Reverse mortgages by province: who lends where
HomeEquity Bank lends in all ten provinces; EQ Bank in Ontario, Alberta, British Columbia and Quebec; Bloom in Ontario, British Columbia and Alberta; and Home Trust in Ontario, Nova Scotia, Alberta and British Columbia through brokers. Provinces also differ on transfer tax if you downsize instead.
Figures as of November 1, 2026.HomeEquity Bank offers reverse mortgages in all ten provinces (not the territories). EQ Bank lends in cities and most large towns in Ontario, Alberta, British Columbia and Quebec. Bloom lends in Ontario, British Columbia and Alberta, with area limits. So homeowners in Saskatchewan, Manitoba and Atlantic Canada currently have one lender to compare: HomeEquity Bank.
Lenders by province
| Province | HomeEquity Bank | EQ Bank | Bloom |
|---|---|---|---|
| Ontario | Yes | Cities and most large towns | Yes (area limits) |
| British Columbia | Yes | Cities and most large towns | Yes (area limits) |
| Alberta | Yes | Cities and most large towns | Yes (area limits) |
| Quebec | Yes | Cities and most large towns | No |
| Manitoba | Yes | No | No |
| Saskatchewan | Yes | No | No |
| Nova Scotia | Yes | No | No |
| New Brunswick | Yes | No | No |
| Prince Edward Island | Yes | No | No |
| Newfoundland and Labrador | Yes | No | No |
What downsizing costs in each
If you're weighing a reverse mortgage against a move, transfer tax on the smaller home varies a lot:
| Province | On $400,000 | On $600,000 |
|---|---|---|
| Ontario | $4,475 | $8,475 |
| British Columbia | $6,000 | $10,000 |
| Alberta | $450 | $650 |
| Quebec | $4,111 | $7,111 |
| Manitoba | $5,650 | $9,650 |
| Saskatchewan | $1,600 | $2,400 |
| Nova Scotia | $6,000 | $9,000 |
| New Brunswick | $4,000 | $6,000 |
| Prince Edward Island | $4,000 | $6,000 |
| Newfoundland and Labrador | $1,698 | $2,498 |
Independent legal advice
The FCAC says some provinces and territories require independent legal advice for reverse mortgages; every lender we reviewed requires it anyway. In Quebec the meeting is usually with a notary. Take our questions for your lawyer.
Which products are available in each province?
| Province | Products |
|---|---|
| BC | CHIP, Income Advantage, Flex, Flex Lite, Flex Plus, Bloom reverse mortgage, EquityAccess, EquityAccess+ |
| AB | CHIP, Income Advantage, Flex, Flex Lite, Flex Plus, Bloom reverse mortgage, EquityAccess, EquityAccess+ |
| SK | CHIP, Income Advantage |
| MB | CHIP, Income Advantage |
| ON | CHIP, Income Advantage, Flex, Flex Lite, Flex Plus, Bloom reverse mortgage, EquityAccess, EquityAccess+ |
| QC | CHIP, Income Advantage, Flex, Flex Lite, Flex Plus |
| NB | CHIP, Income Advantage |
| NS | CHIP, Income Advantage, EquityAccess, EquityAccess+ |
| PE | CHIP, Income Advantage |
| NL | CHIP, Income Advantage |
What would downsizing cost in transfer tax?
| Location | Transfer tax |
|---|---|
| Vancouver, BC | $10,000 |
| Calgary, AB | $650 |
| Winnipeg, MB | $9,650 |
| Toronto, ON | $16,950 |
| Ontario (other) | $8,475 |
| Montréal, QC | $7,349 |
| Halifax, NS | $9,000 |
Transfer tax is one of the biggest costs of downsizing and varies from a few hundred dollars (Alberta and Saskatchewan charge registration fees, not a percentage tax) to tens of thousands in Toronto, which adds a municipal tax to Ontario's.
What's different in Quebec?
A notary, not a lawyer, registers the mortgage and gives the independent advice. CHIP and the three EQ Bank products are available in Quebec; Bloom and Home Trust aren't. Montréal adds its own transfer duties (the "welcome tax") if you downsize instead.
What about Atlantic Canada and Saskatchewan?
HomeEquity Bank lends in all ten provinces, so CHIP and Income Advantage are available everywhere. Home Trust adds Nova Scotia, through brokers. In New Brunswick, Prince Edward Island, Newfoundland and Labrador and Saskatchewan, HomeEquity Bank is the only one of the four lenders we found.
| Home | $700,000Montréal |
|---|---|
| Age | 68 |
| HEB CHIP (lump sum) | $277,200about 40% |
| HEB Income Advantage (monthly) | $277,200about 40% |
| EQ Flex (monthly or lump) | $277,200about 40% |
| EQ Flex Lite (lump sum) | $201,600about 29% |
| EQ Flex Plus (70+, lump sum) | Not in Quebec |
| Bloom (lump sum) | Not in Quebec |
| Products available in Quebec | 4CHIP, Income Advantage, Flex, Flex Lite |
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
Where you live decides your choices before your age does. In Quebec, CHIP and EQ Bank are the options; in Atlantic Canada outside Nova Scotia, HomeEquity Bank is. A notary handles the deed in Quebec.
The comparison's per-lender panel filters products by your province automatically.
Frequently asked questions
Can I get a reverse mortgage in the territories?
Not from HomeEquity Bank, which says CHIP isn't available in the territories, and not from EQ Bank or Bloom, which lend only in certain provinces.
Primary sources
- HomeEquity Bank — CHIP frequently asked questions. Checked .
- HomeEquity Bank — Reverse mortgage calculator (age 65, Halifax example). Checked .
- EQ Bank (Equitable Bank) — EQ Bank Reverse Mortgage. Checked .
- Bloom Finance Company — Bloom reverse mortgage. Checked .
- Bloom Finance Company — FAQs. Checked .
- Financial Consumer Agency of Canada — Reverse mortgages (effective October 15, 2025). Checked .
- Government of Ontario — Calculating land transfer tax. Checked .
- Government of British Columbia — Property transfer tax. Checked .
- Government of Alberta — Land Titles and Surveys common documents fee schedule (effective October 1, 2026). Checked .
- LégisQuébec — Act respecting duties on transfers of immovables (D-15.1), s. 2. Checked .
- Government of Manitoba — Land transfer tax. Checked .
- Saskatchewan Registry Services (ISC) — Land titles fees table (effective April 15, 2026). Checked .
- Government of Nova Scotia — Municipal deed transfer tax rates (effective July 1, 2026). Checked .
- Government of New Brunswick — Real Property Transfer Tax Act, s. 2. Checked .
- Government of Prince Edward Island — Real Property Transfer Tax Act. Checked .
- Government of Newfoundland and Labrador — Registry of Deeds schedule of fees. Checked .