CHIP itself is advertised at up to 55% of the home’s value. CHIP Max, its highest-lending version, reaches up to 59% — a ceiling arranged through mortgage brokers, not by calling the bank.
The calculator shows the market’s ceiling at each age instead — about 46% at 55, climbing to 60% for the oldest borrowers — because it compares all four lenders, not one. The full age-by-age table lives in how much you can get from a reverse mortgage by age.
The lender at the top of that range changes with age — in the late fifties and early sixties, Bloom’s lifetime-fixed product often reaches further than standard products do.
Location moves the ceiling too. In larger centres, lenders offer the top of the range for an age. In small towns and rural areas the percentage runs a little lower.
The chart is the other half of the tool. It shows the balance growing at a built-in illustrative rate while the home’s value usually grows too — and the equity that’s left, year by year.
One more thing worth stating plainly: the calculator asks nothing about who you are. No name, no phone number, no email. It’s an independent tool, not HomeEquity Bank’s — it estimates what the market’s top-lending products, CHIP among them, could make available. Which CHIP product actually fits is a different question, and the independent CHIP review walks through that one.
How is this different from the calculator on chip.ca?
The short answer: fewer questions, and the whole picture on one screen.
CHIP’s own calculator runs two steps — age and gender first, then postal code, home type, and home value — and shows a dollar range you may be eligible for with CHIP. Directly under that number sits a consultation form asking for contact details.
The over-time view, which shows what stays in the home, is a separate second tool with its own steps. It opens by asking for a first name, though that part can be skipped. None of that is wrong — a lender’s website exists to introduce homeowners to that lender. A reverse mortgage calculator on a lender’s site works out numbers for that lender’s products only.
The version on this page is built differently:
- One screen, not two tools. The maximum and the years-long equity picture appear together, instantly.
- Nothing about who you are. No gender, no postal code, no name — just the home’s value, an age, and an amount.
- The market’s top tier, not one lender’s products. It estimates using the strongest products on the market, CHIP included.
Looking for the HomeEquity Bank reverse mortgage calculator?
Same place. CHIP is HomeEquity Bank’s product, so the HomeEquity Bank calculator and the CHIP calculator are the same tool — and everything on this page applies to both names.
Either way, no calculator gives a quote. Both give estimates, and the real number is set by the file — the exact age, the product, the location, and the home’s value the appraisal confirms.
See what you'd actually be offered
A free, no-obligation estimate compares every reverse mortgage lender in Canada — CHIP included — for your age and home. No cost, no credit check — no credit bureau is pulled.
Get my free estimateHow fast does the interest actually grow?
No faster than a regular Canadian mortgage at the same rate. Interest here is compounded twice a year — the standard across Canadian mortgages. What’s different is where the interest goes: added to the balance instead of paid monthly, so the balance grows over the years. Current CHIP rates sit on their own page, every number dated.
It’s charged on the money you take — not the approval
Interest builds only on the money that’s actually been taken out. Money you’re approved for but haven’t taken costs nothing until the day you take it.
That’s why the balance line in the calculator starts at the amount chosen, not the maximum. And it’s why taking less than the maximum is often the wiser move.
The home is usually rising in value over the same years, which offsets much of that growing interest — on average, Canadian borrowers keep about half of their home’s equity even after many years. The chart above draws exactly that picture: the balance line and the home-value line, year by year. For the full sequence from application to repayment, see how a CHIP reverse mortgage works.
What would monthly payments look like — if you chose to make them?
None are required, ever. A reverse mortgage has no required monthly mortgage payments — property taxes, home insurance, and reasonable upkeep stay your responsibilities, the same as with any mortgage.
Payments are a choice. Some lenders allow voluntary monthly interest payments, arranged with the lender in advance.
Roughly $800 a month holds a $150,000 balance still
Here’s the simple math. On $150,000 drawn at an illustrative 6.5%, the interest is roughly $800 a month. Pay that each month and the balance stays where it started. Pay nothing and the interest compounds onto the balance instead.
Some lenders also allow lump-sum payments of up to 10% of the balance each year without penalty — paying off a reverse mortgage early covers the charges, and the time limits around them, year by year.
Worth remembering, though: most people choose a reverse mortgage precisely to stop making monthly mortgage payments. Freeing up the monthly budget is usually the whole point. A payment plan is an option some homeowners like — it’s never an obligation.
See the payments that stop — on your numbers
Enter your age, your home value, and what you owe — any mortgage, loans, or credit balances. The estimator shows what those minimum payments cost every month now, then the monthly picture after a reverse mortgage clears them at closing.
The two tools stay in step: change the age or home value in either one and the other follows. The full walkthrough of clearing debts this way lives in debt consolidation for homeowners 55+.
