Reverse mortgage blog
Choosing a Reverse Mortgage Broker in Canada (2026)
General information for Canadian homeowners, not personal financial, legal, or tax advice.
Key takeaways
- A reverse mortgage broker compares all four Canadian reverse mortgage lenders — HomeEquity Bank (the CHIP brand), Equitable Bank, Home Trust, and Bloom Finance — before recommending one (Financial Consumer Agency of Canada).
- The lender pays the broker after the mortgage closes — typically 1.75% to 2% of the amount advanced — and mortgage brokers generally charge the borrower nothing for their services (FCAC).
- Every mortgage broker in Ontario must be licensed by FSRA, and its free public list of licensed brokers lets you check any name in minutes — working as a broker without a licence is an offence.
- Before anything becomes final, every reverse mortgage file includes a private meeting with the homeowner's own lawyer (FCAC) — and a broker refers one at no cost, or you use your own.
- A broker does not need to be local: an Ontario licence covers the whole province (FSRA), and the work can be done by phone and video, with in-person visits still available.
- Broker use hit a five-year high in 2025: 38% of recent homebuyers arranged their mortgage through a broker, and 83% of borrowers who used one would recommend their broker (Mortgage Professionals Canada).
Choosing a reverse mortgage broker comes down to three checks: a licence you can verify, all four Canadian lenders compared, and a plain answer about how the broker is paid — the lender pays, so using one costs you nothing.
Most homeowners thinking about a reverse mortgage want someone they can trust to guide the decision. The choice of broker matters more than most people expect.
The challenge is not finding someone willing to help. It is that most mortgage brokers work mainly on traditional mortgages, and a reverse mortgage is a different product with different rules. Some brokers compare every lender. Others sell for just one.
A licence can be looked up for free and is worth checking. But a licence alone does not prove a broker understands reverse mortgages. The real test is a handful of direct questions: how many of the four lenders get compared, how the broker is paid, and when a reverse mortgage is the wrong choice.
This page breaks down what a reverse mortgage broker actually does, how brokers are paid, the seven questions to ask before signing, and how to check a licence in minutes.
What does a reverse mortgage broker actually do?
A reverse mortgage broker’s first job is deciding whether a reverse mortgage is right for you at all. These mortgages have real downsides, and they are not for everybody.
Sometimes a traditional mortgage or a HELOC — a home equity line of credit — fits your goals better. A good broker arranges those too, through banks and other lenders, instead of trying to make a reverse mortgage fit every situation.
When a reverse mortgage is the right fit, the comparison starts. Canada’s four reverse mortgage lenders — HomeEquity Bank (the CHIP brand from television), Equitable Bank, Home Trust, and Bloom Finance — differ on rates, features, and how much each will lend on a given home. Two homeowners of the same age can get different offers depending on the home, its location, and which lender wants the business most that month.
How the four lenders compare is a page of its own, and if the product itself is new to you, what is a reverse mortgage? starts from the beginning.
Brokers are no longer a niche route, either. In Mortgage Professionals Canada’s 2025 research, 38% of recent homebuyers arranged their mortgage through a broker — a five-year high — and 83% of borrowers who used one would recommend their broker.
The starting rate isn’t the whole cost
On a traditional mortgage, shopping often comes down to one number: the best rate. A reverse mortgage doesn’t work that way.
The mortgage runs for as long as you stay in your home, and the rate resets at every renewal — so the renewal rates offered over the years matter more to your total cost of borrowing than the rate you start with.
Early-payment penalties — the charge for paying money back early — work differently from one lender to the next, and much differently than on a traditional mortgage. So do the hidden fees. A lot of what people know from traditional mortgages doesn’t carry over here, and it’s easy to assume it does.
A broker who knows all four lenders weighs all of it, not just the number in the ad.
A broker for the life of the mortgage
That’s also why the relationship shouldn’t end at closing. A good broker reviews your options before each renewal and re-runs the numbers whenever your situation shifts — at no charge, for as long as the mortgage runs.
In Ontario, the complete Ontario reverse mortgage guide walks the whole process from first question to the day the money arrives.
How do reverse mortgage brokers get paid?
The lender pays the broker, after the mortgage closes. You pay the broker nothing — not for the comparison, not for arranging the mortgage, not for any review afterwards.
The Financial Consumer Agency of Canada says it plainly: mortgage brokers generally charge you nothing, because the lender pays them for arranging the mortgage.
What the lender actually pays
It’s no secret. The commission is typically between 1.75% and 2% of the amount advanced — on a $150,000 reverse mortgage, roughly $3,000.
That’s the gross figure, not what the broker keeps. The brokerage takes its share first, then business expenses and taxes come out of the rest. It’s how the work gets paid for without the homeowner ever paying a fee.
