Four ways to use your home's equity
Same cash on every route. What it costs, what you pay each month, and what is left at each age.
"What is left" = what you or your estate keep if the home is sold at that age: the home's value after selling costs, minus what is owed, plus any invested cash. HELOC interest you paid is subtracted.
Mitey's reading of your plan
With EQ Bank Flex, lump sums are charged 6.28% compounded twice a year (then 7.09% after year 5) and the scheduled monthly advances 7.04%. A balance with no payments doubles about every 11.2 years. Your starting balance of $112,270 grows to $559,213 by age 85, including the monthly advances.
More: home growth, negative equity and the HELOC
Your home grows 3.0% a year in this scenario, from $800,000 to $1,246,374. The loan grows faster than the home (6.28% vs 3.0%), so the equity left shrinks each year.
The balance stays below the home's value through age 95.
A HELOC would cost about $499 a month in interest in year one, rising as you draw; its limit is 65% of the home's value ($520,000), and you must qualify on income.
| Product | Most at 70 | Rate | Your plan |
|---|---|---|---|
| HEB CHIP (lump sum) | $336,000 (42%) | 6.49% | Lump sums only |
| HEB Income Advantage (monthly) | $336,000 (42%) | 7.09% · monthly 7.36% | Monthly minimum $1,000 |
| EQ Flex (monthly or lump) (shown) | $336,000 (42%) | 6.28% · monthly 7.04% | Fits |
| EQ Flex Lite (lump sum) | $244,364 (31%) | 6.23% | Lump sums only |
| EQ Flex Plus (70+, lump sum) | $360,436 (45%) | 7.43% | Lump sums only |
| Bloom (lump sum) | $336,000 (42%) | 6.33% | Lump sums only |
| Home Trust EquityAccess (lump sum) | $336,000 (42%) | 6.23% | Lump sums only |
| Home Trust EquityAccess+ (monthly or lump) | $336,000 (42%) | 6.29% · monthly 7.05% |
Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.
At age 85, downsizing leaves the most: $786,041. Reverse mortgage leaves $624,842.
Show the numbers
| Reverse mortgage | HELOC | Downsize | Sell and rent | |
|---|---|---|---|---|
| 70 | $648K | $649K | $609K | $643K |
| 71 | $653K | $656K | $619K | $627K |
| 72 | $659K | $663K | $629K | $609K |
| 73 | $663K | $670K | $640K | $591K |
| 74 | $668K | $677K | $650K | $570K |
| 75 | $671K | $684K | $661K | $548K |
| 76 | $672K | $691K | $672K | $524K |
| 77 | $673K | $697K | $684K | $499K |
| 78 | $672K | $704K | $695K | $471K |
| 79 | $670K | $710K | $707K | $442K |
| 80 | $667K | $716K | $720K | $410K |
| 81 | $662K | $722K | $732K | $376K |
| 82 | $655K | $728K | $745K | $339K |
| 83 | $647K | $733K | $759K | $300K |
| 84 | $637K | $738K | $772K | $259K |
| 85 | $625K | $743K | $786K | $215K |
| 86 | $620K | $758K | $810K | $177K |
| 87 | $614K | $773K | $835K | $137K |
| 88 | $605K | $788K | $860K | $94K |
| 89 | $594K | $803K | $887K | $48K |
| 90 | $581K | $819K | $914K | $0 |
| 91 | $566K | $834K | $942K | $0 |
| 92 | $547K | $850K | $971K | $0 |
| 93 | $525K | $866K | $1M | $0 |
| 94 | $500K | $883K | $1M | $0 |
| 95 | $471K | $899K | $1.1M | $0 |
How much can I take and still leave something?
With the monthly amount above, the largest up-front amount that still leaves $250,000 at age 85 is about $283,730 (after paying off the mortgage and fees). You entered $60,000.
