How Much Can I Access with a Reverse Mortgage?
March 7, 2026 · 3 min read
The amount you can access through a reverse mortgage depends on three main factors: your age, the appraised value of your home, and its location.
The Three Factors
1. Your age. You must be at least 55. Generally, the older you are, the more you can access. If there are two borrowers on the title, the calculation uses the younger person's age.
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2. Your home's value. A professional appraiser will assess your property. The higher the appraised value, the more equity is available.
3. Location. Properties in major urban centres may qualify for slightly higher amounts than rural properties, though reverse mortgages are available across Canada.
Typical Amounts
Most homeowners can access up to 55% of their home's appraised value. For a home worth $600,000, that could mean up to $330,000 in available funds. For a $900,000 home, up to $495,000.
The exact amount is determined by the lender during the application process. If you have an existing mortgage, it must be paid off from the reverse mortgage proceeds first — the remainder is yours.
How You Receive the Funds
You have options:
Lump sum: Receive the full approved amount at once. Good for paying off an existing mortgage, making a large purchase, or helping a family member.
Scheduled payments: Receive regular payments over time. Good for supplementing monthly income.
Combination: Take a portion upfront and receive the rest in scheduled payments.
There's no wrong way to use the funds. It's your equity. You decide.