Dwelling Belief has entered Canada’s rising reverse mortgage market with the launch of EquityAccess, a set of merchandise designed to assist Canadians aged 55 and older unlock their residence fairness whereas remaining of their houses.
Introduced on the Nationwide Mortgage Convention in Ottawa, EquityAccess positions Dwelling 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 gives 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, govt vice-president of mortgage lending at Dwelling Belief, in an interview with Canadian Mortgage Developments. “Canada is ageing. The cohort of Canadians aged 55 and older is rising sooner than some other group, and people 70 plus are anticipated to develop by 45% over the subsequent decade… That’s an ideal alternative from a reverse-mortgage perspective, particularly since 55-plus Canadians symbolize the very best share of house owners.”
He added that many individuals on this age group fear they received’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 approach, is the appropriate alternative on the proper time, each for reverse-mortgage customers and the brokers we’re partnering with to supply this product.”
Dealer-exclusive distribution
Dwelling Belief will supply EquityAccess completely via mortgage brokers, a choice 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 right this moment and we’ve helped many develop and diversify their companies and we’re thrilled to be working completely 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 invaluable insights. “It’s all about suggestions,” he stated. “We’re listening to what we’re doing nicely so we are able to construct on it—and the place we are able to enhance, we’ll sharpen our pencils.”
EquityAccess is at the moment accessible in Ontario, with a B.C. rollout deliberate for 2025 and enlargement into Alberta in early 2026, adopted by a nationwide rollout later that yr.
Constructing on Dwelling Belief’s alternative-lending basis
Leland stated EquityAccess completes Dwelling Belief’s product lineup, which now spans first-time homebuyers via to retirees. The corporate’s choices embody its long-standing Basic mortgage, the Equityline Visa residence fairness line of credit score, and a full vary of business lending merchandise.
“Now, with our reverse mortgage, we are able to actually serve Canadians at each stage of their homeownership journey,” he stated.
He added that EquityAccess was a “pure extension” of Dwelling Belief’s progress following its merger with Fairstone Bank. “We’re a rising and diversifying firm,” he stated. “This product naturally matches that progress 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 phase. “Competitors is wholesome,” he stated. “It results in extra sustainable markets and advantages each customers and brokers.”
He added that Dwelling 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 purchasers,” 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 might be right here in Canada.
“The UK’s reverse-mortgage market is about 10 occasions the scale of Canada’s right this moment,” 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 advanced considerably since they first appeared in Canada almost 40 years in the past, including that training will stay a key focus as consciousness and understanding of the product proceed to develop.
“Our our gross sales drive will spend a big 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 more accepting {that a} reverse mortgage is probably the precise resolution that that they want.”
Leland stated it’s a profit to the market general to have one other massive, 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 householders 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 residence’s honest market worth
- Dealer-exclusive distribution via Dwelling Belief’s nationwide community
- Set-up payment: $995
- Charges: 3-year fastened at 6.64%, 5-year fastened at 6.44%, and 5-year adjustable at prime + 2.60% (7.68% APR) — all according to the bottom reverse-mortgage charges at the moment accessible out there.
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Final modified: October 20, 2025