Why going direct doesn’t get you a better deal
A fair question follows: if the lender pays the broker, wouldn’t going straight to the lender be cheaper? No. It often works the other way.
The advertised rate is the lender’s retail price — the same price you’d be quoted on your own. A broker starts there and pushes down: unpublished rate specials that land below the advertised figure, and set-up fees reduced — sometimes waived entirely — when lenders compete for the mortgage.
So the broker route isn’t just free. It’s free and usually money-saving, because the comparison itself is what finds the lower rate and the smaller fees.
That’s also why a free estimate costs nothing and commits you to nothing. The lender only pays the broker if a mortgage actually closes — and only you decide that.
See what all four lenders would offer you
A free, no-obligation estimate compares every Canadian reverse mortgage lender for your age and home. No cost, no credit check — the broker's work is free to you.
Get my free estimateWhat should you ask a reverse mortgage broker before signing?
You don’t need any special knowledge to choose well. The right questions do the work, because they expose anyone who can’t answer them plainly.
Ask these seven:
- How many lenders will you compare for me? The full Canadian market is four. If the answer is one, you’re talking to that lender’s salesperson — not someone comparing the market for you.
- Will you handle my file yourself, or refer me to a lender? Some brokers simply pass your name to one lender and step away — more on that below. You want the person who runs the comparison and the paperwork personally.
- How are you paid? You already know the answer: the lender pays, you pay nothing. What you’re testing is whether the broker says it that plainly.
- Which licence do you hold, and where do I check it? A licensed broker hands over a name and a licence number without hesitating. The check below takes minutes.
- What will this cost me at each stage? The standard costs are the appraisal, the independent legal advice, and the lender’s set-up fee. You want all three laid out with numbers before anything starts.
- What happens when my term ends? The rate resets at the end of each term. The answer should include reviewing your options before every reset — not a renewal letter you discover on your own.
- When would you tell me not to do this? The question that separates advisors from salespeople. An independent broker also arranges traditional mortgages and HELOCs, so “this isn’t the right fit — here’s what is” should be a normal outcome.
Every answer here is checkable, and that’s the point. The free guide below goes deeper: what a reverse mortgage costs, how the four lenders compare, and how to avoid choosing wrong.
Free Guide:The Canadian Reverse Mortgage Guide
- ✓How much tax-free cash you could unlock — and what moves the number
- ✓The real costs, rates, and fees — nothing buried in fine print
- ✓How the lenders (CHIP, Equitable Bank, Home Trust, Bloom) really compare
- ✓When a reverse mortgage is the wrong choice
Simply enter your info below and a PDF copy will instantly be sent right to your inbox.
How do you check a reverse mortgage broker is licensed?
Every mortgage broker and agent in Ontario must be licensed by the Financial Services Regulatory Authority of Ontario — FSRA. FSRA keeps a free public list of every licensed name. Working as a mortgage broker without a licence is an offence.
The check takes about two minutes
Search the name you’ve been given. The list shows the person’s licence, the brokerage behind it, and whether the licence is current.
Run it on anyone who would arrange borrowing against your home. A legitimate broker expects the check and offers the licence number readily.
This article’s author is a licensed mortgage broker (M16000896) at Homestead Financial, an FSRA-licensed brokerage (#11711) — in the mortgage business since 2013, first as a mortgage agent and today a licensed broker. The brokerage has helped more than 1,200 Ontario homeowners aged 55 and over understand their options, and has funded over 2,500 mortgages since 1999.
Where the check matters most
The documented reverse mortgage frauds in Canada ran through unlicensed people and offers nobody asked for. Reverse mortgage scams in Canada covers those cases and the other free checks that protect you.
Does a reverse mortgage specialist beat a general mortgage broker?
The licence is the same either way. The knowledge often isn’t.
Most mortgage brokers build their practice on traditional mortgages, and many assume a reverse mortgage is pretty much the same product. It isn’t. These mortgages run on their own rules: the amount depends on age, home value, and location, there are no required monthly mortgage payments, and the end of a term resets the rate instead of ending the mortgage.
The details most brokers never learn
The differences sit exactly where mistakes cost money. Rate resets at renewal follow different rules than a traditional mortgage renewal. Early-payment penalties are calculated differently too, and differently again from one reverse mortgage lender to the next.
Most brokers simply don’t know these details. Even a broker who has already arranged a handful of reverse mortgages often doesn’t.
The four lenders aren’t interchangeable either. They differ on rates, on features, and on fees that never appear in an advertisement. A broker who hasn’t studied all four closely can’t tell you which of those differences will reach your file.
