Canadian reverse mortgage lenders and products, compared
Four lenders offer reverse mortgages in Canada: HomeEquity Bank (CHIP, Income Advantage), EQ Bank (Flex Lite, Flex, Flex Plus), Bloom, and Home Trust (EquityAccess, sold through brokers). Five-year fixed rates we read ran from 6.23% to 6.49% for most borrowers; only some products pay monthly advances.
Figures as of November 1, 2026.Four lenders offer reverse mortgages in Canada today: HomeEquity Bank (CHIP, Income Advantage, CHIP Max, CHIP Open), EQ Bank, formerly marketed as Equitable Bank (Flex Lite, Flex, Flex Plus), Bloom, and Home Trust (EquityAccess, EquityAccess+ and Boost, sold through mortgage brokers). Maximums run from 40% (Flex Lite) to 59% (Flex Plus, 70+). The lowest 5-year fixed rates we read on November 1, 2026 were 6.23% (EQ Flex Lite) to 6.49% (CHIP special). We're not affiliated with any of them.
The lenders
| Lender | Regulation | Products |
|---|---|---|
| HomeEquity Bank | Federally regulated bank (OSFI) | CHIP, Income Advantage, CHIP Max, CHIP Open |
| EQ Bank (Equitable Bank) | Federally regulated bank (OSFI) | Flex Lite, Flex, Flex Plus |
| Home Trust Company | Federally regulated trust company (OSFI); sold through mortgage brokers | EquityAccess, EquityAccess+, EquityAccess Boost |
| Bloom Finance Company | Licensed in Ontario, British Columbia and Alberta | Bloom reverse mortgage |
Every product in detail
HomeEquity Bank: CHIP Reverse Mortgage
The original Canadian reverse mortgage: one lump sum (at least $25,000), with optional later advances of $5,000 or more.
- Maximum
- Up to 55%; depends on age, appraised value, location and home type.
- Minimum age
- 55
- Minimum home value
- $250,000
- Where
- All ten provinces; not the territories.
- Advances
- Initial lump sum of at least $25,000; later advances of at least $5,000 ($50 each).
- Set-up
- $1,795 closing and admin fee for most clients, deducted from the proceeds; you also pay the appraisal and your own lawyer.
- Prepayment
- 5% of the amount repaid in year 1, 4% in year 2, 3% in year 3, then 3 months' interest (current contracts).
- Guarantee
- If you keep the loan terms, the amount due will not exceed the home's fair market value (excludes costs and interest after the due date).
- When it's due
- Due within 180 days after the last borrower dies; heirs can't take over the loan.
- Rates
- 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%
- Rate date
- 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
A reverse mortgage paid as a regular income: an initial amount plus scheduled monthly or quarterly advances.
- Maximum
- Up to 55%.
- Minimum age
- 55
- Minimum home value
- $250,000
- Where
- All ten provinces; not the territories.
- Advances
- Initial advance of at least $20,000, then at least $1,000 a month or $3,000 a quarter (scheduled advances are required).
- Set-up
- $2,495 closing and admin cost, plus appraisal and legal advice.
- Prepayment
- Same charges as CHIP (current contracts).
- Guarantee
- Same as CHIP.
- When it's due
- Due within 180 days after the last borrower dies.
- Rates
- Planned advances (variable, prime + 2.66%): 7.36% · Lump-sum account, 5-year fixed: 7.09%
- Rate date
- Read November 1, 2026 (no date on page).
HomeEquity Bank: CHIP Max
Designed to give quicker access to a higher share of equity, in select locations, at higher rates.
- Maximum
- Up to 55%; minimum appraised value $300,000.
- Minimum age
- 55
- Minimum home value
- $300,000
- Where
- Select locations.
- Advances
- Lump sum.
- Set-up
- $1,795 closing and admin fee, plus appraisal and legal advice.
- Prepayment
- Same charges as CHIP.
- Guarantee
- Same as CHIP.
- When it's due
- Due within 180 days after the last borrower dies.
- Rates
- 5-year fixed: 8.54% · Variable (prime + 3.66%): 8.36%
- Rate date
- Read November 1, 2026 (no date on page; page modified September 3, 2026).
HomeEquity Bank: CHIP Open
Short-term reverse mortgage you can repay in full at any time with no prepayment charge; can convert to CHIP for $500.
- Maximum
- Up to 55%; minimum appraised value $300,000.
- Minimum age
- 55
- Minimum home value
- $300,000
- Where
- All ten provinces.
- Advances
- Lump sum; partial repayments not allowed.
- Set-up
- Greater of $2,995 or 1.25% of the loan.
- Prepayment
- None if you repay the whole balance.
- Guarantee
- Same as CHIP.
- When it's due
- Due within 180 days after the last borrower dies.
- Rates
- Variable open (prime + 4.5%): 9.20%
- Rate date
- Read November 1, 2026 (no date on page).
