Nova Scotia has two reverse mortgage lenders: HomeEquity Bank (CHIP) and Home Trust (EquityAccess). Home Trust's October 2025 launch made Nova Scotia the fifth province with multiple reverse mortgage lenders — alongside Ontario, British Columbia, Alberta, and Quebec. For NS homeowners, this is more than a technical change: it introduces real rate competition into a market that had none for almost 40 years.
Until late 2025, CHIP was the only reverse mortgage option in Nova Scotia. Borrowers took the rate they were given. Today, a broker can shop your file between CHIP and Home Trust, compare setup fees ($1,795–$2,995 vs $995), and weigh product features like Home Trust's EquityAccess Boost (up to 59% LTV for borrowers 70+) against CHIP's broader rural reach.
Your Two Lender Options in Nova Scotia
| Lender | Products | Min. Home Value | Setup Fee | Key Note |
|---|---|---|---|---|
| HomeEquity Bank (CHIP) | CHIP, CHIP Max, CHIP Open, Income Advantage | $200,000 ($300,000 for Max/Open) | $1,795–$2,995 | Accepts rural properties across NS; broadest geography |
| Home Trust | EquityAccess, EquityAccess+, EquityAccess Boost | $250,000 ($300,000 for + and Boost) | $995 | Broker-exclusive; competitive rates from 6.44%; urban and suburban NS |
HomeEquity Bank — CHIP Reverse Mortgage
CHIP has served Nova Scotia since the mid-1980s and remains the only lender willing to finance truly rural NS properties — from the South Shore to Cape Breton to the Annapolis Valley. Four products are available: standard CHIP, CHIP Max (higher LTV), CHIP Open (6-month bridge with no prepayment penalty), and Income Advantage (scheduled monthly or quarterly advances).
Home Trust — EquityAccess (since October 2025)
Home Trust included Nova Scotia in its launch provinces in October 2025 — alongside Ontario, BC, and Alberta. This was unusual for a new entrant and speaks to Halifax's real estate growth. Home Trust is broker-exclusive: a licensed NS mortgage broker is the only way in. Their $995 setup fee is dramatically lower than CHIP's, and EquityAccess Boost offers up to 59% LTV for borrowers 70+ — the highest LTV currently available anywhere in Canada.
Why Rate Competition in NS Matters
Before October 2025, a Nova Scotia homeowner who wanted a reverse mortgage had one lender, one set of products, and one rate sheet. There was no second quote to compare. Home Trust's entry changed that dynamic. A typical 70-year-old Halifax borrower can now see a CHIP rate alongside a Home Trust rate and pick the product with the better combination of rate, setup fee, and LTV for their situation. For a 25-year loan accruing compound interest, even a 0.25% rate difference compounds into tens of thousands of dollars.
Regulatory Framework in Nova Scotia
Reverse mortgages in Nova Scotia are regulated at two levels. At the federal level, both HomeEquity Bank and Home Trust are federally regulated and supervised by OSFI (and both are CDIC members). At the provincial level, mortgage brokers and agents are licensed by Service Nova Scotia under the Mortgage Regulation Act, 2012 and its associated regulations. The Consumer Affairs Division of Service Nova Scotia handles business-practices complaints and consumer protection matters.
Any broker you work with in NS must hold a current licence, and a real estate lawyer in good standing must complete the closing and Independent Legal Advice. ILA is standard Canadian practice for reverse mortgages, and NS follows the same process as the rest of the country.
Nova Scotia Property Considerations
Halifax Regional Municipality (HRM)
The Halifax Regional Municipality is by far the largest NS reverse mortgage market. Halifax home values appreciated significantly after 2020, driven in part by interprovincial in-migration — particularly from Ontario, as downsizing Toronto-area retirees looked east for lower absolute dollar prices. Most HRM properties comfortably exceed the $200,000 CHIP minimum and the $250,000 Home Trust minimum, and both lenders are active across the municipality.