The referral shortcut some specialists take
There’s a quieter thing to watch for. Two of Canada’s four reverse mortgage lenders accept what’s called a simple referral: a broker passes along your name and phone number, and the lender’s own salespeople take over from there. The broker is still paid.
Some brokers — including some who market themselves as reverse mortgage specialists — send every client to one of those two lenders. Usually the same one, because it does all the work for them. Nothing gets compared. You get one lender’s offer, presented by that lender, tested against nothing.
What the right broker looks like
A broker who works these files every week knows which lender fits which homeowner, where pricing actually lands, and how each lender behaves at renewal. That depth doesn’t narrow what you’re shown: the right specialist still shows every option, including a traditional mortgage or a HELOC when one of those fits better, arranged by the same independent broker.
A broker working for you also handles the file personally — the paperwork, the lender questions, the follow-ups. A broker working as a middleman forwards your name and steps away. “Will you handle my file yourself?” separates the two in one answer.
The seven questions above quickly show how deeply the person in front of you knows this product, whatever the title says.
Do you need a reverse mortgage broker near you?
No. An FSRA licence covers the whole province, so an Ontario broker can arrange your mortgage whether you live ten minutes from their office or five hundred kilometres away. The mortgage is identical either way.
The process can come to you
That’s what most people searching for a “broker near me” or a mobile broker actually want. Every conversation can happen by phone or video if you prefer. The appraiser is the one who visits your home.
Even the required private meeting with your own lawyer happens by video at some Ontario firms — independent legal advice explains that step and what it costs.
Some families simply prefer sitting across a table, and in-person meetings remain available. Distance rules nothing out: wherever you are in Ontario, the comparison, the advice, and the mortgage work exactly the same.
Frequently asked questions
How much does a reverse mortgage broker cost?
Nothing. The lender pays the broker a commission after the mortgage closes — typically 1.75% to 2% of the amount advanced — so the homeowner pays no fee for the broker's work: comparing lenders, arranging the mortgage, and reviewing it at every renewal are all free to you. The costs that do exist on a reverse mortgage — the appraisal, the independent legal advice, and the lender's set-up fee — are billed by the appraiser, the lawyer, and the lender, and they're the same whether or not a broker is involved.
How do you find a licensed reverse mortgage broker in Ontario?
Check any name you're considering against the free public list kept by the Financial Services Regulatory Authority of Ontario (FSRA). It shows whether the person and their brokerage hold a current licence. Then ask how many of Canada's four reverse mortgage lenders they compare, and how they're paid. A licensed broker gives the licence number readily and answers both questions plainly.
Do you get a better rate going directly to the lender?
No. The rate a lender advertises is its retail price, and it's the same price whether you call the lender or a broker does. Brokers also see unpublished rate specials that land below the advertised figure, so the broker route is free to you and often ends at a lower rate than going direct.
What questions should you ask a reverse mortgage broker?
Seven questions do most of the work: How many lenders will you compare for me? Will you handle my file yourself, or refer me to a lender? How are you paid? Which licence do you hold, and where do I check it? What will this cost me at each stage? What happens when my term ends? And when would you tell me not to do this? A good broker answers every one without hesitating.
Are there mobile reverse mortgage brokers in Canada?
The whole process can come to you, which is what most people searching for a mobile broker actually want. An Ontario-licensed broker can handle everything by phone and video, the appraiser visits your home, some law firms do the required legal advice appointment by video, and in-person meetings remain available for anyone who prefers them.
Is a reverse mortgage specialist different from a regular mortgage broker?
The licence is the same — what differs is how well each one knows this product. Rate resets and early-payment penalties work differently on a reverse mortgage, and differently between the four lenders, and many brokers who focus on traditional mortgages have never had to learn those details. Watch for one shortcut too: some brokers who market themselves as specialists simply refer every client to a single lender that does the work for them. The right specialist compares all four lenders, handles your file personally, and still shows you every option, including a traditional mortgage or HELOC when one of those fits better.
Ready to put these questions to someone?
Start with a free, no-obligation estimate from a licensed Ontario broker you can look up first — all four lenders compared for your age and home. No cost, no credit check.
Get my free estimate About the author
Richard Hopkins
Licensed Mortgage Broker · M16000896
Richard has worked in the mortgage business since 2013 — first as a mortgage agent, today a licensed mortgage broker — and leads the reverse mortgage practice at Homestead Financial — Dominion Lending Centres, an FSRA-licensed Ontario brokerage (#11711) with roots in the industry since 1999 and more than 2,500 mortgages funded. More about Richard →
This article is general information for Canadian homeowners, not personal financial, legal, or tax advice. Everyone's situation is different — please get advice on your own numbers before making a decision.