Who Offers Reverse Mortgages in Canada? Top Lenders & Options Explained

A reverse mortgage lets Canadian homeowners aged 55 and older turn home equity into tax-free cash, without selling or moving.

But who offers reverse mortgages in Canada? The answer is shorter than most people expect.

Big banks like RBC, TD and BMO do not offer them. Only four lenders do. If you already know you want one, our brokers can get you a quote on reverse mortgage rates in Ontario from all four.

In this guide, we break down each reverse mortgage lender in Canada, what they offer and how to choose.

What Is a Reverse Mortgage?

Before discussing the lenders, let’s quickly recap a reverse mortgage. This type of loan allows homeowners aged 55 or older to borrow money against the equity in their homes. 

Instead of making monthly payments, the loan is repaid when the homeowner sells the property, moves out, or passes away.

This type of loan can be especially beneficial for seniors who need extra income to cover living expenses or healthcare costs.

Now, let’s explore the best reverse mortgage providers in Canada and what they offer.

Top Reverse Mortgage Lenders in Canada

Choosing the right reverse mortgage company in Canada is an important decision that will shape your experience and financial future.

The company you choose will affect important things like interest rates, fees, and your loan details.

But it is not just about the numbers. Good customer service matters too. A good company should give you clear and simple information, explain everything clearly, and ensure you understand all the terms.

They should also be there for you with helpful and responsive support whenever you need it. 

There are many choices, so knowing what each company offers will help you pick the one that works best for you and your financial needs.

Here are some top lenders who offer the best reverse mortgages in Canada.

1. Home Equity Bank Reverse Mortgage (CHIP)

HomeEquity Bank is the largest reverse mortgage lender in Canada. Its CHIP Reverse Mortgage is the best-known option for homeowners aged 55 and older.

• Access up to 55% of your home's value
• Products include CHIP, CHIP Max, CHIP Open and Income Advantage
• Minimum first advance of $25,000 on most products ($20,000 on Income Advantage)
• Standard closing fee of $1,795, taken from your loan proceeds

Benefits of CHIP Reverse Mortgage:

• No monthly mortgage payments are required.
• Tax-free money.
• Continue to live in your home for as long as you want.

Eligibility:

Understanding reverse mortgage eligibility in Canada is essential before making the right decision. The basic eligibility requirements include:

• Being at least 55 years old (in most cases).
• Owning your home outright or having a significant amount of equity.
• The home must be your primary residence.

2. Equitable Bank Reverse Mortgage

Equitable Bank is the second big name in Canadian reverse mortgages. It offers three products: Flex, Flex Plus and Flex Lite.

Benefits of Equitable Bank Reverse Mortgage:

• Flexible repayment options (you can make interest-only payments if desired).
• Access up to 59% of your home's value.
• Stay in your home as long as you wish.
• $995 setup fee, plus appraisal and legal costs

3. Bloom Financial Reverse Mortgage

Bloom Financial is a newer reverse mortgage lender. It offers products similar to CHIP and Equitable, and has been competing on rate since 2025.

• Homeowners 55 and older
• No monthly payments
• Lump sum and scheduled advance options

4. Home Trust EquityAccess Reverse Mortgage

Home Trust offers its reverse mortgage under the EquityAccess name. It gives borrowers another option to compare against the two larger lenders.

• Homeowners 55 and older
• No monthly payments
• Fixed and adjustable rate terms

5. Reverse Mortgage Brokers in Canada

While some financial institutions offer reverse mortgages directly, you can also work with reverse mortgage brokers in Canada. 

These brokers are experts in the field and can help you find the best reverse mortgage lender based on your needs and financial situation.

Brokers typically work with various reverse mortgage companies, including big names like HomeEquity Bank and Equitable Bank. 

They can help you compare different options, and reverse mortgage interest rates, and terms, ensuring you make an informed decision.

Advantages of Working with Brokers:

• Personalized guidance.
• Access to multiple lenders.
• Help with eligibility requirements and paperwork.

6. Private Lenders: An Alternative, Not a True Reverse Mortgage

Private lenders do not offer true reverse mortgages. But if you do not qualify for one, or need money quickly, a private mortgage can be a short-term alternative. Compare private mortgage loan rates before you decide.

However, it’s important to research and read reviews before choosing a private lender to ensure they are reputable and trustworthy.

Things to Consider with Private Lenders:

• Higher fees or interest rates may apply.
• Fewer options for customization compared to bigger providers.
• Potentially more lenient eligibility criteria.

How Reverse Mortgage Rates Compare Between Lenders

Rates are one of the biggest differences between these four lenders. They also change often, sometimes several times a year.

The best way to see today's numbers is to get a quote. Our brokers compare Ontario reverse mortgage rates from all four lenders for you.

Key Points on Interest Rates:

• Interest rates are typically higher than traditional mortgage rates.
• The interest compounds over time and adds to the overall loan balance.
• Rates can be either fixed or variable depending on your choice.

Government Reverse Mortgage Canada

While there isn’t a specific government reverse mortgage program in Canada, the Canadian government provides various support programs for seniors. 

These include financial assistance through Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). 

These government programs can work alongside a reverse mortgage to enhance your financial security in retirement.

Conclusion

Choosing the right reverse mortgage company is important for a smooth experience. It affects things like loan terms, interest rates, fees, and the customer service you get.

If you're also looking at other options like private mortgage loans, it's important to consider everything, especially if you're a first-time homebuyer or planning for the future.

Take your time to research and talk to an expert to find the best option for you. Want help choosing? Our brokers compare all four lenders for you. Talk to a reverse mortgage expert today.