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How Much Can You Borrow from Home Equity Bank in Edmonton?
April 30, 2025 | Posted by: Jeff Chin
If you're a homeowner in Edmonton aged 55 or older, Home Equity Bank may offer you a way to tap into the value of your home without having to sell it. Through solutions like the CHIP Reverse Mortgage, seniors in Edmonton can access tax-free cash based on the equity they've built up over the years. But how much can you actually borrow from Home Equity Bank in Edmonton?
What Is Home Equity Bank?
Home Equity Bank is a Canadian financial institution specializing in reverse mortgages for seniors. Their flagship product, the CHIP Reverse Mortgage®, allows homeowners aged 55 and over to borrow up to 55% of their home's appraised value.
How Much Can You Borrow in Edmonton?
The amount you can borrow from Home Equity Bank is primarily determined by these key factors:
1. Your Age
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The minimum age requirement is 55, and the older you are, the more equity you may be eligible to access.
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Younger borrowers typically qualify for smaller percentages to ensure long-term sustainability.
2. Your Home’s Appraised Value
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Home Equity Bank will conduct a professional appraisal.
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Homes in sought-after Edmonton neighborhoods like Glenora, Windermere, or Strathcona may receive higher valuations, increasing borrowing potential.
3. Location of Your Home
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Properties in central or high-demand areas of Edmonton generally qualify for more funding than those in rural or outlying areas.
4. The Type of Property
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Detached homes and townhouses typically qualify for higher reverse mortgage limits compared to condos.
5. Current Interest Rates
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As with any loan product, reverse mortgage rates influence the final borrowing amount. The lower the rate, the more you may be able to borrow.
Example: Estimated Borrowing Power
Let’s say you’re a 70-year-old homeowner in Edmonton with a property appraised at $600,000.
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Approximate maximum loan amount: $300,000–$330,000
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Funds can be received as a lump sum, in installments, or a combination of both.
Keep in mind, you retain full ownership of your home and no monthly mortgage payments are required. The loan is repaid only when you sell, move out, or pass away.
Are You Eligible?
To qualify, you must:
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Be 55 or older (both you and your spouse, if applicable)
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Own your primary residence in Canada
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Have sufficient equity in your home
If you're still unsure whether this is the right option for you, Steven Boodoo can walk you through the requirements and help you assess your eligibility based on your unique situation.
Related: What Edmonton Seniors Need to Know About Reverse Mortgages
For a more comprehensive look at how reverse mortgages work and what you should consider before applying, read our detailed guide:
What Edmonton Seniors Need to Know About Reverse Mortgages
Why Work With Steven Boodoo?
Steven Boodoo is a trusted Edmonton mortgage broker with extensive experience in helping seniors unlock the full potential of their home equity. He offers:
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Personalized consultations
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Access to the best rates and products from Home Equity Bank
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Honest guidance with zero pressure
Whether you’re exploring a reverse mortgage for retirement, home improvements, or helping family, Steven ensures you make a well-informed decision every step of the way.
Reach out now at 780-297-5708 for a free, no-obligation consultation:
Book a meeting with Steven Boodoo
Home Equity Bank offers Edmonton homeowners a powerful tool to access the wealth tied up in their homes—without giving up ownership or monthly payments. The exact amount you can borrow depends on your age, home value, location, and other key factors. If you’re ready to explore your options, Steven Boodoo is here to guide you through it.
