Reverse Mortgages in Manitoba, Saskatchewan, Nova Scotia, New Brunswick, PEI, and Newfoundland

If you live in Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Prince Edward Island, or Newfoundland and Labrador, there is one reverse mortgage lender available to you: HomeEquity Bank, which offers the CHIP Reverse Mortgage. Equitable Bank and Bloom Finance do not currently operate in these provinces.

Having only one lender does not mean you are without options. CHIP offers four distinct products, each designed for different situations. And the fundamentals of a reverse mortgage — no monthly payments, no income qualification, no-negative-equity guarantee — are the same regardless of which province you live in.

Why Only CHIP?

The reverse mortgage market in Canada is still relatively small compared to the conventional mortgage market. Equitable Bank and Bloom Finance, the two newer entrants, have focused their expansion on the largest markets first: Ontario, British Columbia, Alberta, and (in Equitable's case) Quebec. These four provinces represent approximately 85% of the Canadian reverse mortgage market by volume.

HomeEquity Bank has been operating since the mid-1980s and has built the infrastructure and appraiser networks needed to serve all 10 provinces. Their willingness to lend in smaller markets and rural communities is one of their most important competitive advantages — and in these six provinces, it is the reason you have access to a reverse mortgage at all.

As the reverse mortgage market grows and more Canadians become aware of the product, it is possible that Equitable Bank and Bloom Finance will expand to additional provinces. But as of 2026, CHIP is the only option in these markets.

CHIP Products Available to You

Even with one lender, you have four product options. Understanding the differences helps you and your broker select the best fit.

CHIP Reverse Mortgage (Standard)

The flagship product. Available to homeowners aged 55 and older with a home valued at $200,000 or more.

• Maximum LTV: Up to 55% (up to 59% through certain broker relationships)
• Advance options: Lump sum, scheduled advances, or a combination
• Rate: 5-year fixed rate (currently ~7.24%)
• Best for: Most borrowers — offers the most flexible advance structure

CHIP Max

For borrowers who need to access more equity than the standard product provides.

• Minimum home value: $300,000
• Maximum LTV: Up to 59% standard, up to 65% through preferred brokers
• Advance options: Lump sum or scheduled advances
• Best for: Borrowers who need the maximum possible equity access — particularly useful for debt consolidation or paying off an existing large mortgage

CHIP Open

A short-term bridge product with no prepayment penalty.

• Minimum home value: $300,000
• Term: 6 months
• Advance options: Lump sum only
• Key feature: No prepayment penalty — repay in full within 6 months at no cost
• Best for: Bridge financing — when you need funds temporarily while waiting for another event (sale of another property, insurance settlement, inheritance, etc.)

Income Advantage

Designed specifically for income replacement — delivers funds as regular payments rather than a lump sum.

• Minimum home value: $200,000
• Maximum LTV: Up to 55%
• Advance options: Monthly (minimum $1,000/month) or quarterly (minimum $3,000/quarter)
• Rate: 5-year fixed (currently 7.29%)
• Best for: Retirees who need steady, predictable income supplementation rather than a lump sum

Province-by-Province Notes

Manitoba

Winnipeg is the primary market, with property values that comfortably exceed the $200,000 minimum for most neighbourhoods. Brandon, Steinbach, and other smaller cities may also qualify. Manitoba's relatively stable housing market provides a predictable foundation for reverse mortgage planning. Property values appreciate more modestly than in BC or Ontario, but also experience fewer sharp corrections.

Saskatchewan

Regina and Saskatoon are the primary markets. Like Alberta, Saskatchewan's economy has ties to natural resources (agriculture and potash in addition to energy), which can create some cyclicality in home values. However, major cities have diversified economies that support stable property markets. Moose Jaw, Prince Albert, and other smaller cities may qualify depending on property values.

Nova Scotia

Halifax and Dartmouth are the primary markets. Halifax's real estate market has seen significant appreciation in recent years, driven by population growth and interprovincial migration. Properties in the Halifax Regional Municipality typically qualify with values well above the minimum. Smaller communities across Nova Scotia may qualify if property values meet the $200,000 threshold.

New Brunswick

Moncton, Saint John, and Fredericton are the primary markets. New Brunswick has some of the most affordable real estate in Canada, which means property values in smaller communities may be close to or below the $200,000 minimum. In the three major cities, most properties qualify. The recent influx of interprovincial migrants has pushed values upward, particularly in Moncton.

Prince Edward Island

Charlottetown and Summerside are the primary markets. PEI's real estate market has appreciated significantly due to population growth, and property values in Charlottetown now comfortably exceed the $200,000 minimum. PEI is the smallest province, and CHIP's willingness to serve this market is notable.

Newfoundland and Labrador

St. John's is the primary market. Newfoundland's real estate market is among the most affordable in Canada, and property values outside St. John's can be below the $200,000 minimum. Within St. John's and its surrounding communities (Mount Pearl, Paradise, Conception Bay South), most properties qualify. The province's economy is tied to offshore oil and fisheries, which creates some cyclicality in home values.

Do I Still Need a Broker?

Yes — emphatically. Even though there is only one lender, a broker adds significant value:

• Product selection. CHIP offers four distinct products. The difference between the standard CHIP, CHIP Max, CHIP Open, and Income Advantage can mean tens of thousands of dollars over the life of the loan. A broker helps you choose the right one.
• Negotiation. Experienced reverse mortgage brokers may have preferred relationships with HomeEquity Bank that provide access to better rates or higher LTVs than you would get going directly to the lender.
• Process management. A broker manages the entire process — application, appraisal coordination, underwriting communication, and closing. This is especially valuable in smaller markets where the process may be less familiar to local professionals.
• No cost to you. The broker's compensation is paid by HomeEquity Bank. There is no fee to you for using a broker.
• Alternative assessment. A responsible broker will first determine whether a different product (HELOC, refinance, etc.) might be a better fit before recommending a reverse mortgage.

The $200,000 Minimum: What If My Home Is Worth Less?

If your home is appraised at less than $200,000, you will not qualify for a CHIP reverse mortgage. In that case, your options include:

• HELOC — if you can qualify based on income
• Conventional refinancing — if you can pass the stress test
• Provincial assistance programs — check with your provincial government for senior-specific financial support programs
• Property tax deferral — some provinces and municipalities offer property tax deferral programs for seniors

If your home value is close to $200,000, it is still worth having the conversation with a broker. The appraised value may come in higher than you expect, and minor renovations or market appreciation could push the value over the threshold.

Getting Started

The process for getting a reverse mortgage in these provinces is identical to the standard 10-step process: discovery call, application, appraisal, underwriting, commitment letter, ILA, legal closing, and funding. The timeline (4 to 8 weeks) may be on the longer end in smaller communities due to appraiser availability, but the process itself is the same.