How many reverse mortgage lenders are there in Canada?

There are four reverse mortgage lenders operating in Canada: HomeEquity Bank (CHIP), Equitable Bank (Flex), Bloom Finance, and Home Trust (EquityAccess, launched October 2025). Fraction is also frequently compared but is technically a shared-appreciation mortgage alternative, not a reverse mortgage. CHIP is available in all 10 provinces, while the other lenders serve a smaller number of provinces.

Which Canadian reverse mortgage lender has the lowest rates?

Equitable Bank consistently offers the lowest known reverse mortgage rates in Canada. Their Flex Lite product starts at 6.44% for a 5-year fixed term. However, Equitable Bank is broker-exclusive. Home Trust (new entrant) may also offer competitive rates — consult a broker for their latest pricing.

Do I need a mortgage broker for a reverse mortgage in Canada?

You do not strictly need a broker for CHIP or Bloom, as they accept direct applications. However, both Equitable Bank and Home Trust are entirely broker-exclusive — they cannot be accessed without a licensed mortgage broker. Since two of the four lenders require a broker, working with one gives you access to all lenders and the ability to compare offers.

What is the minimum age for a reverse mortgage in Canada?

All four Canadian reverse mortgage lenders require the youngest borrower on title to be at least 55 years old. Fraction is a notable alternative with no age requirement (18+), but it is not a reverse mortgage — it uses a shared appreciation model with a mandatory 5-year repayment term.

Is there a no-negative-equity guarantee on Canadian reverse mortgages?

Yes. All four Canadian reverse mortgage lenders — CHIP, Equitable Bank, Bloom Finance, and Home Trust — offer a no-negative-equity guarantee. Fraction (the reverse mortgage alternative) does NOT offer this guarantee. This means with a true reverse mortgage, you will never owe more than the fair market value of your home at the time of sale.

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Compare Canada's Reverse Mortgage Lenders & Alternatives

Four lenders offer reverse mortgages in Canada, plus Fraction as a no-payment alternative. Here is every detail you need to choose the right one — rates, fees, provinces, products, and more.

Rates as of March 2026

Feature	CHIP	Equitable	Bloom	Home Trust	Fraction
Full Name	HomeEquity Bank — CHIP Reverse Mortgage	Equitable Bank — Reverse Mortgage Flex	Bloom Finance — Bloom Reverse Mortgage	Home Trust — EquityAccess Reverse Mortgage	Fraction — Shared Appreciation Mortgage (Reverse Mortgage Alternative)
Min Age	55+	55+	55+	55+	18+
Max LTV	55% (up to 59% with certain broker relationships)	15–55%	Up to 55%	Up to 40%	Up to 43%
Min Home Value	$200,000	$250,000	$250,000	$250,000	$300,000
5-Year Fixed Rate	CHIP Reverse Mortgage: ~7.24% Income Advantage: 7.29%	Flex: 6.54% Flex PLUS: 7.69% Flex Lite: 6.44%	Bloom Lifetime Fixed-Rate: 6.69% (lifetime)	EquityAccess: 6.44%–6.68% EquityAccess+: 6.54%–6.79% EquityAccess Boost: 7.69%–7.97%	Fraction 5-Year (Ontario): 7.09%–7.09% (ON) Fraction 5-Year (BC): 8.72% (BC)
Setup Fee	$1,795–$2,995	$995	~$2,300 (processing + appraisal + ILA certificate)	$995	2.5% origination fee (1.5% via broker) + ~$900–$1,500 legal + ~$400–$600 appraisal
Broker Exclusive	No — direct or broker	Yes — broker required	No — direct or broker	Yes — broker required	No — direct or broker
Provinces	ON, BC, AB, QC, MB, SK, NS, NB, PE, NL (10)	BC, AB, ON, QC (4)	ON, BC, AB (3)	ON, BC, NS, AB (4)	ON, BC, AB (3)
Payout Options	Lump sum, scheduled advances, or combination Lump sum or scheduled advances Lump sum only Monthly or quarterly scheduled advances	Lump sum + scheduled advances One-time lump sum only	Lump sum, monthly payments, or combination; option for no monthly payments Single lump sum or on-demand draws with optional monthly payments On-demand via prepaid card	Single lump-sum advance only Lump sum + scheduled advances (monthly, quarterly, semi-annual, or annual) Lump sum + scheduled advances	One-time lump sum
Unique Feature	CHIP Open — 6-month bridge product with no prepayment penalty	Broker-exclusive — cannot be accessed directly by consumers	Lifetime Fixed-Rate Reverse Mortgage — Canada's first, locks rate for entire loan life	Tied for lowest setup fee in Canada ($995 — same as Equitable Bank)	No minimum age — available to anyone 18+ (unlike reverse mortgages which require 55+)
No-Negative-Equity Guarantee	Yes	Yes	Yes	Yes	No
Urban Only	No — rural/remote accepted	Yes — urban properties only	No — rural/remote accepted	No — rural/remote accepted	Yes — urban properties only
Products	CHIP Reverse Mortgage CHIP Max CHIP Open Income Advantage	Flex Flex PLUS Flex Lite	Bloom Reverse Mortgage Bloom Lifetime Fixed-Rate Bloom Prepaid Mastercard	EquityAccess EquityAccess+ EquityAccess Boost	Fraction 5-Year (Ontario) Fraction 4-Year (Ontario) Fraction 3-Year (Ontario) Fraction 5-Year (BC) Fraction 10-Year
Prepayment	Prepayment penalties apply within the term. CHIP Open (6-month term) has no prepayment penalty.	More favourable penalty structure for payoffs within the first 3 years vs. HomeEquity Bank.	No prepayment penalty if client downsizes, moves to assisted living, or passes away. Steep penalties for other early exits: 8% in Year 1, declining 1% per year.	Prepayment privileges allow optional monthly interest payments via pre-authorized debit. Prepayment penalties apply for early exit within a term. $0 fee at renewal/reset.	No prepayment penalty — you can exit at any time. However, full lump sum repayment is required; Fraction does not accept partial payments.
Best For	Clients in rural/remote areas, clients needing income-stream products, and clients who need a short-term bridge (CHIP Open).	Urban borrowers prioritizing the lowest rate and lowest setup costs. Best rates in Canada across all tiers.	Clients who want lifetime rate certainty (no renewal risk ever) or flexible on-demand equity access via the Prepaid Mastercard.	Borrowers who want the lowest fees ($995 setup, $0 renewal), competitive rates from a federally regulated bank, or borrowers 70+ who need up to 59% LTV via the Boost product.	Homeowners under 55 who cannot qualify for a reverse mortgage, or anyone who wants no monthly payments and believes their home will appreciate modestly (keeping the rate near the floor).
	Read full CHIP guide →	Read full Equitable guide →	Read full Bloom guide →	Read full Home Trust guide →	Read full Fraction guide →

