Reverse Mortgage Rates Canada
Reverse Mortgage Rates in Canada
Reverse mortgage rates are typically higher than standard mortgage rates, and because there are no required monthly payments, the interest compounds and the balance grows over time. What you pay depends on the provider, the product, and your situation. As an FSRA-licensed brokerage, we compare providers and explain the full cost, including how it affects your estate.
Rates current as of [SET AT PUBLISH: current-as-of date]. Source: [VERIFY SOURCE]. Subject to change and assessment.
Written by the HB Mortgage Centre team. Reviewed by Hardeep Batoo, Principal Broker (licence M13002408). HB Mortgage Centre is an FSRA-licensed brokerage (#13449). Last updated: June 23, 2026.
FSRA Brokerage #13449·Hardeep Batoo, Broker Licence #M13002408·Independent provider comparison·Independent legal advice recommended
Rate context
What reverse mortgage rates reflect
Your rate
What moves a reverse mortgage rate
Because providers price differently, these are the main factors that shape your rate.
The product type.
The provider.
Whether the rate is fixed or variable.
Factors like your age and your home.
Because providers price differently, comparing them is the point. We compare for you rather than pointing you to a single lender.
Providers
Comparing providers
You may have seen advertising for CHIP, from HomeEquity Bank. It is one provider; there are others, such as Equitable Bank. Each prices and structures its product differently, so the right choice depends on your situation. We compare them independently.
Product names and terms are described as accurately as we can and are subject to each provider's current rules. We do not promise a specific rate; pricing depends on the provider, the product, and your situation, and is subject to change and assessment. FSRA Brokerage #13449.
Providers
- CHIP (HomeEquity Bank)The most advertised provider; one option among several
- Equitable BankAnother provider, priced and structured differently
- Our roleWe compare providers independently, not point you to one
Compounding
How compounding affects what you owe
This is the most important cost idea on the page, so here it is plainly. With a reverse mortgage there are no required monthly payments, so the interest is added to the balance and that balance grows over time. The longer the reverse mortgage is in place, the more interest accumulates, which reduces the equity left in your home.
That is not a reason to avoid a reverse mortgage, but it is a reason to understand the timeline before you decide. For how this affects your estate, see what happens to a reverse mortgage when you die.
How a broker helps
How a broker helps
We compare providers, explain the rate and the compounding effect in plain language, and give you the balanced picture. We also recommend independent legal advice before you proceed with a reverse mortgage, and many lenders require it. The product should suit you specifically, so suitability comes first. Everything is subject to provider assessment and approval.
FAQ
Common questions about reverse mortgage rates
What are reverse mortgage rates in Canada right now?+
Why are reverse mortgage rates higher than regular mortgage rates?+
How does compounding interest affect what I owe?+
Are CHIP rates the only option?+
Will the rate affect how much equity I keep?+
Talk it through, with us and with your lawyer
For reverse mortgages, independent legal advice is recommended and is often required before completion. We do not promise a specific rate or a future equity amount. Subject to provider assessment and approval. FSRA Brokerage #13449.
FSRA Brokerage #13449 · Hardeep Batoo, Broker Licence #M13002408 · Ontario-wide
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