CHIP vs. Equitable Bank — which reverse mortgage is right for you?
A practical side-by-side comparison of CHIP and Equitable Bank for Canadian homeowners deciding between broader availability and often lower pricing.
By Scott Dillingham · AMP · Mortgage Agent · FSRA #12728 · Last updated May 22, 2026
If you’re in a province where both are available, this is the comparison most borrowers ask about first.
Quick positioning
- CHIP: broadest national coverage, broad product set, strong fit for rural and non-urban files
- Equitable Bank: often lower pricing, broker-exclusive, more limited provincial/urban footprint
Where each tends to win
CHIP tends to win when:
- Your property is outside major urban centres
- You need a specific CHIP product feature
- You want the broadest lender flexibility across Canada
Equitable tends to win when:
- Your file fits Equitable’s footprint and criteria
- Lowest pricing is the primary objective
- You are comfortable with a broker-only channel
Fees and rates: compare with context
Many borrowers over-focus on one headline rate. You also need to compare:
For a deeper look at this reverse mortgage topic, see the Reverse Mortgage Centre guide to What Is a Reverse Mortgage?.
- Setup fees
- Product structure (draw flexibility, term behavior)
- Prepayment and exit terms
- Long-term compounding impact
Use the live lender comparison page and cost estimator.
A better decision process
- Confirm provincial/property eligibility first
- Compare total economics, not just one rate
- Review your likely holding period and exit scenarios
- Choose the product that fits your real-life use case
Bottom line
Neither lender is “always best.” The right choice depends on your property profile, timeline, and priorities. Start with objective comparison and then validate with a specialist call.
Stay in your home.
Compare CHIP, Equitable, Bloom, Home Trust, and Fraction with a licensed broker. No fee to use this site.