EQ Bank (Equitable Bank): Flex Lite
One advance at EQ Bank's lowest reverse-mortgage rates.
- Maximum
- 15–40% of value.
- Minimum age
- 55
- Minimum home value
- $250,000
- Where
- Cities and most large towns in Ontario, Alberta, British Columbia and Quebec.
- Advances
- One initial advance (at least $25,000).
- Set-up
- $995 set-up fee, deducted from the advance; appraisal, legal advice and closing costs extra.
- Prepayment
- 5, 4 and 3 months' interest in years 1–3; 3 months' interest in years 4–10; none from year 11. Up to 10% of principal a year and interest monthly without charge.
- Guarantee
- You'll never owe more than the home's fair market value, if taxes, insurance, upkeep and loan terms are kept (excludes fees and interest after the due date).
- When it's due
- Due when the last borrower dies or moves into long-term care; EQ Bank's web pages don't state the number of days.
- Rates
- 5-year fixed: 6.23% · 3-year fixed: 6.55% · 1-year fixed: 6.79%
- Rate date
- Read November 1, 2026; the page dates only its prime rate (4.70% as of October 29, 2026).
EQ Bank (Equitable Bank): Flex
A flexible loan with an initial advance, later lump sums or scheduled advances.
- Maximum
- 15–55% of value.
- Minimum age
- 55
- Minimum home value
- $250,000
- Where
- Cities and most large towns in Ontario, Alberta, British Columbia and Quebec.
- Advances
- Initial advance of at least $25,000; later advances of at least $5,000 ($50 each); scheduled advances (adjustable rate only) from $500 a month for up to 20 years, no fee.
- Set-up
- $995 set-up fee; appraisal, legal advice and closing costs extra.
- Prepayment
- Same as Flex Lite.
- Guarantee
- Same as Flex Lite.
- When it's due
- Same as Flex Lite.
- Rates
- 5-year fixed: 6.28% · 3-year fixed: 6.58% · 5-year adjustable (prime + 2.34%): 7.04%
- Rate date
- Read November 1, 2026; prime 4.70% as of October 29, 2026.
EQ Bank (Equitable Bank): Flex Plus
More equity for borrowers 70 and older, at higher rates.
- Maximum
- 45–59% of value; youngest borrower 70+.
- Minimum age
- 70
- Minimum home value
- $250,000
- Where
- Cities and most large towns in Ontario, Alberta, British Columbia and Quebec.
- Advances
- As Flex.
- Set-up
- $995 set-up fee; appraisal, legal advice and closing costs extra.
- Prepayment
- Same as Flex Lite.
- Guarantee
- Same as Flex Lite.
- When it's due
- Same as Flex Lite.
- Rates
- 5-year fixed: 7.43% · 3-year fixed: 7.83%
- Rate date
- Read November 1, 2026; prime 4.70% as of October 29, 2026.
Home Trust Company: EquityAccess, EquityAccess+ and EquityAccess Boost
Home Trust's reverse mortgages, sold only through mortgage brokers: EquityAccess (one lump sum), EquityAccess+ (lump sum plus scheduled advances) and EquityAccess Boost (more equity, 70+).
- Maximum
- Home Trust's page doesn't publish its maximum share; Boost offers "a greater amount of home equity" from age 70.
- Minimum age
- 55
- Where
- Ontario, Nova Scotia, Alberta and British Columbia, through mortgage brokers.
- Advances
- EquityAccess: a single lump-sum advance. EquityAccess+: a combination of lump-sum and scheduled advances. Boost: not stated.
- Set-up
- $995 set-up fee on the rate table we used (the page also shows a $0 set-up table without explaining which applies).
- Prepayment
- Not stated on Home Trust's page.
- Guarantee
- Not stated on Home Trust's page; ask the broker for the contract terms.
- When it's due
- Not stated on Home Trust's page.
- Rates
- 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 date
- 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
A reverse mortgage from a provincially licensed lender, with optional monthly interest payments and a lifetime fixed-rate option.
- Maximum
- Up to 55%.
- Minimum age
- 55
- Where
- Ontario, British Columbia and Alberta (lending-area restrictions apply).
- Advances
- Lump sum; optional monthly interest payments you can pause.
- Set-up
- $2,300 in total (processing $1,650, appraisal $350, legal-advice certificate $300 estimate), deducted from the proceeds.
- Prepayment
- Not stated on Bloom's website.
- Guarantee
- "Home Equity Guarantee": you'll never owe more than the home's fair value if you keep up with tax, upkeep and insurance.
- When it's due
- Heirs have 6 months to arrange repayment.
- Rates
- 5-year fixed: 6.33% · Lifetime fixed (promotional): 6.69% · 1-year fixed: 6.94%
- Rate date
- Page shows "As of November 1st 2026" (it may display the current day).
