How many reverse mortgage lenders are there in Canada?

There are four regulated reverse mortgage lenders in Canada: HomeEquity Bank (CHIP), Equitable Bank (Flex), Bloom Finance, and Home Trust (EquityAccess). Fraction is also listed as a reverse mortgage alternative — it uses a shared-appreciation model and is available to homeowners 18+, unlike the other lenders which require age 55+.

Which Canadian reverse mortgage lender has the lowest rates?

Equitable Bank and Home Trust are tied for the lowest setup fee ($995) and competitive rates. Equitable Bank's Flex Lite starts at 6.44% and Home Trust's EquityAccess starts at 6.44%–6.68%. Both are broker-exclusive — you cannot access their products directly.

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, Equitable Bank and Home Trust are entirely broker-exclusive — they cannot be accessed without a licensed mortgage broker. Working with a broker gives you access to all four lenders.

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, which is a shared-appreciation alternative rather than a reverse mortgage, is available to homeowners as young as 18.

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

Yes. All four regulated Canadian reverse mortgage lenders — CHIP, Equitable Bank, Bloom Finance, and Home Trust — offer a no-negative-equity guarantee. Fraction, as a shared-appreciation mortgage, does not offer this guarantee.

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Compare Canada's Reverse Mortgage Lenders

Four regulated lenders plus one alternative — every detail you need to choose the right one: rates, fees, provinces, products, and more.

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: ~6.64% (special rate) / 7.24% (posted) Income Advantage: 7.29%	Flex: 6.54% Flex PLUS: 7.69% Flex Lite: 6.44%	Bloom Reverse Mortgage: 6.59% Bloom SafeRate™: 6.69% (lifetime)	EquityAccess: 6.44%–6.68% EquityAccess+: 6.54%–6.79% EquityAccess Boost: 7.69%–7.97%	Fraction 5-Year (Ontario): 7.29% floor Fraction 4-Year (Ontario): 7.19% floor Fraction 3-Year (Ontario): 7.09% floor Fraction 5-Year (BC): 8.72% floor Fraction 4-Year (BC): 8.99% floor
Setup Fee	$1,795–$2,995	$995	~$2,300 (processing + appraisal + ILA certificate)	$995	1%+ origination fee + ~$900–$1,500 legal + ~$400–$600 appraisal + ~$2,000 conveyancing/title
Est. Broker Fee	1.5% min.	1.5% min.	1.5% min.	1.5% min.	1.5% min.
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, AB, NS (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	SafeRate™ — Canada's first lifetime fixed-rate reverse mortgage, 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 SafeRate™ Bloom Prepaid Mastercard	EquityAccess EquityAccess+ EquityAccess Boost	Fraction 5-Year (Ontario) Fraction 4-Year (Ontario) Fraction 3-Year (Ontario) Fraction 5-Year (BC) Fraction 4-Year (BC)
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.	Optional monthly interest payments via pre-authorized debit (PAD). Prepayment penalties apply if the loan is repaid in full before term end. $0 renewal fee.	No prepayment penalty — you can exit at any time. However, full lump sum repayment is required (no partial payments). At end of term (3–5 years), the full balance is due.
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 CDIC-member institution, 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

~6.64% (special rate) / 7.24% (posted)

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

6.59%

Provinces

ON, BC, AB

Products

Bloom Reverse Mortgage · Bloom SafeRate™ · Bloom Prepaid Mastercard

Unique Feature

SafeRate™ — Canada's first lifetime fixed-rate reverse mortgage, 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

Canada's newest reverse mortgage entrant. Home Trust Company is a federally regulated Canadian trust company and CDIC member, subsidiary of Home Capital Group (TSX: HCG). Products are broker-exclusive.

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, AB, NS

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 CDIC-member institution, 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 available to Canadian homeowners 18 and older. Listed for comparison because it solves a similar problem: equity access without monthly payments.

Min Age

18+

Max LTV

Up to 43%

Min Home Value

$300,000

Setup Fee

1%+ origination fee + ~$900–$1,500 legal + ~$400–$600 appraisal + ~$2,000 conveyancing/title

Lowest Rate

7.09% floor

Provinces

ON, BC, AB

Products

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

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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Related Resources

How to choose between the 5 lenders → Understanding interest rates → Loan estimate calculator → All-in cost estimator → Province availability guide → Glossary of terms →

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