CHIP vs. Equitable Bank — which reverse mortgage is right for you?

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:

• 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

1. Confirm provincial/property eligibility first
2. Compare total economics, not just one rate
3. Review your likely holding period and exit scenarios
4. 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.