Lenders
CHIP vs Bloom Reverse Mortgage
Canada's established national lender vs the fintech innovator — rates, fees, coverage, and product fit side by side.
CHIP and Bloom are often compared by Ontario, BC, and Alberta homeowners who want a reverse mortgage with modern product features. CHIP offers the broadest geographic coverage and the most product variety in Canada. Bloom competes with lifetime fixed-rate certainty (SafeRate), flexible on-demand draws, and borrower-friendly prepayment rules for life transitions. Neither is universally better — the right choice depends on where you live and how you plan to use the funds.
| Feature | CHIP | Bloom Finance |
|---|---|---|
| Lowest 5-yr fixed rate | ~6.39% (special rate) | 6.69% (lifetime) SafeRate™ (lifetime) / 6.59% standard |
| Setup fee | $1,795–$2,995 | ~$2,300 (processing + appraisal + ILA certificate) |
| Max LTV | Up to 55% (59% select cases) | Up to 55% |
| Provinces | All 10 provinces | ON, BC, AB only |
| Rural properties | Yes | Generally yes within served provinces |
| Rate structure | Fixed or variable; renews each term | SafeRate™ lifetime fixed available; no renewal risk |
| Direct application | Yes | Yes (broker or direct) |
| Best for | Clients in rural/remote areas, clients needing income-stream products, and clients who need a short-term bridge (CHIP Open). | Clients who want lifetime rate certainty (no renewal risk ever) or flexible on-demand equity access via the Prepaid Mastercard. |
~6.39% (special rate)
Headline 5-year · $1,795–$2,995 setup
-
CHIP Reverse Mortgage
~6.39% (special rate)
-
CHIP Max
Contact for rate
-
CHIP Open
Contact for rate
-
Income Advantage
7.29%
6.28%
Headline 5-year · $995 setup
-
Flex
6.28%
-
Flex PLUS
7.43%
-
Flex Lite
6.23%
6.59%
Headline 5-year · ~$2,300 (processing + appraisal + ILA certificate) setup
-
Bloom Reverse Mortgage
6.59%
-
Bloom SafeRate™
6.69% (lifetime)
-
Bloom Prepaid Mastercard
Contact for rate
6.23%–6.47%
Headline 5-year · $995 setup
-
EquityAccess
6.23%–6.47%
-
EquityAccess+
6.29%–6.53%
-
EquityAccess Boost
7.44%–7.71%
from 5.10%
Headline 5-year · 1% (Interest Only / Jumbo) or 2% (No Payment) setup
-
Fraction Interest Only
from 5.10%
-
Fraction Jumbo
from 5.60%
-
Fraction No Payment
from 5.75%
When CHIP is the better fit
Choose CHIP if you live outside Bloom's three provinces, need rural property approval in Manitoba or Atlantic Canada, want Income Advantage scheduled payments, or need CHIP Open's short-term bridge with no prepayment penalty. CHIP's national footprint makes it the default when Bloom is not available.
When Bloom is the better fit
Choose Bloom Finance if you are in Ontario, BC, or Alberta and prioritize lifetime rate certainty with SafeRate™, on-demand equity access via the Prepaid Mastercard, or no prepayment penalty when downsizing or moving to assisted living. Bloom also pays for the appraisal, which can reduce out-of-pocket costs at closing.
Rate renewal vs lifetime fixed — the key trade-off
CHIP renews at the end of each term (typically five years), which means your rate can change at renewal — for better or worse. Bloom SafeRate locks one rate for the life of the loan, eliminating renewal uncertainty but at a slightly higher starting rate than Bloom's standard product. If you expect to hold the loan for 15–20+ years, SafeRate's predictability matters; if you may repay within a few years, CHIP Open or a standard CHIP term may cost less.
Compare your numbers first
Run the Canada reverse mortgage calculator, review current rates, and compare CHIP vs Equitable if rate and fee optimization is your priority. See also closing costs and setup fee estimates.