Reverse mortgage rates in Canada today
Reverse-mortgage rates run about two points above regular mortgages. On November 1, 2026 the lowest 5-year fixed rates we read were 6.23% (EQ Flex Lite, Home Trust EquityAccess), 6.28% (EQ Flex), 6.33% (Bloom) and 6.49% (CHIP). Scheduled monthly advances use adjustable rates near 7%.
Figures as of November 1, 2026.The lowest 5-year fixed reverse-mortgage rates we found on November 1, 2026 were EQ Bank's Flex Lite at 6.23% (15–40% of value), EQ Flex at 6.28%, Bloom at 6.33% and HomeEquity Bank's CHIP special at 6.49% (as of October 29, 2026). Renewals are at posted rates: CHIP's 5-year posted rate is 7.09%. That's roughly 1.9 points above the average new 5-year mortgage.
Every product's rates
| Lender and product | Term and rate | Date on the page |
|---|---|---|
| HomeEquity Bank: CHIP Reverse Mortgage | 5-year fixed (special) 6.49% · 3-year fixed (special) 6.69% · 1-year fixed (special) 6.99% · Variable (special, prime + 2.41%) 7.11% · 5-year fixed (posted, applies at renewal) 7.09% | Special rates "as of October 29th, 2026" for new loans in certain locations; posted rates read November 1, 2026 (no date on page). |
| HomeEquity Bank: Income Advantage | Planned advances (variable, prime + 2.66%) 7.36% · Lump-sum account, 5-year fixed 7.09% | Read November 1, 2026 (no date on page). |
| HomeEquity Bank: CHIP Max | 5-year fixed 8.54% · Variable (prime + 3.66%) 8.36% | Read November 1, 2026 (no date on page; page modified September 3, 2026). |
| HomeEquity Bank: CHIP Open | Variable open (prime + 4.5%) 9.20% | Read November 1, 2026 (no date on page). |
| EQ Bank (Equitable Bank): Flex Lite | 5-year fixed 6.23% · 3-year fixed 6.55% · 1-year fixed 6.79% | Read November 1, 2026; the page dates only its prime rate (4.70% as of October 29, 2026). |
| EQ Bank (Equitable Bank): Flex | 5-year fixed 6.28% · 3-year fixed 6.58% · 5-year adjustable (prime + 2.34%) 7.04% | Read November 1, 2026; prime 4.70% as of October 29, 2026. |
| EQ Bank (Equitable Bank): Flex Plus | 5-year fixed 7.43% · 3-year fixed 7.83% | Read November 1, 2026; prime 4.70% as of October 29, 2026. |
| Home Trust Company: EquityAccess, EquityAccess+ and EquityAccess Boost | EquityAccess 5-year fixed 6.23% · EquityAccess+ 5-year fixed 6.29% · EquityAccess+ 5-year adjustable (prime + 2.35%) 7.05% · EquityAccess Boost 5-year fixed 7.44% | Rate table dated October 29, 2026 with prime 4.70%; the same page also shows older tables dated October 30, 2025, so confirm with a broker. |
| Bloom Finance Company: Bloom reverse mortgage | 5-year fixed 6.33% · Lifetime fixed (promotional) 6.69% · 1-year fixed 6.94% | Page shows "As of November 1st 2026" (it may display the current day). |
We read every page on November 1, 2026. Lenders change rates often; the lender's page on the day you apply is what counts. We'll keep this table and the changelog current.
Why reverse mortgage rates are higher
The lender receives nothing until the home is sold, may wait decades, and promises you won't owe more than the home's value. It prices that risk into the rate. The Bank of Canada's average for new uninsured 5-year-plus fixed mortgages was 4.58% (2026-08); reverse-mortgage 5-year rates sit roughly 1.6 to 2 points higher. The Bank of Canada raised its policy rate to 2.50% on October 29, 2026, and lenders' prime moved to 4.70%.
Fixed or variable?
Variable rates are prime plus a spread: CHIP's special variable is prime + 2.41% (7.11%), EQ Flex's 5-year adjustable prime + 2.34%. EQ Bank's scheduled monthly advances are only available on an adjustable rate, and HomeEquity Bank's Income Advantage planned advances are variable. Fixed terms lock the rate for that term only.
