HAMILTON, Ontario – October 15, 2026 – Which banks offer reverse mortgages in Canada? Two federally regulated Schedule 1 banks do, and none of the six largest is among them, according to a guide published by an independent Ontario mortgage brokerage.
The two banks that offer reverse mortgages are HomeEquity Bank, which has been lending since 1986, and Equitable Bank. Both are federally regulated Schedule 1 Canadian banks. Neither is a name most homeowners have a chequing account with, which is the root of the confusion.
None of TD, RBC, BMO, CIBC, Scotiabank or National Bank offers a reverse mortgage. A homeowner who asks is normally referred elsewhere, and at least one of the big banks publishes retirement-income guidance that points readers toward the specialist lenders rather than offering the product itself.
“Homeowners go to the bank they have used for forty years and are told no, and they conclude the product is not for them. It was simply the wrong counter,” said Richard Hopkins, Mortgage Broker, licence M16000896.
The guide’s practical point is about what that referral actually hands the homeowner. A bank referral produces one lender’s offer, presented by that lender’s own representatives. There are four reverse mortgage lenders in Canada in total. Two are banks, one is a trust company, and one is neither.
The guide argues the bank label is not what protects a borrower in any case. Every one of the four lenders offers the guarantee that a borrower can never owe more than the home is worth when it is sold, provided the terms of the mortgage are kept, which is typically called the no negative equity guarantee. Ontario requires independent legal advice from the borrower’s own lawyer before closing regardless of which lender is chosen.
What does differ between the four is the part a single referral cannot show: how much each will advance at a given age, what each charges to set up, what each charges to leave early, and what each resets to at renewal.
Reverse mortgages let Canadian homeowners aged 55 and over borrow against their home with no required monthly mortgage payments, repaid when the home is sold, when the owners move out, or after the last borrower passes away. The homeowner stays on title and keeps ownership.
The guide is written by Richard Hopkins, a Mortgage Broker (licence M16000896) with Dominion Lending Centres Homestead Financial, an independent Ontario brokerage licensed by the Financial Services Regulatory Authority of Ontario (brokerage licence #11711). The brokerage compares every Canadian reverse mortgage lender and is paid by the lender the client chooses, after the mortgage funds.
The full guide is free to read at:
About Dominion Lending Centres Homestead Financial
Dominion Lending Centres Homestead Financial is an independent mortgage brokerage in Hamilton, Ontario, licensed by the Financial Services Regulatory Authority of Ontario (brokerage licence #11711) and in business since 1999. More than 1,200 Ontario families have arranged a mortgage through the brokerage. Independently Owned and Operated. Richard Hopkins, Mortgage Broker (licence M16000896), leads its reverse mortgage practice.
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Company Name: Homestead Financial
Contact Person: Richard Hopkins
Email: Send Email
Phone: 905-690-6068
Address:26 Glaceport Ave
City: Dundas
State: Ontario
Country: Canada
Website: https://reversemortgagebroker.ca/which-banks-offer-reverse-mortgages-canada/?utm_source=abnewswire&utm_medium=press_release&utm_campaign=pr15-which-banks
Press Release Distributed by ABNewswire.com
To view the original version on ABNewswire visit: Which Banks Offer Reverse Mortgages in Canada? Two Do, and the Big Six Do Not
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