Dartmouth, Bedford, Sackville
Dartmouth (south and north), Bedford, and Sackville are strong secondary markets within HRM. Values here tend to be a step below central Halifax but are still well above lender minimums in most neighbourhoods. Both CHIP and Home Trust serve these areas.
Cape Breton (Sydney and area)
Cape Breton home values are generally lower than mainland NS. Central Sydney neighbourhoods often qualify above the $200,000 CHIP minimum, while more outlying parts of the Cape Breton Regional Municipality may fall short. CHIP is more likely than Home Trust to lend in Cape Breton; Home Trust's EquityAccess is better suited to urban and suburban properties.
Truro, New Glasgow, Bridgewater, Kentville, Yarmouth
Smaller NS communities — Truro, New Glasgow, Bridgewater, Kentville, Yarmouth, Antigonish, Amherst — may or may not meet the minimum home-value thresholds depending on the specific property. An appraisal is usually the only way to know for sure. CHIP is the more common option in these markets.
Rural Nova Scotia
For truly rural NS properties — acreages, waterfront cottages used as principal residences, properties in small coastal communities — CHIP is usually the only option. Home Trust's EquityAccess is urban-and-suburban-leaning and less likely to accept remote rural properties. This is the most important product-selection factor outside the HRM.
Property Tax, Capital Gains, and Provincial Benefits
Halifax's property tax rates are moderate-high within the Atlantic region, and Nova Scotia does not have a provincial property-tax deferral program for seniors. Some NS municipalities (including HRM) offer limited property-tax rebates for low-income seniors through municipal programs — worth asking your municipality about before committing to a reverse mortgage for tax-relief reasons specifically.
The Nova Scotia Seniors' Pharmacare Program is one provincial benefit worth mentioning: the annual premium is income-tested, but because reverse mortgage proceeds are tax-free, they do not count as income and do not affect your Pharmacare premium. The same is true for federal OAS, GIS, and CPP.
The capital gains exemption on a principal residence follows federal rules in Nova Scotia. Selling your principal residence is tax-free whether you do it before or after a reverse mortgage; the reverse mortgage balance is simply paid out of the sale proceeds.
Example: 70-Year-Old Halifax Couple
Consider a 70-year-old couple in central Halifax with a home worth $650,000 and no existing mortgage. They want approximately $260,000 (40% LTV) to renovate their home, top up savings, and help an adult child with a down payment.
| Feature | CHIP | Home Trust EquityAccess+ |
|---|---|---|
| 5-year fixed rate (approx.) | ~6.64% special / 7.24% posted | 6.54%–6.79% |
| Setup fee | $1,795–$2,995 | $995 |
| Max LTV on this profile | Up to 55% (~$358K) | Up to 55% (~$358K) |
| Rural acceptance | Yes — central Halifax qualifies easily | Yes — central Halifax qualifies easily |
For this couple, the comparison is meaningful: the Home Trust EquityAccess+ rate is lower and the setup fee is ~$1,000–$2,000 less. CHIP may be preferable if they want access to Income Advantage's scheduled advances or CHIP Open's 6-month bridge terms. A broker who works with both lenders will run the math on both quotes.
Halifax's Interprovincial Migration and Downsizing Pressure
The post-2020 wave of interprovincial in-migration to Nova Scotia — particularly from Ontario — reshaped Halifax's real estate market. Retiring Ontario homeowners selling a GTA home for $1.2 million could buy comfortably in Halifax for $650,000–$800,000 and keep the difference. The downstream effect: HRM home values rose sharply, making reverse mortgage advances larger for long-time NS homeowners who did not move. Many NS retirees discovered they were sitting on far more equity than they thought.
Estimate Your Nova Scotia Reverse Mortgage
Use our reverse mortgage calculator to estimate how much equity you could access under either CHIP or Home Trust. Then take the lender quiz to see which product best fits your situation, or review the eligibility requirements and the step-by-step application process. Before applying, learn what to expect at Independent Legal Advice, and if your needs are modest, consider the alternatives first.