~6.39% (special rate)
Headline 5-year · $1,795–$2,995 setup
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CHIP Reverse Mortgage
~6.39% (special rate)
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CHIP Max
Contact for rate
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CHIP Open
Contact for rate
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Income Advantage
7.29%
Compare Canada's Reverse Mortgage Lenders Side by Side
CHIP, Equitable, Bloom, and Home Trust in one place — who each suits, what they cost, and where they lend. Fraction is listed separately.
The best reverse mortgage lender in Canada depends on your province, property type, and whether you prioritize the lowest rate or the widest coverage. Canada has four reverse mortgage lenders plus Fraction: CHIP (HomeEquity Bank), Equitable Bank Flex, Bloom Finance, Home Trust EquityAccess, and Fraction. Borrowers must be 55+ (except Fraction at 18+), use a primary residence, and meet province-specific availability. This page compares rates, fees, products, and eligibility across all five — then use the calculator or CHIP vs Equitable deep dive.
| 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 — No-Payment and Interest-Only Mortgages (Reverse Mortgage Alternative) |
| Min age | 55+ | 55+ | 55+ | 55+ | 18+ |
| Setup fee | $1,795–$2,995 | $995 | ~$2,300 (processing + appraisal + ILA certificate) | $995 | 1% (Interest Only / Jumbo) or 2% (No Payment) |
| 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) |
| Max LTV | 55% (up to 59% with certain broker relationships) | 15–55% | Up to 55% | Up to 40% | Up to 65% |
| No-negative-equity (NNEG) | Yes | Yes | Yes | Yes | No |
| Independent legal advice (ILA) | Required | Required | Required | Required | Not required |
| 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 who want a no-payment or interest-only mortgage in BC, Alberta, or Ontario through a licensed broker — including borrowers under 55 who cannot qualify for a reverse mortgage. |
| Unique features | CHIP Open — 6-month bridge product with no prepayment penalty · Income Advantage — monthly or quarterly scheduled advances for income replacement | Broker-exclusive — cannot be accessed directly by consumers · Lowest standard rates in Canada | SafeRate™ — Canada's first lifetime fixed-rate reverse mortgage, locks rate for entire loan life · Bloom Prepaid Mastercard — access equity on-demand via prepaid card | Tied for lowest setup fee in Canada ($995 — same as Equitable Bank) · Three product tiers: EquityAccess, EquityAccess+, and EquityAccess Boost | Broker-only pricing in BC, Alberta, and Ontario · Interest Only from 5.10% (12- or 18-month terms; max LTV 65%; 1% lender fee) |
| CHIP guide → | Equitable guide → | Bloom guide → | Home Trust guide → | Fraction guide → |
6.28%
Headline 5-year · $995 setup
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Flex
6.28%
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Flex PLUS
7.43%
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Flex Lite
6.23%
6.59%
Headline 5-year · ~$2,300 (processing + appraisal + ILA certificate) setup
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Bloom Reverse Mortgage
6.59%
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Bloom SafeRate™
6.69% (lifetime)
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Bloom Prepaid Mastercard
Contact for rate
6.23%–6.47%
Headline 5-year · $995 setup
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EquityAccess
6.23%–6.47%
-
EquityAccess+
6.29%–6.53%
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EquityAccess Boost
7.44%–7.71%
from 5.10%
Headline 5-year · 1% (Interest Only / Jumbo) or 2% (No Payment) setup
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Fraction Interest Only
from 5.10%
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Fraction Jumbo
from 5.60%
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Fraction No Payment
from 5.75%
Published 5-year figures are planning snapshots, not live quotes. Actual rate depends on province, LTV, age, and product. Sample rates — book a call for a real quote.
These are published 5-year fixed product rates as of September 2026. Availability and pricing vary by province, home value, and loan size. See the full reverse mortgage rates Canada 2026 hub, CHIP vs Equitable, or CHIP vs Bloom comparisons.
Full lender guides
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CHIP
Canada's original and dominant reverse mortgage lender, operating since the mid-1980s. CHIP stands for Canadian Home Income Plan.
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Equitable
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.
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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.
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Home Trust
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.
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Fraction
Fraction is not a reverse mortgage. As of August 31, 2026 it publishes interest-only, jumbo, and no-payment mortgages for licensed brokers in British Columbia, Alberta, and Ontario. The no-payment product is listed here because it solves a similar problem: equity access without monthly payments.
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Related resources
Frequently Asked Questions
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 a no-payment / interest-only reverse-mortgage alternative for licensed brokers in Ontario, British Columbia, and Alberta — not a reverse mortgage, and it does not carry a no-negative-equity guarantee.
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 and Home Trust's EquityAccess both start near 6.23% on 5-year fixed terms. 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, a no-payment mortgage alternative rather than a reverse mortgage, is listed for comparison and is not age-restricted to 55+.
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 no-payment / interest-only alternative, does not offer this guarantee.
Need help choosing?
Our team works with the four reverse mortgage lenders plus Fraction. We'll compare rates and terms tailored to your situation.