What happens at renewal
HomeEquity Bank labels its posted rates "applicable upon reset". Today the CHIP 5-year posted rate is 7.09%, against the 6.49% special. Our engine uses the special rate for five years and the posted rate after that, which is more realistic than a single rate for 25 years.
How much a rate difference matters
| Rate | Owed | vs 6.23% |
|---|---|---|
| 6.23% | $376,484 | $0 |
| 6.33% | $381,999 | $5,515 |
| 6.49% | $390,987 | $14,503 |
| 7.09% | $426,545 | $50,061 |
| 7.43% | $448,062 | $71,578 |
| 8.54% | $525,863 | $149,379 |
Why do monthly advances cost more than lump sums?
| Product | Lump sum, 5-year fixed | Scheduled monthly advances |
|---|---|---|
| HEB CHIP (lump sum) | 6.49% | not offered |
| HEB Income Advantage (monthly) | 7.09% | 7.36% adjustable, from $1,000/month |
| EQ Flex (monthly or lump) | 6.28% | 7.04% adjustable, from $500/month |
| EQ Flex Lite (lump sum) | 6.23% | not offered |
| EQ Flex Plus (70+, lump sum) | 7.43% | not offered |
| Bloom (lump sum) | 6.33% | not offered |
| Home Trust EquityAccess (lump sum) | 6.23% | not offered |
| Home Trust EquityAccess+ (monthly or lump) | 6.29% | 7.05% adjustable |
Lenders fund scheduled advances over many years and price them off prime, so they carry an adjustable rate above the fixed specials. Even so, monthly advances usually cost less overall, because interest runs only on what you've taken; the lump sum vs monthly calculator shows both rates at once.
What happens at renewal?
Special rates apply to the first term only. When a 5-year term ends, the loan renews at the lender's rate on that day: HomeEquity Bank labels its posted rates "applicable upon reset" (7.09% for the 5-year today). Our engine switches to that rate after year five for every product, because the other lenders don't publish one.
| Borrowed | $150,000 |
|---|---|
| No payments | 15 years |
| At 6.23% | $376,484doubles in 11.3 years |
| At 6.49% | $390,987doubles in 10.9 years |
| At 7.43% | $448,062doubles in 9.5 years |
| Difference between 6.23% and 7.43% | $71,578 |
Open the balance calculator →Computed by our engine with the lender terms and rules on the methodology page.Computed November 1, 2026.
What this means for you
A point of rate is worth more on a reverse mortgage than on a regular one, because nothing is paid down. Ask each lender for its renewal rate too: the special rate lasts only the first term.
Frequently asked questions
What is the current reverse mortgage rate in Canada?
On November 1, 2026: HomeEquity Bank CHIP 5-year special 6.49% (as of October 29), EQ Bank Flex Lite 5-year 6.23%, Flex 6.28%, Bloom 5-year 6.33%. Variable rates run about prime (4.70%) plus 2.3 to 2.7 points.
Are reverse mortgage rates negotiable?
Somewhat. HomeEquity Bank's special rates apply to new loans in certain locations; EQ Bank says it will beat a lower rate posted by a competitor for a comparable product on the date you apply.
Primary sources
- HomeEquity Bank — CHIP Reverse Mortgage rates (special rates as of October 29, 2026) (effective October 29, 2026). Checked .
- HomeEquity Bank — CHIP posted rates (applicable upon reset). Checked .
- HomeEquity Bank — CHIP Max rates. Checked .
- HomeEquity Bank — CHIP Open rate and prepayment. Checked .
- HomeEquity Bank — Income Advantage rates and closing cost. Checked .
- EQ Bank (Equitable Bank) — Reverse mortgage comparison and rates (prime 4.70% as of October 29, 2026) (effective October 29, 2026). Checked .
- Bloom Finance Company — Rates and fees (effective November 1, 2026). Checked .
- Bank of Canada — Target for the overnight rate (series V39079): 2.50% from October 29, 2026 (effective October 29, 2026). Checked .