How Much Can You Borrow with a Reverse Mortgage in Ontario? (2024)

How Much Can You Get from a Reverse Mortgage in Ontario?

The available amount depends on your lender, the specific product, your age, your home's appraised value, and your location. As a general reference, most borrowers qualify for somewhere between 20% and 55% of their home's value — though some products allow access beyond 55% for eligible older borrowers.

Why does this vary so much? Because there are multiple regulated reverse mortgage lenders and products in Canada — HomeEquity Bank (CHIP), Equitable Bank, Bloom Finance (Bloom Reverse Mortgage), and Home Trust — each with different products and loan-to-value limits:

• →Home Trust EquityAccess: up to 40% LTV (for qualifying homeowners 55+)
• →Home Trust EquityAccess+: up to 55% LTV (for qualifying homeowners 55+)
• →Home Trust EquityAccess Boost: up to 59% LTV (for qualifying homeowners 70+)
• →CHIP, Equitable Bank, and Bloom: maximum LTV varies by age, product, and lender — confirm current limits with your broker

Net proceeds are the gross reverse mortgage amount minus any existing mortgage balance (which must be paid off from the proceeds).

Factors That Determine Your Reverse Mortgage Amount

1. Your Lender and Product Different lenders offer meaningfully different maximum loan-to-value ratios. Home Trust's EquityAccess caps at 40%, while EquityAccess Boost (70+) allows up to 59%. CHIP and Bloom have their own LTV guidelines. This means the lender selection alone can significantly affect how much you can access — which is one reason to compare all three before deciding.

2. Your Age The older you are, the higher the percentage of your home value you can access. This is because older borrowers have a shorter expected loan duration (statistically), reducing the lender's interest accumulation risk.

The following ranges are approximate and illustrative only — actual percentages depend on your lender, property type, location, and current guidelines:

• →Age 55: approximately 20–25% of home value
• →Age 65: approximately 30–35% of home value
• →Age 75: approximately 40–45% of home value
• →Age 85+: approximately 50–55% of home value

3. Your Home's Appraised Value A licensed appraiser determines your home's market value. The higher the appraised value, the larger the potential loan.

4. Your Location Urban properties in major markets (Toronto, Ottawa, Hamilton) typically qualify for higher LTV ratios than rural properties. Lenders consider market liquidity and resale risk.

5. Property Type - Detached homes: highest available amounts - Semi-detached and townhouses: slightly lower - Condos: qualifies, but minimum value thresholds apply - Rural/acreage: may be limited

6. Existing Mortgage Balance If you have an existing mortgage, it must be paid off from the reverse mortgage proceeds. Net proceeds = reverse mortgage amount minus existing mortgage balance.

Illustrative Ontario Scenarios

The following are illustrative scenarios only. Actual available amounts depend on your lender, product, borrower profile, and current guidelines — a consultation will provide figures specific to your situation.

Scenario 1: Toronto, Age 72 - Home value: $1,200,000 - Available LTV: ~40% - Gross reverse mortgage: $480,000 - Existing mortgage: -$0 - Net proceeds: $480,000

Scenario 2: Hamilton, Age 65 - Home value: $750,000 - Available LTV: ~33% - Gross reverse mortgage: $247,500 - Existing mortgage: -$80,000 - Net proceeds: $167,500

Scenario 3: Ottawa, Age 78, Two Owners (both 78) - Home value: $600,000 - Available LTV: ~45% - Gross reverse mortgage: $270,000 - Existing mortgage: -$0 - Net proceeds: $270,000

How to Get the Most Accurate Assessment

1. Include all owners on application — if spouses are different ages, the youngest borrower's age determines available LTV 2. Prepare for an independent appraisal — a higher appraised value may increase the available loan amount 3. Compare all lenders — CHIP, Equitable Bank, Bloom, and Home Trust EquityAccess have different LTV guidelines; the right lender for your situation depends on your full profile 4. Consider age-specific products — if you are 70+, Home Trust EquityAccess Boost (up to 59% LTV) may be worth exploring alongside CHIP Max 5. Get a consultation before assuming your amount — eligibility and available loan amounts vary by borrower profile and current lender guidelines

Get a Free Estimate

The best way to understand your eligible amount is a no-obligation consultation with our team. We run your scenario through CHIP, Equitable Bank, Bloom, and Home Trust EquityAccess and provide a preliminary estimate. A formal approval requires an independent property appraisal, which is arranged as part of the full application process. Qualification and loan amounts depend on your borrower profile and current lender guidelines.