Compare Canada's Top Reverse Mortgages (2026) — for Homeowners 55+

A clear, plain-language comparison of the reverse mortgage products available to Canadian homeowners — and the differences that can change your outcome by tens of thousands of dollars.

A reverse mortgage lets a homeowner 55+ turn home equity into tax-free cash with

, while keeping ownership of the home. But "a reverse mortgage" is not one product — there are now

in Canada with real differences in how much you can borrow, what it costs, how flexible it is, and how fast the balance grows.

You access up to roughly 55–59% of your home's value as tax-free cash — as a lump sum, a scheduled income stream, or both. You make

— you can never owe more than the home's fair market value at sale, as long as you keep your obligations current.

You keep title and can't be forced to sell while your taxes, insurance and upkeep are current. A spouse on title is protected, and independent legal advice is required before you sign — so you go in with clear eyes and no surprises.

These are only a few of our many solutions, chosen to best suit your individual situation. Other options include total-net-worth products, revolving-credit products, extended-amortization products, "B"-lender products, and private-lender products.

*Lender rates, terms, guidelines, and lending areas change often. Eligibility is confirmed on an individual basis and per-address. Remote locations and certain property types can reduce the loan amount offered.

The Top 7 differences that actually change your outcome

Because you make no payments, unpaid interest compounds — so the rate is the biggest driver of how fast equity is used up. A single point (6% vs 7%) is about

Illustrative: $200,000 accessed as a lump sum, interest compounded semi-annually, no payments or draws. Not a rate quote.

A rate spike more than tripled line-of-credit payments

Other banks and credit unions can not offer reverse mortgages, so they may offer a Home Equity Line of Credit (HELOC) as an alternative. So let's compare the potential risk of a HELOC option. A HELOC charges interest at prime, so its payment climbs with rates. When prime rose from

(2022–2023), a HELOC's interest payment roughly tripled. A reverse mortgage required

Bank of Canada prime rate, 2021–2026 (sources: nesto, rates.ca). Illustrative of payment risk, not a forecast.

For a homeowner on a fixed income, the safest way to use home equity is the one that can't be pulled out from under you. A HELOC is cheaper, but it's a

— and that changes everything if rates rise.

A free, unhurried conversation — no pressure. We'll find the option that fits your situation, from these reverse mortgages to ones most people never hear about.

Your situation is the part a guide can't cover

The right answer might be one of these reverse mortgages — or an option most people never hear about: a net-worth mortgage, a longer amortization, private lending. We know every option and find the one that fits

— the best rate, a fast approval, and 25+ years of experience behind it.

Bloom's SafeRate™ is fixed for life (no renewal reset, ever) — unique in Canada. Everyone else resets at term end, exposing you to renewal-rate risk that compounds against a rising balance. Over a 25-year horizon this is the single most consequential difference.

Ceilings run 55% up to 59% — but the top tiers cost you: Equitable Flex PLUS and Home Trust Boost require age 70, and CHIP Max charges a higher rate. Equitable Flex Lite deliberately caps at 15–40% to preserve equity.

CHIP Open has no penalty and can be repaid anytime (at a premium rate). Bloom waives penalties on move-to-care, downsizing, or death. The standard products carry declining term penalties.

Every lender's floor sits around $250,000 in practice — A lower-value home can rule the whole category out.

Some rural and small-town homes are screened out by address. This is not prominent in the brochures — and is exactly the kind of fit we confirm for you.

Every lender offers a No Negative Equity Guarantee, minimum age 55, tax-free proceeds, and no required monthly payments.

A reverse mortgage lets a Canadian homeowner aged 55+ turn home equity into tax-free cash with no required monthly payments, while keeping ownership and title to the home. The balance is repaid only when you sell, permanently move, or from your estate.

No. Canada now has four federally-regulated reverse-mortgage lenders with real differences in how much you can borrow, the rate structure, fees, prepayment terms, and the minimum home value — differences that can change the outcome by tens of thousands of dollars.

No. You keep title and cannot be forced to sell while you keep your property taxes, insurance, and upkeep current and it remains your principal residence. Canadian reverse mortgages also carry a No Negative Equity Guarantee.

For a fixed-income homeowner, often yes. A HELOC is a demand facility a lender can reduce or call, and it requires monthly interest payments that rise with rates. A reverse mortgage requires no payments and cannot be called for repayment while your obligations are current.

Canada's reverse mortgages come from four federally-regulated lenders: HomeEquity Bank (CHIP), Equitable Bank, Bloom Financial, and Home Trust. Availability depends on your province and property location, and their terms differ meaningfully — an independent broker compares all of them to find your best fit.

A clear, plain-language comparison of Canada's reverse mortgage products — CHIP, Equitable Bank, Bloom, and Home Trust — for homeowners 55+. See how much you can access, the rates, fees, and the differences that can change your outcome by tens of thousands of dollars.

Bank of Canada prime rate from 2.45 percent in 2021 to a 7.20 percent peak in 2023, easing to 2026

The balance compounds and uses equity over time — the trade-off for no payments and no recall