CHIP

Canada's original and dominant reverse mortgage lender, operating since the mid-1980s. CHIP stands for Canadian Home Income Plan.

Min Age

55+

Max LTV

55% (up to 59% with certain broker relationships)

Min Home Value

$200,000

Setup Fee

$1,795–$2,995

Lowest Rate

~7.24%

Provinces

ON, BC, AB, QC, MB, SK, NS, NB, PE, NL

Products

CHIP Reverse Mortgage · CHIP Max · CHIP Open · Income Advantage

Unique Feature

CHIP Open — 6-month bridge product with no prepayment penalty

No-Negative-Equity

Yes

Best For

Clients in rural/remote areas, clients needing income-stream products, and clients who need a short-term bridge (CHIP Open).

Read full CHIP guide →

Equitable

Broker Exclusive

Equitable Bank entered the reverse mortgage space in early 2018 and is broker-exclusive — meaning it is entirely inaccessible to borrowers who go directly to a bank branch. This is the single most powerful reason a Canadian borrower needs a broker.

Min Age

55+

Max LTV

15–55%

Min Home Value

$250,000

Setup Fee

$995

Lowest Rate

6.44%

Provinces

BC, AB, ON, QC

Products

Flex · Flex PLUS · Flex Lite

Unique Feature

Broker-exclusive — cannot be accessed directly by consumers

No-Negative-Equity

Yes

Best For

Urban borrowers prioritizing the lowest rate and lowest setup costs. Best rates in Canada across all tiers.

Read full Equitable guide →

Bloom

A Canadian fintech founded in 2019, offering reverse mortgages to homeowners 55+ in Ontario, Alberta, and British Columbia. Bloom distributes through brokers and directly.

Min Age

55+

Max LTV

Up to 55%

Min Home Value

$250,000

Setup Fee

~$2,300 (processing + appraisal + ILA certificate)

Lowest Rate

6.69% (lifetime)

Provinces

ON, BC, AB

Products

Bloom Reverse Mortgage · Bloom Lifetime Fixed-Rate · Bloom Prepaid Mastercard

Unique Feature

Lifetime Fixed-Rate Reverse Mortgage — Canada's first, locks rate for entire loan life

No-Negative-Equity

Yes

Best For

Clients who want lifetime rate certainty (no renewal risk ever) or flexible on-demand equity access via the Prepaid Mastercard.

Read full Bloom guide →

Home Trust

Broker Exclusive

Home Trust entered Canada's reverse mortgage market on October 20, 2025 with EquityAccess, a broker-exclusive suite of three products for Canadians aged 55+. Home Trust is a federally regulated trust company (CDIC member) with a $995 setup fee — tied for the lowest in Canada.

Min Age

55+

Max LTV

Up to 40%

Min Home Value

$250,000

Setup Fee

$995

Lowest Rate

6.44%–6.68%

Provinces

ON, BC, NS, AB

Products

EquityAccess · EquityAccess+ · EquityAccess Boost

Unique Feature

Tied for lowest setup fee in Canada ($995 — same as Equitable Bank)

No-Negative-Equity

Yes

Best For

Borrowers who want the lowest fees ($995 setup, $0 renewal), competitive rates from a federally regulated bank, or borrowers 70+ who need up to 59% LTV via the Boost product.

Read full Home Trust guide →

Fraction

Fraction is NOT a reverse mortgage — it is a shared-appreciation, no-monthly-payment mortgage with no minimum age requirement. It appears in reverse mortgage comparisons because it serves a similar need: accessing home equity without monthly payments. The key difference is that your interest rate is tied to your home's appreciation.

Min Age

18+

Max LTV

Up to 43%

Min Home Value

$300,000

Setup Fee

2.5% origination fee (1.5% via broker) + ~$900–$1,500 legal + ~$400–$600 appraisal

Lowest Rate

7.09%–7.09% (ON)

Provinces

ON, BC, AB

Products

Fraction 5-Year (Ontario) · Fraction 4-Year (Ontario) · Fraction 3-Year (Ontario) · Fraction 5-Year (BC) · Fraction 10-Year

Unique Feature

No minimum age — available to anyone 18+ (unlike reverse mortgages which require 55+)

No-Negative-Equity

Best For

Homeowners under 55 who cannot qualify for a reverse mortgage, or anyone who wants no monthly payments and believes their home will appreciate modestly (keeping the rate near the floor).

Read full Fraction guide →

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