Your situation today
About your home
Your mortgage
Loans (car, personal)
Credit balances
Payments fill in automatically — change them if yours are different.
Before — required every month
After — required every month
Property taxes, home insurance, and upkeep stay yours — the same as with any mortgage.
Monthly payments freed up
$1,656/month
Borrowing only what the plan needs — not the maximum — keeps your options open later.
Estimates for illustration only. The estimated credit payments use the Bank of Canada prime rate of 4.45% (as of July 29, 2026): home equity line at prime + 0.50% (4.95%), line of credit at prime + 7% (11.45%), and credit cards at prime + 16% (20.45%), all as interest-only minimums — adjust any payment to match your real one. Mortgage and loan payments are the amounts you enter. $3,000 total estimated one-time costs, rolled into the mortgage — brokers can sometimes get lender set-up fees reduced or waived. Your real amount, rate, and costs depend on your age, home, and lender — a free estimate confirms them.
Free Guide:The Canadian Reverse Mortgage Guide
- ✓How much tax-free cash you could unlock — and what moves the number
- ✓The real costs, rates, and fees — nothing buried in fine print
- ✓How the lenders (CHIP, Equitable Bank, Home Trust, Bloom) really compare
- ✓When a reverse mortgage is the wrong choice
Simply enter your info below and a PDF copy will instantly be sent right to your inbox.
What can’t a CHIP reverse mortgage calculator tell you?
Three things — and they’re the three that decide the outcome.
- The rate on your file. Advertised rates are the retail price. Real pricing varies by product and situation, and unpublished broker-channel specials routinely land below the advertised figure.
- Which of the four lenders fits. CHIP is one of four reverse mortgage lenders in Canada, each with its own age rules, property rules, and lending amounts. The gap between the best and worst offer on one home is often wider than the gap between their rates. The honest case against CHIP is part of that comparison too.
- Whether a reverse mortgage is the right move at all. Sometimes savings, a traditional mortgage, or a HELOC (a home equity line of credit from a bank) is the better answer — and an independent broker arranges those too.
Running that comparison is a broker’s job, and it costs the homeowner nothing — the lender pays the broker. The calculator above gives a realistic starting point. A free estimate turns it into real numbers across all four lenders.
Frequently asked questions
How much does a CHIP reverse mortgage give you?
CHIP is advertised at up to 55% of the home's value, and CHIP Max — the higher-lending version, at a higher rate, arranged through the broker channel — reaches up to 59%. Younger borrowers qualify for less: the amount is set mostly by the youngest owner's age, along with the home's value, type, and location. The calculator on this page shows the market-wide ceiling at each age, up to 60%, which can sit above what any one lender offers. All of these are ceilings, not guarantees — an estimate against your own home and age works out the real number.
Is the CHIP calculator accurate?
Any reverse mortgage calculator — the one on this page and the one on chip.ca — gives an estimate, not a quote. The real offer is set by the file: the exact age, the product, the location, and the home's value as a professional appraiser confirms it. A full appraisal is ordered on almost every file, and it almost always costs about $350. Treat any calculator result as a realistic starting point, then confirm it against every lender's actual pricing.
Do you have to give personal information to use a reverse mortgage calculator?
Not on this page. The calculator here asks for a home value, the youngest owner's age, and the amount wanted — no name, no phone number, no email, and no postal code. Getting an estimate afterward pulls no credit bureau either. HomeEquity Bank's own calculator also shows a result without contact details, though it asks more questions first, including gender and postal code, and its consultation form comes right after the number.
Does CHIP have its own calculator?
Yes. HomeEquity Bank runs one at chip.ca — two steps of questions, then a dollar range you may be eligible for with CHIP. What happens to home equity over time sits in a second tool with its own steps. The calculator on this page is independent of any lender: it shows the maximum available and the years-long balance-and-equity picture together on one screen, and it estimates using the market's top-lending products rather than one lender's own products.
Turn the estimate into your real number
A free, no-obligation estimate compares every reverse mortgage lender in Canada for your age and home — the amount, the rate, and the fees, side by side. No cost, no credit check.
Get my free estimate About the author
Richard Hopkins
Licensed Mortgage Broker · M16000896
Richard has worked in the mortgage business since 2013 — first as a mortgage agent, today a licensed mortgage broker — and leads the reverse mortgage practice at Homestead Financial — Dominion Lending Centres, an FSRA-licensed Ontario brokerage (#11711) with roots in the industry since 1999 and more than 2,500 mortgages funded. More about Richard →
This article is general information for Canadian homeowners, not personal financial, legal, or tax advice. Everyone's situation is different — please get advice on your own numbers before making a decision.