Residence Belief has entered Canada’s rising reverse mortgage market with the launch of EquityAccess, a collection of merchandise designed to assist Canadians aged 55 and older unlock their house fairness whereas remaining of their properties.
Introduced on the Nationwide Mortgage Convention in Ottawa, EquityAccess positions Residence Belief as a brand new entrant in a market historically dominated by HomeEquity Financial institution, supplier of the CHIP Reverse Mortgage, and Equitable Financial institution, which presents the Flex Reverse Mortgage. In recent times, a number of smaller lenders, together with Bloom Finance and Fraction, have additionally joined the area.
“The timing for that is good,” stated Brian Leland, government vice-president of mortgage lending at Residence Belief, in an interview with Canadian Mortgage Developments. “Canada is ageing. The cohort of Canadians aged 55 and older is rising sooner than every other group, and people 70 plus are anticipated to develop by 45% over the following decade… That’s an ideal alternative from a reverse-mortgage perspective, particularly since 55-plus Canadians symbolize the best share of house owners.”
He added that many individuals on this age group fear they gained’t be financially prepared for retirement, a actuality he stated makes the case for reverse mortgages even stronger. “Utilizing the house fairness they’ve labored arduous to construct, in an environment friendly, tax-free method, is the precise alternative on the proper time, each for reverse-mortgage customers and the brokers we’re partnering with to supply this product.”
Dealer-exclusive distribution
Residence Belief will provide EquityAccess solely by means of mortgage brokers, a call that underscores the corporate’s longstanding dedication to the dealer channel.
“We’ve constructed our franchise alongside mortgage brokers,” Leland stated. “They’ve helped us develop our enterprise into what it’s at this time and we’ve helped many develop and diversify their companies and we’re thrilled to be working solely with mortgage brokers on this product.”
He stated the pilot, which ran over a number of months in Ontario and concerned roughly a dozen to fifteen brokers representing a number of brokerages, has already supplied helpful insights. “It’s all about suggestions,” he stated. “We’re listening to what we’re doing effectively so we will construct on it—and the place we will enhance, we’ll sharpen our pencils.”
EquityAccess is at the moment accessible in Ontario, with a B.C. rollout deliberate for 2025 and growth into Alberta in early 2026, adopted by a nationwide rollout later that yr.
Constructing on Residence Belief’s alternative-lending basis
Leland stated EquityAccess completes Residence Belief’s product lineup, which now spans first-time homebuyers by means of to retirees. The corporate’s choices embrace its long-standing Traditional mortgage, the Equityline Visa house fairness line of credit score, and a full vary of business lending merchandise.
“Now, with our reverse mortgage, we will actually serve Canadians at each stage of their homeownership journey,” he stated.
He added that EquityAccess was a “pure extension” of Residence Belief’s development following its merger with Fairstone Financial institution. “We’re a rising and diversifying firm,” he stated. “This product naturally matches that development and and diversification.”
A brand new competitor in a rising area
Leland stated brokers have lengthy been calling for extra competitors within the reverse-mortgage section. “Competitors is wholesome,” he stated. “It results in extra sustainable markets and advantages each customers and brokers.”
He added that Residence Belief’s a long time of expertise working with brokers made it a pure match to enter the area. “Brokers know we perceive their enterprise and the sorts of options they should spherical out their providing and ship extra worth to shoppers,” he stated.
On market potential, Leland pointed to worldwide comparisons, particularly the UK, which has usually been used as a proxy for sizing what the chance could possibly be right here in Canada.
“The UK’s reverse-mortgage market is about 10 occasions the dimensions of Canada’s at this time,” he stated. “With roughly $10 billion in excellent reverse mortgages right here, that implies a $100 billion alternative—and that’s nice information for mortgage brokers.”
Educating brokers and debtors
Leland famous that shopper attitudes towards reverse mortgages have developed considerably since they first appeared in Canada almost 40 years in the past, including that schooling will stay a key focus as consciousness and understanding of the product proceed to develop.
“Our our gross sales power will spend a major period of time educating themselves and educating brokers on on the advantage of of the product, actually demystifying what a reverse mortgage is. And I feel that retired Canadians have gotten increasingly accepting {that a} reverse mortgage is probably the precise answer that that they want.”
Leland stated it’s a profit to the market total to have one other giant, regulated monetary establishment enter the area “serving to educate Canadians on the deserves and the sensibility {that a} reverse mortgage can present to Canadian households.”
Key product particulars
- Designed for owners aged 55 and older
- Entry as much as 59% of a house’s appraised worth
- Tax-free lump-sum or scheduled advances
- No month-to-month funds required
- No minimal FICO rating required
- No-negative-equity assure ensures debtors by no means owe greater than their house’s honest market worth
- Dealer-exclusive distribution by means of Residence Belief’s nationwide community
- Set-up price: $995
- Charges: 3-year mounted at 6.64%, 5-year mounted at 6.44%, and 5-year adjustable at prime + 2.60% (7.68% APR) — all in step with the bottom reverse-mortgage charges at the moment accessible available in the market.
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Final modified: October 20, 2025