HELOC interest by age
| Age | Interest charged | Paid from your pocket | HELOC owed |
|---|---|---|---|
| 75 | $666/mo | $666/mo | $158,800 |
| 80 | $874/mo | $874/mo | $206,800 |
| 85 | $1,082/mo | $1,082/mo | $254,800 |
| 90 | $1,104/mo | $1,104/mo | $254,800 |
| 95 | $1,104/mo | $1,104/mo | $254,800 |
Rate × home-growth grid
| Rate ↓ / Home growth → | 0% | 1% | 2% | 3% | 4% | 5% |
|---|---|---|---|---|---|---|
| 5.28% | $263K | $385K | $525K | $687K | $871K | $1.1M |
| 5.78% | $233K | $355K | $496K | $657K | $841K | $1.1M |
| 6.28% | $201K | $323K | $464K | $625K | $810K | $1M |
| 6.78% | $167K | $289K | $430K | $591K | $776K | $987K |
| 7.28% | $131K | $253K | $393K | $555K | $739K | $951K |
| 7.78% | $92K | $214K | $355K | $516K | $701K | $912K |
Every five years, route by route
| Age | Reverse owed | Reverse mortgage left | HELOC left | Downsize left | Sell and rent left |
|---|---|---|---|---|---|
| 70 | $112,270 | $647,730 | $649,200 | $609,225 | $642,500 |
| 75 | $210,129 | $670,920 | $683,930 | $661,017 | $548,220 |
| 80 | $354,687 | $666,689 | $715,874 | $719,689 | $409,789 |
| 85 | $559,213 | $624,842 | $743,320 | $786,041 | $214,526 |
| 90 | $791,400 | $581,245 | $818,555 | $913,876 | $0 |
| 95 | $1,119,993 | $471,279 | $899,270 | $1,062,645 | $0 |
Your saved scenarios
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Assumptions & sources
Assumptions
- Reverse mortgage (EQ Bank Flex): interest compounds semi-annually and is added to the balance; set-up about $2,270 (lender fee, plus $425 appraisal and $850 independent legal advice) is paid from the advance. Lump sums 6.28% for the first 5 years, then 7.09%; scheduled advances 7.04%, adjustable; real renewal rates will differ.
- Maximum advance: our age curve scaled to Flex's published range (15–55%.); condos 3 points lower, rural homes 5 points lower (estimates).
- HELOC: limit 65% of value (OSFI B-20); interest at 5.20% is paid every month from other money; we grow those payments at 4.00% and subtract them so the routes compare fairly. Qualifying: a payment at the higher of the rate + 2 points or 5.25% over 25 years within a 39% housing ratio of the income entered (our simplification of the lender's test).
- Downsizing: selling costs 5.00% of the price plus $1,500 legal; transfer tax on the new home from the province's published schedule; $1,800 legal on the purchase; $6,000 moving.
- Sell and rent: proceeds invested at 4.00%; rent of $2,600 rises 2.5% a year.
- Everything is before tax and in today's dollars only at age 70; later values are nominal. No inflation adjustment.
Sources
- Financial Consumer Agency of Canada — Reverse mortgages (effective October 15, 2025). Checked .
- EQ Bank (Equitable Bank) — Reverse mortgage comparison and rates (prime 4.70% as of October 29, 2026) (effective October 29, 2026). Checked .
- EQ Bank (Equitable Bank) — Reverse mortgage advances. Checked .
- HomeEquity Bank — CHIP posted rates (applicable upon reset). Checked .
- OSFI — Guideline B-20: Residential mortgage underwriting practices and procedures. Checked .
- OSFI — Minimum qualifying rate for uninsured mortgages (effective January 29, 2026). Checked .
- Financial Consumer Agency of Canada — Home equity lines of credit. Checked .
- Financial Consumer Agency of Canada — Selling a home (costs, realtor commissions) (effective October 10, 2025). Checked .
- Government of Ontario — Calculating land transfer tax. Checked .
- Government of British Columbia — Property transfer tax. Checked .
- Bank of Canada — Target for the overnight rate (series V39079): 2.50% from October 29, 2026 (effective October 29, 2026). Checked .
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