Current Reverse Mortgage Rates in Canada — March 2026

Reverse mortgage rates in Canada currently range from 4.99% (promotional) to 8.74%, following the Bank of Canada's rate cycle. Both Equitable Bank and Bloom Finance are running limited-time 1-year promo rates at 4.99% as of March 2026. Here is an up-to-date breakdown of what each lender is currently offering.

Current Rates by Lender (March 2026)

Fixed vs. Variable: Which Should You Choose?

Unlike a regular mortgage where you make monthly payments, with a reverse mortgage you are not paying down the interest — it accrues on the loan balance. This makes the rate choice especially important.

Fixed rates give certainty. You know exactly how fast your loan balance will grow. For clients taking a large lump sum and not planning to pay off the loan for many years, fixed is often the right choice.

Variable rates are currently lower but carry the risk of increasing. If the Bank of Canada raises rates, your interest accrual accelerates. Variable can work well for clients who plan to sell the home or pay off the loan within a few years.

Bloom's SafeRate is unique — it's a lifetime fixed that never increases for the duration of your loan. If you plan to hold the reverse mortgage for 10+ years, this is almost certainly the most cost-effective option available today.

How Rates Affect Your Long-Term Balance

On a $300,000 reverse mortgage at 7.24% (HomeEquity Bank's current 5-year fixed), the balance grows to approximately $425,000 after 10 years and $604,000 after 20 years, assuming no payments. At 6.69% (Bloom's SafeRate), the same loan grows to $414,000 and $576,000 respectively — a meaningful difference over a long horizon.

This is why we always run a long-term projection for every client, not just the initial loan amount.