Which product fits which need
- One sum, lowest rate, modest amount: EQ Flex Lite (up to 40%), Bloom, CHIP.
- Regular income: HomeEquity Bank Income Advantage (at least $1,000 a month) or EQ Flex scheduled advances (from $500 a month, adjustable rate).
- The largest share, 70+: EQ Flex Plus (45–59%) or HomeEquity Bank Custom Solutions (up to 59%), at higher rates.
- Short-term, might sell soon: CHIP Open, no charge on full repayment, at 9.20% variable.
- Saskatchewan, Manitoba, Atlantic Canada: HomeEquity Bank is the only one of the three that lends there.
Others you may hear about
Home Trust announced a broker-only reverse mortgage ("EquityAccess") in October 2025. We couldn't read its terms on Home Trust's own site (it blocked automated access on November 1, 2026), so we don't list figures. Bloom's old website address, bloomfinance.ca, now belongs to an unrelated firm; Bloom is at bloomfin.ca. Mortgage brokers can arrange reverse mortgages from these lenders.
Which products pay a monthly income?
| Product | Monthly advances | Rate |
|---|---|---|
| HEB CHIP (lump sum) | No: lump sums | 6.49% |
| HEB Income Advantage (monthly) | From $1,000 a month | 7.36% |
| EQ Flex (monthly or lump) | From $500 a month, up to 20 years | 7.04% |
| EQ Flex Lite (lump sum) | No: lump sums | 6.23% |
| EQ Flex Plus (70+, lump sum) | No: lump sums | 7.43% |
| Bloom (lump sum) | No: lump sums | 6.33% |
| Home Trust EquityAccess (lump sum) | No: lump sums | 6.23% |
| Home Trust EquityAccess+ (monthly or lump) | Yes (minimum not published) | 7.05% |
| Home | $1,000,000Vancouver house |
|---|---|
| Age | 75 |
| Wants | $200,000up front |
| HEB CHIP (lump sum) | $470,00047% · 6.49% |
| HEB Income Advantage (monthly) | $470,00047% · 7.09% |
| EQ Flex (monthly or lump) | $470,00047% · 6.28% |
| EQ Flex Lite (lump sum) | $341,81834% · 6.23% |
| EQ Flex Plus (70+, lump sum) | $504,18250% · 7.43% |
| Bloom (lump sum) | $470,00047% · 6.33% |
| Home Trust EquityAccess (lump sum) | $470,00047% · 6.23% |
| Highest estimate | EQ Flex Plus (70+, lump sum): $504,182 |
Open this example in the calculator →Computed by our engine with the lender terms and rules on the methodology page.Computed November 1, 2026.
What this means for you
The highest advance isn't always the best deal: Flex Plus lends more from 70 at a higher rate, Flex Lite lends less at the lowest rate, and only Income Advantage, EQ Flex and EquityAccess+ pay scheduled monthly advances.
Pick the product in the comparison to see what each one leaves at 85 and 90.
Frequently asked questions
Which banks offer reverse mortgages in Canada?
HomeEquity Bank and Equitable Bank (EQ Bank) are the federally regulated providers the FCAC names. Bloom Finance, licensed in Ontario, BC and Alberta, also lends. The big five banks don't offer reverse mortgages under their own names.
Is Equitable Bank's reverse mortgage the same as EQ Bank's?
Yes. equitablebank.ca's reverse-mortgage page now redirects to eqbank.ca/reverse-mortgage, where the products are marketed as EQ Bank Reverse Mortgage.
Primary sources
- Financial Consumer Agency of Canada — Reverse mortgages (effective October 15, 2025). Checked .
- 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 products: CHIP, Income Advantage, CHIP Max, CHIP Open. Checked .
- HomeEquity Bank — CHIP Reverse Mortgage: eligibility and closing fee. Checked .
- HomeEquity Bank — Income Advantage rates and closing cost. Checked .
- HomeEquity Bank — CHIP Max rates. Checked .
- HomeEquity Bank — CHIP Open rate and prepayment. Checked .
- HomeEquity Bank — Custom Solutions (up to 59%). Checked .
- HomeEquity Bank — Prepayment charge calculator (contracts 32–34). Checked .
- HomeEquity Bank — Client FAQs (repayment, estate, default). Checked .
- EQ Bank (Equitable Bank) — Reverse mortgage comparison and rates (prime 4.70% as of October 29, 2026) (effective October 29, 2026). Checked .
- EQ Bank (Equitable Bank) — Reverse mortgage FAQ. Checked .
- EQ Bank (Equitable Bank) — Reverse mortgage advances. Checked .
- EQ Bank (Equitable Bank) — EQ Bank Reverse Mortgage. Checked .
- Bloom Finance Company — Bloom reverse mortgage. Checked .
- Bloom Finance Company — Rates and fees (effective November 1, 2026). Checked .
- Bloom Finance Company — FAQs. Checked .