Reverse Mortgages in Alberta

Which lenders offer reverse mortgages in Alberta?

Four lenders offer reverse mortgages in Alberta: HomeEquity Bank (the CHIP Reverse Mortgage), Equitable Bank, Home Trust and Bloom Finance.

I place reverse mortgages with HomeEquity Bank, Equitable Bank and Home Trust. Home Trust's reverse mortgage is only available through a mortgage broker. Equitable Bank lends in cities and most larger towns, so for an acreage or a smaller community I confirm coverage for your address first. For how the product works, see my main reverse mortgage guide.

Does my spouse have to consent to a reverse mortgage in Alberta?

Yes, if you are married and the property is your homestead. Under Alberta's Dower Act, a married owner cannot mortgage the homestead without the spouse's written consent, even when that spouse is not on title. The spouse gives that consent separately from the owner.

Lenders also require everyone on title to be at least 55. If one of you is younger, talk to me and to a lawyer before changing who is on title.

Do I need a lawyer for a reverse mortgage in Alberta?

Yes, in practice. Lenders require independent legal advice from a lawyer you choose before you sign. The meeting covers what you are signing, what it costs over time and what happens when the loan comes due. You pay the lawyer's fee.

How much can I borrow on an Alberta home?

Usually up to 55% of the home's appraised value, and that is a ceiling. Your amount depends on the age of everyone on title, the home's value, type, condition and location, and the lender. Lenders generally require a home worth at least $250,000.

In Calgary, the Calgary Real Estate Board's benchmark price in September 2026 was $739,400 for a detached home and $291,400 for an apartment condo.

Can I get a reverse mortgage on a condo in Calgary or Edmonton?

Often, yes, but value matters. Condos qualify if the unit is your primary residence and meets the lender's minimum value and property rules. Because many Alberta apartment condos are valued close to the $250,000 minimum, some will not qualify, and the amount available on those that do can be small. I check this before you pay for an appraisal.

Are there Alberta programs I should compare first?

Yes. Alberta runs two programs for homeowners 65 and older that may cost less than a reverse mortgage for the right need.

• Seniors Property Tax Deferral Program. The province pays your property taxes through a low-interest home equity loan, repaid when you sell or sooner. You need at least 25% equity in the home.
• Seniors Home Adaptation and Repair Program. A low-interest home equity loan from the province for repairs and adaptations, with no monthly payments. It is income-tested.
• City of Calgary Property Tax Assistance. A credit toward the yearly tax increase for homeowners in financial hardship.

These cover property tax or repairs only, and the terms change, so check with the program. A reverse mortgage can provide cash for other needs. Some homeowners use both.

Is a reverse mortgage a scam, or predatory?

No. Reverse mortgages are regulated loans from Canadian lenders, and you keep ownership of your home. They do have real costs and risks, and the Financial Consumer Agency of Canada lists them: your equity can fall as interest builds, there is less for your estate, you are limited in other borrowing against the home, and the lender can act if you default on the terms.

Be cautious of anyone who pressures you to decide quickly. Mortgage brokers in Alberta are licensed by the Real Estate Council of Alberta, where you can check my licence and One Link's.

What happens if I move into long-term care, or when I die?

The loan comes due when the last borrower moves out for good, sells or dies. The estate then has a limited time, set by the lender, to repay, usually by selling the home, and settling an estate can take longer than that window. Planning ahead with your family and lawyer helps. If one spouse moves into long-term care and the other stays in the home, the mortgage usually continues.

Can I pay off a reverse mortgage early?

Yes, though a prepayment charge may apply, especially in the first years. If there is a chance you will sell soon, ask for the prepayment terms in writing before you sign.

Sources

• Financial Consumer Agency of Canada, Reverse mortgages.
• Alberta Dower Act.
• Government of Alberta, Seniors Property Tax Deferral Program and Seniors Home Adaptation and Repair Program.
• City of Calgary, Property Tax Assistance Program.
• Calgary Real Estate Board, benchmark prices, September 2026.
• Lender websites, checked November 2026: HomeEquity Bank, Equitable Bank, Home Trust.

This page is general information and is not financial, legal, tax or investment advice. Reverse mortgage products, lender availability, rates, fees, program terms and eligibility rules change. All mortgages are subject to lender approval. Speak with a licensed mortgage professional, and get independent legal and tax advice, before you decide.