Lender Comparison
CHIP vs Equitable Bank Reverse Mortgage
Canada's two most compared reverse mortgage lenders — rates, fees, coverage, and product fit side by side.
CHIP and Equitable Bank are the two reverse mortgage lenders Canadians compare most often. Equitable typically wins on rate and setup fee in major urban markets; CHIP wins on geographic coverage, rural property acceptance, and product variety. Neither is universally "better" — the right choice depends on where you live and how you plan to use the funds.
| Feature | CHIP | Equitable Bank Flex |
|---|---|---|
| Lowest 5-yr fixed rate | ~6.64% special / 7.24% posted | ~6.44% (Flex Lite) |
| Setup fee | $1,795–$2,995 | $995 |
| Max LTV | Up to 55% (59% select cases) | Up to 55% (Flex Max) |
| Provinces | All 10 provinces | ON, BC, AB, QC only |
| Rural properties | Yes | Urban only |
| Direct application | Yes | Broker-exclusive |
| Best for | Clients in rural/remote areas, clients needing income-stream products, and clients who need a short-term bridge (CHIP Open). | Urban borrowers prioritizing the lowest rate and lowest setup costs. Best rates in Canada across all tiers. |
Current rate snapshot
Rates last updated: May 2026
| Lender | Product | 5-Year Fixed Rate |
|---|---|---|
| CHIP | CHIP Reverse Mortgage | ~6.64% (special rate) / 7.24% (posted) |
| — | Income Advantage | 7.29% |
| Equitable | Flex | 6.54% |
| — | Flex PLUS | 7.69% |
| — | Flex Lite | 6.44% |
| Bloom | Bloom Reverse Mortgage | 6.59% |
| — | Bloom SafeRate™ | 6.69% (lifetime) |
| Home Trust | EquityAccess | 6.44%–6.68% |
| — | EquityAccess+ | 6.54%–6.79% |
| — | EquityAccess Boost | 7.69%–7.97% |
| Fraction | Fraction 5-Year (Ontario) | 7.29% floor |
| — | Fraction 4-Year (Ontario) | 7.19% floor |
| — | Fraction 3-Year (Ontario) | 7.09% floor |
| — | Fraction 5-Year (BC) | 8.72% floor |
| — | Fraction 4-Year (BC) | 8.99% floor |
When CHIP is the better fit
Choose CHIP if you live outside Equitable's provinces, need a rural property approved, want Income Advantage scheduled payments, or need CHIP Open's short-term bridge with no prepayment penalty.
When Equitable Bank is the better fit
Choose Equitable Bank if you're in an urban ON/BC/AB/QC market, prioritize the lowest rate and setup fee, and can work with a broker for broker-exclusive access.
Compare your numbers first
Run the Canada reverse mortgage calculator, review current rates, and read our detailed blog comparison before applying. See also closing costs and setup fee estimates.
Not sure which lender fits?
We compare CHIP, Equitable, Bloom, Home Trust, and Fraction every day. Book a free call for an unbiased recommendation.
Ready to See What You Qualify For?
Get a free, no-obligation estimate. Or speak with a licensed broker who specializes in reverse mortgages.