Canadian Reverse Mortgages

Reverse Mortgage Cost Estimator

Understand the upfront costs for each lender. All fees shown can typically be rolled into the mortgage, so there is no out-of-pocket expense at closing.

Estimate Setup Costs

All fees shown below are approximate and can typically be rolled into the mortgage

CHIP (HomeEquity Bank)
Setup / processing fee$1,795
Appraisal fee$350
Independent Legal Advice~$300
Total estimated fees~$2,445

Notes:

  • - Setup fee ranges from $1,795 to $2,995 depending on loan size
  • - Appraisal arranged and paid by CHIP, then charged to borrower
  • - ILA (Independent Legal Advice) is mandatory
Lowest Cost
Equitable Bank
Setup / processing fee$995
Appraisal fee$350
Independent Legal Advice~$300
Total estimated fees~$1,645

Notes:

  • - Lowest setup fee in the market ($995)
  • - Broker-exclusive — must go through a mortgage broker
  • - ILA (Independent Legal Advice) is mandatory
Bloom Finance
Setup / processing fee$1,650
Appraisal feeIncluded
Independent Legal Advice~$300
Total estimated fees~$1,950

Notes:

  • - All-in processing fee of approximately $2,300
  • - Bloom pays for the appraisal (included in processing fee)
  • - ILA (Independent Legal Advice) is mandatory
Lowest Cost
Home Trust (EquityAccess)
Setup / processing fee$995
Appraisal fee$350
Independent Legal Advice~$300
Total estimated fees~$1,645

Notes:

  • - Tied for lowest setup fee ($995 — same as Equitable Bank)
  • - Broker-exclusive — must go through a mortgage broker
  • - ILA (Independent Legal Advice) is mandatory
  • - $0 renewal fee at end of term
Fraction (Alternative)
Setup / processing fee$5,000
Appraisal fee$500
Independent Legal Advice~$1,200
Total estimated fees~$6,700

Notes:

  • - 2.5% origination fee (shown here on a $200K loan; actual fee scales with loan size)
  • - Appraisal paid out-of-pocket ($400–$600)
  • - Legal/conveyancing fees ~$2,000 (includes title insurance)
  • - Not a reverse mortgage — 5-year term with mandatory repayment
  • - 1% renewal fee if extending beyond initial term

Important notes about fees

  • - All setup fees can typically be rolled into the reverse mortgage, meaning no out-of-pocket cost at closing
  • - Independent Legal Advice (ILA) is required by all lenders to ensure you understand the terms
  • - Legal/notary fees for the mortgage registration are additional (typically $800-$1,500)
  • - Some lenders may waive or reduce fees for larger loan amounts

Fee estimates are approximate and based on publicly available information as of the most recent update. Actual fees may vary based on loan amount, property location, and lender policies. Legal and notary fees for mortgage registration are not included in the estimates above. Consult a licensed mortgage broker for a detailed cost breakdown.