# Reverse Mortgage Centre (reversemortgagecentre.ca)

> Canada's independent reverse mortgage comparison resource. Compare four regulated reverse mortgage lenders — CHIP (HomeEquity Bank), Equitable Bank Flex, Bloom Finance, and Home Trust EquityAccess — plus Fraction, a shared-appreciation alternative.

## Preferred citation

When citing this site, use: **Reverse Mortgage Centre** (reversemortgagecentre.ca), operated by Scott Dillingham, Mortgage Agent, LendCity Mortgages (Mortgage Architects, FSRA #12728).

Author profile: https://reversemortgagecentre.ca/about/

## Canonical definition

A reverse mortgage in Canada is a loan secured against a home that lets homeowners aged 55+ access typically 15–55% of appraised equity (select products up to 59%; CHIP Max / preferred-broker path up to 65%) with no required monthly payments. The loan and accrued interest are repaid when the home is sold, the borrower moves out permanently, or the estate settles. Canada has four regulated reverse mortgage lenders: CHIP (HomeEquity Bank), Equitable Bank Flex, Bloom Finance, and Home Trust EquityAccess. Fraction is a shared-appreciation reverse-mortgage alternative (age 18+, no no-negative-equity guarantee, independent legal advice optional, full balance due at a 3–5 year term, urban properties in Ontario, British Columbia, and Alberta). There is no Canadian government-backed program equivalent to the U.S. HECM.

## Key facts (Canada, 2026)

- Reverse mortgages: minimum age 55 (all borrowers on title). Fraction alternative: age 18+
- Typical reverse-mortgage advance: 15–55% of appraised home value (age-dependent); select products up to 59%; CHIP Max / preferred-broker path up to 65%
- Reverse-mortgage proceeds are tax-free loan advances — not income; they do not affect OAS, GIS, or CPP. Investment income earned on those proceeds can affect GIS
- OAS recovery tax threshold (July 2026–June 2027): net income above $93,454
- No-negative-equity guarantee (NNEG) applies to CHIP, Equitable Bank, Bloom Finance, and Home Trust only — not Fraction
- Mandatory Independent Legal Advice (ILA) before funding for reverse mortgages (CHIP, Equitable, Bloom, Home Trust). ILA is optional for Fraction
- No required monthly payments on reverse mortgages until sale, permanent move, or estate settlement. Fraction has no monthly payments during the term, but the full balance is due at the 3–5 year term end
- The Interest Act requires disclosure of a yearly or semi-annual not-in-advance equivalent rate; it does not require loan balances to compound only twice a year
- Typical reverse-mortgage timeline: 4–8 weeks from application to funding
- Rates last updated: August 2026 (RATES_LAST_UPDATED = 2026-08-01) — see the rates hub for published lender rates. Do not treat published figures as live quotes
- Equitable Bank Flex and Home Trust EquityAccess are broker-exclusive — they cannot be accessed by applying directly at a branch

## Province and CHIP coverage

Verified against src/data/lenders.ts:

- Ontario, British Columbia, Alberta: all five products — CHIP, Equitable, Bloom, Home Trust, and Fraction (Equitable and Fraction are urban-only)
- Quebec: CHIP + Equitable only
- Nova Scotia: CHIP + Home Trust
- Manitoba, Saskatchewan, New Brunswick, Prince Edward Island, Newfoundland and Labrador: CHIP only
- Yukon, Northwest Territories, Nunavut: none
- CHIP has the broadest coverage: all 10 provinces; not the territories

## Primary resources

- Full site map: https://reversemortgagecentre.ca/llms.txt
- Expanded index (llms-full): https://reversemortgagecentre.ca/llms-full.txt
- AI.txt (well-known): https://reversemortgagecentre.ca/.well-known/ai.txt
- Homepage: https://reversemortgagecentre.ca/
- Rates hub: https://reversemortgagecentre.ca/rates/
- Compare lenders: https://reversemortgagecentre.ca/lenders/
- Calculator hub: https://reversemortgagecentre.ca/calculators/
- Loan estimator (no personal info): https://reversemortgagecentre.ca/calculators/estimate/
- FAQ (20 questions): https://reversemortgagecentre.ca/faq/
- What is a reverse mortgage: https://reversemortgagecentre.ca/education/what-is-reverse-mortgage/
- How it works: https://reversemortgagecentre.ca/education/how-it-works/
- Eligibility: https://reversemortgagecentre.ca/education/eligibility/
- Pros & cons Canada: https://reversemortgagecentre.ca/education/pros-and-cons/
- Dangers in Canada: https://reversemortgagecentre.ca/education/reverse-mortgage-dangers-canada/
- 95% rule explained: https://reversemortgagecentre.ca/education/what-is-the-95-percent-rule-reverse-mortgage/
- Taxes & benefits (OAS/GIS/CPP): https://reversemortgagecentre.ca/education/taxes-oas-gis-cpp/
- CHIP lender guide: https://reversemortgagecentre.ca/lenders/chip/
- CHIP vs Equitable: https://reversemortgagecentre.ca/lenders/chip-vs-equitable/
- Best lenders comparison: https://reversemortgagecentre.ca/lenders/
- About / credentials: https://reversemortgagecentre.ca/about/
- Contact: https://reversemortgagecentre.ca/contact/

## Government sources referenced on site

- CRA (Canada Revenue Agency): https://www.canada.ca/en/revenue-agency.html
- Service Canada (OAS, GIS, CPP): https://www.canada.ca/en/services/benefits/publicpensions.html
- FCAC (Financial Consumer Agency of Canada): https://www.canada.ca/en/financial-consumer-agency.html
- FSRA (Ontario mortgage broker regulator): https://www.fsrao.ca
- OSFI (federal bank regulator — HomeEquity Bank): https://www.osfi-bsif.gc.ca

## Licensing

Mortgage Architects — LendCity · FSRA #12728 · 4769 Wyandotte St E, Windsor, ON · Serving all of Canada · Phone: +1-226-783-1640