Reverse Mortgage Calculator

A reverse mortgage is a loan secured by your home. It allows you to access some of your home equity without having to move or sell. It is called “reverse” because, instead of a conventional mortgage in which you have to pay your bank, a reverse mortgage pays you.

By entering some basic information, you can find out how much money you could be eligible for with our free reverse mortgage calculator.

How to Calculate Reverse Mortgage Amount

The reverse mortgage amount that you could be eligible for is determined by several factors. These factors include but are not limited to the homeowner(s) age, property location, home type, and the appraised value of your home. By entering these basic details, you can find out how much money you could be eligible for with our free reverse mortgage calculator. Please note that this calculator is to be used for estimate purposes only. To get an idea of what you may be eligible use the above tool to get your reverse mortgage estimate.

How the Reverse Mortgage Calculator works

There are a few different fields that you will need to fill out in order to get an accurate reverse mortgage estimate. But don’t worry, it only takes a few minutes of your time!

The first question we ask is your age and gender, which we have titled “Homeowner 1”. If you have a spouse, or if there is another person on the title to your home, you will list those details under “Homeowner 2”. The minimum age for you and your spouse (if applicable) is 55 years old. The older you are, the more money you may qualify for.

To get an accurate estimate, we also need to know your property address, which is why we ask for your postal code. Based on the postal code you enter, your city name will automatically be added to the correct field without you having to type anything in.

The next field is home type, which has a few different options because we underwrite on several different types of home. The most common types of homes that our customers have are: Single Family Dwelling, Semi-Detached and Condo – Townhouse or Condo – Apartment. The type of home you have does affect the estimate calculation.

The last field to fill out is the estimated home value: how much you think your home is worth if you were to get it appraised. If you don’t know what that amount is, you may want to think about a neighbor or someone who lives in a comparable home who recently sold and what the selling price was. The estimated value of your home, along with your age, and the most important factors in determining your reverse mortgage estimate.

Once you have entered information in all the mandatory fields (all fields except “Homeowner 2” are mandatory), click “Calculate” and you will receive your personalized estimate! It is important to note that this is an estimate only. In order to receive a precise evaluation, please contact one of our Reverse Mortgage specialists at 1-866-758-2447.

Example

A 65 year-old woman with no spouse lives in Halifax, Nova Scotia. She lives in a semi-detached home. Her neighbor, who has a house very similar to hers, recently sold his house for $300,000.  In this case, she would enter all of this information and would receive a reverse mortgage estimate of $108,495.

Benefits of using our Reverse Mortgage Calculator:

• Free
• Easy to use
• Only takes 1 minute
• Requires no personal information
• Find out how much tax-free cash you could qualify for!

Key factors determining eligibility for a Reverse Mortgage

Eligibility for a reverse mortgage is based on several factors, the most important of which are your age and the appraised value of your home. Here are some other things to keep in mind when thinking about your estimate and whether a reverse mortgage is right for you.

Advantages of the CHIP Reverse Mortgage

• Access up to 55% of the value of your home in tax-free cash
• Remain in the home you love and make no monthly mortgage payments
• Spend the cash as you wish – travel, home improvements, cover monthly expenses – the choice is yours!

How can you receive your money?

There are several options for how you can receive your money if you qualify. You can access all of the money you qualify for at time of closing, in one lump sum. Or, if you prefer, you can take some of the money at time of closing and set aside the rest. The money that you have set aside is yours to access whenever you wish. All you have to do is call us up to request your money at any time!

If you would prefer to have regular deposits delivered straight to your bank account – say on a monthly or quarterly basis – that is also an option!

If you would like to learn more about your reverse mortgage estimate, please contact one of our Reverse Mortgage consultants at 1-866-758-2447. If you would like more information about the CHIP Reverse Mortgage interest rates, click here.