Reverse mortgage lenders in Canada
Three lenders offer reverse mortgages in Canada: HomeEquity Bank (the CHIP Reverse Mortgage), Equitable Bank, and Bloom Finance. All lend up to about 55% of your home's value, and most of their business comes through licensed mortgage agents and brokers.
Example rates
Posted rates change often, and the rate you're offered can differ. An agent can get current rates from every lender for your home.
| Lender | 5-year fixed | Borrow up to | How to apply |
|---|---|---|---|
| HomeEquity BankCHIP Reverse Mortgage | [6.64%] | 55% of home value | Direct, or through an agent |
| Equitable BankReverse mortgage | [6.54%] | 55% of home value | Through an agent |
| Bloom FinanceReverse mortgage | [—] | 55% of home value | Through an agent |
Rates checked: [date, to be verified before launch]. Figures in brackets are placeholders.
About each lender
HomeEquity Bank
A federally regulated bank that has offered the CHIP Reverse Mortgage since 1986, making it Canada's longest-running reverse mortgage lender.
- Products
- CHIP, CHIP Open, Income Advantage
- Apply
- Direct or through an agent
Equitable Bank
A Canadian Schedule I bank that offers reverse mortgages through mortgage agents and brokers, with lump sum and scheduled advance options.
- Products
- Lump sum and advance options
- Apply
- Through an agent
Bloom Finance
A newer Canadian lender offering reverse mortgages through mortgage agents and brokers.
- Products
- Lump sum and advance options
- Apply
- Through an agent
Product names and details to be confirmed with each lender before launch.
Why compare through an agent?
Each lender sets its own rates, borrowing limits and rules for things like property types, locations and advances. A licensed mortgage agent who works with several lenders can show you every option side by side. You don't pay the agent directly; they're usually paid by the lender when a mortgage closes.