Reverse Mortgages by Province

How Province Affects Your Options

Five-Lender Provinces (Ontario, British Columbia, Alberta)

If you live in Ontario, British Columbia, or Alberta, you have access to all five Canadian reverse mortgage lenders. This means your broker can compare rates, fees, and product features across CHIP, Equitable Bank, Bloom Finance, Home Trust, and Fraction — giving you the most competitive options. Equitable Bank and Home Trust are broker-exclusive, meaning you cannot access their products directly; you must work with a broker.

Two-Lender Province (Quebec)

Quebec has access to CHIP and Equitable Bank, but not Bloom Finance. Quebec's civil law system means the legal process differs — you work with a notary rather than a lawyer for both the transaction and the Independent Legal Advice. Despite having only two lenders, Quebec borrowers still benefit from competition between CHIP and Equitable's broker-exclusive products.

Two-Lender Province (Nova Scotia)

Nova Scotia has access to HomeEquity Bank (CHIP) and Home Trust (EquityAccess). Home Trust is broker-exclusive, so working with a broker gives you access to both lenders and rate competition that direct applicants cannot get. See the dedicated Nova Scotia page for Halifax-area details, regulatory context, and product comparisons.

One-Lender Provinces (Manitoba, Saskatchewan, New Brunswick, Prince Edward Island, Newfoundland and Labrador)

In Manitoba, Saskatchewan, New Brunswick, Prince Edward Island, and Newfoundland and Labrador, HomeEquity Bank's CHIP program is the only option. CHIP is the oldest and largest reverse mortgage lender in Canada, operating since the mid-1980s, and they accept properties across all 10 provinces — including rural and remote locations that other lenders do not serve. While you have less rate competition, a broker familiar with CHIP's product lineup can still help you access the best product (standard CHIP, CHIP Max, CHIP Open, or Income Advantage) for your needs.

Territories (Yukon, Northwest Territories, Nunavut)

No Canadian reverse mortgage lender currently operates in the territories. This is primarily due to the small market size, limited property data for appraisals, and the unique challenges of northern real estate markets. Residents of the territories may wish to explore alternative equity access options.

Why a Broker Matters Even More in Limited Markets

In provinces with only one or two lenders, some people assume they do not need a broker — that they can go directly to the lender. This is a mistake for several reasons:

• Equitable Bank is broker-exclusive. If your province has Equitable, you literally cannot access their products without a broker. And Equitable typically offers the lowest rates in Canada.
• Product selection within a lender. Even with one lender (CHIP), there are four distinct products with different LTVs, rates, advance options, and terms. A broker helps you choose the right one.
• Broker compensation is lender-paid. The broker does not cost you anything — their compensation comes from the lender. There is no financial downside to using a broker.
• Process expertise. An experienced reverse mortgage broker knows the process, the common pitfalls, and how to keep things moving efficiently. This is especially valuable if you are in a rural area where timelines can be longer.