Compare All Reverse Mortgage Lenders in Canada
A transparent, side-by-side comparison of every reverse mortgage product available to Canadian homeowners.
Equitable Bank Flex Lite
6.44% with $995 fee
HomeEquity Bank (CHIP)
All provinces, multiple disbursement options
Bloom Finance SafeRate
6.69% guaranteed for life
Equitable Bank Flex PLUS
Up to 55% for borrowers 70+
Side-by-Side Comparison
| HomeEquity Bank (CHIP) | Equitable Bank Flex Lite | Equitable Bank Flex (PLUS) | Bloom Finance SafeRate | Home Trust EquityAccess | |
|---|---|---|---|---|---|
| Rate | 6.64% | 6.44% | 6.54% (under 70) / 7.69% (70+) | 6.69% | TBD |
| Estimated APR | ~7.10% | ~6.85% | ~7.00% / ~8.15% | ~7.15% | TBD |
| Closing Fee | $1,795 | $995 | $995 | ~$1,500 | TBD |
| Max LTV | Up to 55% | Up to 40% | Up to 55% (age 70+) | Up to 50% | TBD |
| Minimum Age | 55 | 55 | 55 | 55 | Expected 55 |
| Geographic Availability | All provinces and territories | Ontario, Quebec, British Columbia, Alberta | Ontario, Quebec, British Columbia, Alberta | British Columbia, Alberta, Ontario (expanding) | TBD — expected to launch in select provinces |
| Prepayment Options | Up to 10% annually without penalty. Full prepayment allowed with 3-month interest penalty. | Flexible prepayment options available. Contact lender for current terms. | Flexible prepayment options available. Contact lender for current terms. | Flexible. Fee waiver if borrower enters long-term care or passes within 3 years. | TBD |
| Disbursement Options | Lump sum, scheduled advances, or combination | Lump sum | Lump sum | Lump sum or scheduled advances | TBD |
Detailed Lender Profiles
HomeEquity Bank (CHIP)
Most flexibility and widest availabilityRate
6.64%
Closing Fee
$1,795
Max LTV
Up to 55%
Min Age
55
Key Features
- Largest and most established reverse mortgage provider in Canada
- Available in all provinces and territories
- Income Advantage option for scheduled monthly advances
- No income or credit score requirements
Pros
- +Available across all of Canada
- +Most flexible disbursement options
- +Longest track record (since 1986)
- +No income verification needed
Cons
- -Highest closing fee among active lenders
- -Rate is higher than Equitable Bank Flex Lite
- -Prepayment limited to 10% per year
Equitable Bank Flex Lite
Best rate and lowest closing feeRate
6.44%
Closing Fee
$995
Max LTV
Up to 40%
Min Age
55
Key Features
- Lowest rate among Canadian reverse mortgage products
- Lowest closing fee at $995
- Backed by Equitable Bank, a federally regulated Schedule 1 bank
- Streamlined application process
Pros
- +Lowest rate currently available (6.44%)
- +Lowest closing fee ($995)
- +Fast approval process
- +Schedule 1 bank backing
Cons
- -Limited to 4 provinces (ON, QC, BC, AB)
- -Lower maximum LTV (40%) compared to CHIP
- -Lump sum disbursement only
Equitable Bank Flex (PLUS)
Borrowers aged 70+ who need higher LTVRate
6.54% (under 70) / 7.69% (70+)
Closing Fee
$995
Max LTV
Up to 55% (age 70+)
Min Age
55
Key Features
- Higher LTV available for borrowers aged 70 and older
- Same low closing fee as Flex Lite
- Can access up to 55% of home value
- Backed by Equitable Bank
Pros
- +Highest LTV for borrowers 70+
- +Low closing fee ($995)
- +Access more equity than other products
Cons
- -Higher rate for 70+ tier (7.69%)
- -Limited to 4 provinces
- -Lump sum disbursement only
Bloom Finance SafeRate
Lifetime fixed rate certaintyRate
6.69%
Closing Fee
~$1,500
Max LTV
Up to 50%
Min Age
55
Key Features
- Lifetime fixed rate that never changes — guaranteed for the life of the loan
- Compassionate fee waiver for LTC or passing within 3 years
- Rate is locked at origination and cannot increase
- Independent, purpose-built reverse mortgage lender
Pros
- +Rate is guaranteed for life — no surprises
- +Compassionate fee waiver policy
- +Transparent and purpose-built for seniors
- +Scheduled advance option available
Cons
- -Available in only 3 provinces currently
- -Slightly higher rate than Equitable Flex Lite
- -Newer entrant with smaller market share
Home Trust EquityAccess
Future option — launching 2026Rate
TBD
Closing Fee
TBD
Max LTV
TBD
Min Age
Expected 55
Key Features
- Home Trust (a subsidiary of Home Capital Group) has announced plans to launch a reverse mortgage product
- Expected to increase competition and potentially lower rates across the market
- Details on rates, fees, and availability will be available once the product launches
Pros
- +Will increase competition in the market
- +Home Trust is a well-established Canadian lender
Cons
- -Not yet available
- -Rates and terms are unknown
We Help You Choose the Right Lender
At Loans Expert, our reverse mortgage specialists compare all lenders for your specific situation and recommend the best fit. There is no cost for our service — all broker fees are covered.
Get Your Personalized Estimate
Not sure which lender is best for you? Our specialists will compare all options and recommend the right fit based on your age, home value, and province.
Rates and fees shown are as of April 2026 and are subject to change without notice. Actual rates depend on borrower age, property value, location, and lender underwriting. APR estimates include closing fees amortized over a 10-year period. This comparison is for informational purposes only and does not constitute a loan offer.